The advent of industry 4.0 is expected to drive the global industrial robotics market growth during the forecast period
The Global Industrial Robotics Market was valued at USD 15.2 Bn in 2020 and is expected to reach USD 29.9 Bn by 2027, with a growing CAGR of 10.2% during the forecast period.
The lack of a skilled workforce and excessive labor expenses drive the adoption of industrial robotics in a maximum of the industries in developed and developing nations. Several corporations have carried out industrial robotics solutions to lessen their labor expenses and enhance efficiency. Although the preliminary value of purchasing a robot is high, once implemented it gives high productiveness, efficiency, and profits. Moreover, labor wages are at the upward push in the American and European markets, and Asia-Pacific is also predicted to witness an upsurge in labor expenses throughout the forecast period. Human limitations to carry out a specific task and better productivity as compare to the robots favour the adoption of industrial robotics.
Based on the type, the industrial robotics market has been segmented into articulated, scara, cylindrical, cartesian/linear, parallel, others. The articulated segment in the industrial robotics market which is expected to hold the largest market share during the forecast period owing to the widely used articulated robots in the automotive industry. Articulated robots in the automotive industry included a variety of tasks such as handling, assembling, and disassembling, welding, dispensing (gluing and painting), and processing (cutting and polishing) as well as spot welding and painting. However, the pharmaceutical & cosmetic industries are witnessing an increasing demand for the adoption of articulated robots mainly in the present scenario, in which COVID-19 cases across the globe have led to an increasing demand for checking out and manufacturing in which articulated robots can be deployed to obtain seamless automation throughout manufacturing processes in the pharmaceutical sector.
The high cost of deployment is one of the major restraining factors to limit the growth of the industrial robotics market. Moreover, the increasing automation in the electronics industry is one of the significant opportunities for overall industrial robotics market growth. However, interoperability and integration issues with industrial robots are one of the major challenges in the global industrial robotics market.
In terms of geography, North America is expected to hold a significant market share in the industrial robotics market during the forecast period owing to the leading innovators and pioneers in the adoption of robotics. Robots used in the region is expected to show constant growth, which is helping the US companies more competitive and leading to new job growth.
The Global Industrial Robotics Industry Segmentation:
Global Industrial Robotics Market by Type Industry Outlook (Revenue, USD Million, 2021-2027):
Global Industrial Robotics Market by Application Industry Outlook (Revenue, USD Million, 2021-2027):
Global Industrial Robotics Market by Payload Industry Outlook (Revenue, USD Million, 2021-2027):
Global Industrial Robotics Market by Industry Vertical Industry Outlook (Revenue, USD Million, 2021-2027):
Industrial Robotics Market Key Findings:
The key players operating in the industrial robotics market are: