The demand for articulated robots is forecast to surge in line with increasing applications in the electronics industry, according to a report by FMI.
The research company forecasts the global industrial robotics market to see substantial growth over the forecast period due to multiple driving factors such as the adoption of internet of things in industries and growing digitalization of manufacturing industry across geographies.
The global industrial robotics market was valued at approximately $17 billion in 2018 and is estimated to increase at annual growth of approximately 18 per cent between the forecast periods of 2019 and 2029.
This growth is driven by the increasing applications of industrial robotics in the automotive industry, electrical / electronics industry, and auxiliary industry, among others.
East Asia is estimated to hold significant market share in terms of value in the global industrial robotics market. However, the South Asia market is projected to project lucrative growth in the global industrial robotics market over the forecast period of 2019-2029.
This growth is propelled by the rapid growth in the factory automation rate in countries of South Asia and East Asia such as China, India, and Vietnam, among others. The economic conditions in these countries have been evolving positively.
Furthermore, macroeconomic factors such as growing population, rapid industrialization, and urbanization, are some of the factors driving the growth of the industrial robotics market.
The automotive industry in East Asia has gained a considerably positive momentum over the past years, which has increased the adoption SCARA robots and articulated robots in the manufacturing process and is estimated to indicate the rewarding growth of industrial robotics market in the East Asia region.
Automotive industry to remain key industry for industrial robotics
The global market of industrial robotics has been segmented on the basis of different types of industrial robots, their multiple applications, end-use industries, and regions such as North America, South Asia, Europe, East Asia, and the Rest of the World.
By product type, the articulated robots segment is estimated to hold a significant share of the global industrial robotics market in terms of value.
This has mainly resulted from the rising productivity in manufacturing processes and improving the quality of products. On the basis of end-use, the automotive industry is estimated to hold a substantial market share of the industrial robotics market in terms of value. This is driven by the digitalization of manufacturing processes.
Moreover, it is expected that the application of industrial robotics in the electrical / electronics industry will be prominent throughout the forecast period.
On the basis of application, the handling operations segment is projected to consume the majority share of the global industrial robotics market value.
Also, the welding segment is estimated to project lucrative growth in the industrial robotics market over the forecast period.
Industrial robotics market
The report indicates some of the prominent market players, who are recognized as leaders in the global industrial robotics market.
These key market players in the global industrial robotics market are:
- Mitsubishi Electric;
- Teradyne – Universal Robots;
- Hirata; and
- Denso, among others.