Harrisburg, NC -- (SBWIRE) -- 10/16/2020 -- Industrial Robots Global Market Report 2020-30: Covid 19 Growth And Change Including: 1) By Product Type: Articulated Robots; Linear Robots; Cylindrical Robots; Parallel Robots; Scara Robots; Others 2) By End-User Industry: Automative; Electrical And Electronics; Healthcare & Pharmaceuticals; Food & Beverages; Rubber & Plastics; Metals & Machinery; Others 3) By Application: Pick And Plane; Wielding And Soldering; Material Handling; Assembling; Cutting And Processing; Others Covering: ABB; Yaskawa; Kuka; Fanuc; Mitsusbishi Electric
Major players in the industrial robots market are ABB, Yaskawa, Kuka, Fanuc, Mitsubishi Electric, Kawasaki Heavy Industries, DENSO, NACHI-FUJIKOSHI, EPSON, and Drr.
The global industrial robots market is expected decline from $49.3 billion in 2019 and to $48.6 billion in 2020 at a compound annual growth rate (CAGR) of -1.39%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $63.9 billion in 2023 at CAGR of 9.5%.
The industrial robots market consists of sales of robotic products and related services for the performance of a specific task. A robot is a programmable, mechanical device generally used in place of a person to perform dangerous or repetitive tasks with a high degree of accuracy. A robot has its control system and is not controlled by a machine.
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Asia Pacific was the largest region in the industrial robots market in 2019. Europe was the second largest region in the industrial robots market in 2019.
Automated mobile robots (AMR) is one of the recent trends of industrial robots market. AMR is a robot which is designed to move materials across a plant floor or through a warehouse without the aid and direction of a human worker. Floor cleaners, forklifts, pallet movers are examples of types of AMRs. For instance, Fetch Robotics, a California-based firm handles heavy loads in its warehouse by using AMR. Fetch Robotics cloud computing program enables an operator to scale and control all operation with the click of a button. It eliminates employee risk for injury and increases the efficiency of their overall operations.
The industrial robots market covered in this report is segmented by product type into articulated robots, linear robots, cylindrical robots, parallel robots, scara robots, others. It is also segmented by end-user industry into automotive, electrical and electronics, healthcare & pharmaceuticals, food & beverages, rubber & plastics, metals & machinery, others and by application into pick and plane, wielding and soldering, material handling, assembling, cutting and processing, others.
High purchase and installation cost of industrial robots are expected to limit the growth of industrial robots market. A robot installation is very costly as it is not only for the purchase of the robot but also integration, programming and maintenance. This is a major challenge for Small and Medium-size Enterprise (SME) as they produce in low volumes and returns on investment will be a challenge. Moreover, fast-changing consumer preference will also result in customization of a machine which will be again hard for SME to do so. According to RobotWorx, an industrial robot manufacturer cost of an average of new industrial robot ranges from $50,000 to $80,000 whereas it can go up to $100,000 to $150,000 as application specifics are added. Therefore, high purchase and installation of industrial robots are expected to limit the growth of industrial robots market.
In June 2018, ABB, headquartered in Zurich, Switzerland, operating mainly in robotics acquired GE Industrial Solutions (GEIS) for a deal amount of $2.6 billion. The deal comprises an integration of GEIS into ABBs Electrification Products (EP) division to make a new business unit Electrification Products Industrial Solutions (EPIS). The deal will expand ABBs products to the North America market. GEIS is headquartered in Georgia.
Shortage of skilled workers is contributing to the growth of the industrial robots market. As there is an increase in production requirements and due to high demand manufacturers are not able to fulfil the supply due to a shortage of skilled labour. Shortage of skilled labour exists due to two main reasons, presence of unskilled worker and skilled workers but not available for work. According to the Department of Labor, as of January 2020, the US economy had7 million job openings, but only 5.6 million people were looking for work. Producers to maintain high supply are thus opting towards the installation of robots. Industrial robots increase the overall productivity, efficiency and effectiveness of the company. Therefore, shortage of labour gives rise to other opportunities for the addition of robots in the workforce.
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Influence of the Industrial Robots market report:
-Comprehensive assessment of all opportunities and risk in the Industrial Robots market.
-Industrial Robots market recent innovations and major events.
-Detailed study of business strategies for growth of the Industrial Robots market-leading players.
-Conclusive study about the growth plot of Industrial Robots market for forthcoming years.
-In-depth understanding of Industrial Robots market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Industrial Robots market.
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