The global Industrial Robotics Industry was estimated at $25.68 billion in 2013 and is expected to reach $40 billion by 2020, according to market research by Million Insights.
The desire to reduce operational costs by many manufacturing companies is expected to drive the global market growth, which can be majorly attributed to the adoption of automation through robotics.
Average labor costs in China have been rising by nearly 10 per cent yearly. The use of robots in industries has helped to reduced workers idle time by 80 per cent and save more than 50 per cent of the production cost, leading to significant cost savings.
The use of industrial robots for tasks such as welding and sheet handling in heavy industries has also proved the efficiency of the robotic systems in terms of reduction in cycle time and raw material wastage.
Robots are used to handle repetitive tasks and are also ideal for multitasking and are usually deployed in accident-prone areas in different production lines.
Based on the application type, the global market has been segmented into industrial welding robots, material handling and assembly line robots.
Material handling is expected to account for largest market share. Robots can handle heavy payloads and also are very useful for huge machine components which cannot be lifted manually. Welding robots, widely used in automotive industry for arc welding, is the fastest growing segment.
On the basis of end user, the industrial robotics market can be segmented into construction machinery, metalworking machinery and other heavy machinery, of which metalworking machinery is estimated to have the largest market.
The other heavy machinery segment includes textile machinery, engineering machinery, F&B machinery, machinery for consumer durables and paper machinery. High costs, lack of skilled labor and high necessity to improve production processes have led industries to opt for robots as a solution to their production problems.
Global economic growth, rapid industrial development, and urbanization have led to the development of infrastructure projects and commercial establishments worldwide, particularly in Asia Pacific and the Middle East. The US is expected to see highest growth rate over the forecast period.
Key industry participants in the global market are Fanuc, ABB, Yaskawa and Kuka. Other Prominent Vendors include, Apex Automation and Robotics, Adept Technology, Denso Robotics, Kawasaki Robotics, Epson Robotics, Mitsubishi Electric, Rethink Robotics, TM Robotics, Nachi Robotic Systems and Universal Robots.