The global market for industrial robots is set to grow by more than 10 percent a year, according to a new study by Market Research Future.
MRF’s report, Industrial Robotics Market information by Type, by End-Users, by Application and Region – forecast to 2027, says the sector will grow at a compound annual growth rate of 10.32 percent by 2026.
Industrial robotics are robotic systems designed to work mainly on assembly lines. The report covers trends in manufacturing and opportunities for the industry for the forecast period (2020-2027).
Additionally, the effects of the Covid-19 pandemic on the market value are discussed in high detail.
Dominant key players in the industrial robotics market covered in the report are:
- Kawasaki Heavy Industries (Japan)
- Denso (Japan)
- Mitsubishi Electric (Japan)
- Bosch (Germany)
- ABB (Switzerland)
- Yaskawa Electric (Japan)
- Fanuc (Japan)
- Toshiba (Japan)
- Rockwell Automation (US)
- Kuka (Germany)
Investments to boost productivity to drive market demand
Huge demand for consumer electronic devices, packaging, machinery, pharmaceuticals, and other goods can drive demand for industrial robotics.
The commitment by e-sellers as well as large producers to customers is the primary driver of the market.
Efforts to curb labor costs as well enhance efficiency can bode well for the market.
Collaborations between players can drive the market growth as well. Expansion of industrial facilities and rise of international trade can navigate the trajectory of the industrial robotics market.
Initiatives of Industry 4.0 by governments to alleviate effects of Covid-19
The Advanced Robotics for Manufacturing institute has aimed to foster development and innovation through collaborations and partnerships.
Government schemes for digitizing data as well as boosting productivity can bode well for the market.
Proposals for high-impact robotics as well as production-linked incentives by various governments can pave way for investments. Financial stimulus packages are likely to bode well for the market.
High investment and maintenance costs to hamper market growth
The high investments and maintenance & repair costs of industrial robotics can deter significant buyers. Automotive manufacturers looking to lower costs can baulk at prospects.
Moreover, the huge capital expenditure required for procurement, programming, accessories, and integration can deter users.
This can also deter small and medium enterprises from procurement due to shortage of funds and short-term production goals. Lack of quality raw materials and adherence to international standards can limit the scope of the market.