Labor-intensive industries are facing challenges of rising labor cost and lack of skilled workforce is boosting adoption of the robots. This has pushed companies to adopt robotic technology to automate operations. The automotive, aerospace, and healthcare industries for reduction of labor-cost and overcoming the lack of skilled labor globally. Industrial robots are able to performing numerous programmed tasks across numerous manufacturing and production. These robots are able to perform such task which are often dangerous for human workers. Service robots are increasingly assisting human beings for jobs that are typically repetitive and are dangerous. The aforementioned factors are fuelling growth of the global robotics market. robotics market is expected to grow from USD 40.68 Billion in 2017 to USD 69.14 Billion by 2023, at a CAGR of 9.45% during the forecast period
The global industrial production output is expected to witness moderate growth during the forecast period. The demand for industrial robotics is majorly observed in industries such as automobiles and heavy engineering. However, increased need for automation in non-conventional areas, such as microelectronics, has increased the demand of industrial robotics. Hence, an auxiliary channel utilizing industrial robotics has surfaced in the recent years. The heavy engineering sector is also responsible for the increased demand of industrial robotics.
The types of robots considered in the report are articulated robots, cylindrical robots, SCARA robots, Cartesian robots, and others. The articulated robots segment accounted for the maximum share in the global industrial robotics market in 2016, owing to increased usage of these robots in the packaging and healthcare sectors of the emerging economies. However, the cylindrical robots and others segment comprising customized and refurbished robots, are expected to grow at a significant pace in the near future, owing to their increasing demand in industrial sectors in the Asia-Pacific region.
Industrial robots have been responsible for the formation of a new ecosystem characterized by lucrative, rewarding, and high-paying jobs. Venture capitalists have opened up to funding companies designing and manufacturing industrial robots. Advancements in artificial intelligence and development of sophisticated sensors are projected to augment the development of self-programming robots.
In Asian countries such as China, Korea, and Taiwan, supportive government policies through programs including R&D subsidies, investment in skills, tax incentives, and loans are poised to work in favor of the overall market. The European Union (EU) invested USD 872 million on the SPARC robotics project, which is expected to generate over 240,000 jobs in Europe by 2020.
Major Key Players in market include YRG, Inc.; ABB; Toshiba Machine Co., Ltd.; Panasonic Corporation; Omron Adept Technologies, Inc.; Fanuc Robotics; DENSO Corporation; Mitsubishi Electric Corporation; EPSON Electronics; and KU.K.a AG. Market players often require high funding and investments to develop products and consolidate their position in the arena, which leads to high entry as well as exit barriers.