Ocean View, DE -- (SBWIRE) -- 06/24/2020 -- The global industrial robotics market is estimated to be valued at $80 billion by 2024, suggests a new report by Global Market Insights, Inc. The proliferating trend of automation sweeping across the manufacturing sector is expected to impel the industrial robotics market share considerably. The use of robots is gaining wider acceptance from numerous organizations for the implementation of high-risk and recurring tasks like deburring, part inspection, bin-picking and grinding.
Equipment-automation will augment the efficiency of several manufacturing activities right from handling of raw materials to final product packaging.
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The high growth of the industrial sector is largely facilitated by government initiatives promoting the use of locally manufactured goods and equipment. For instance, the Make in India strategy was initiated to increase the manufacturing share in India's GDP to 25% by 2022 while simultaneously promoting the adoption of regionally manufactured products such as food & beverages and electronics as opposed to foreign brands amongst the general population. Under this strategy, the government is providing subsidies, financial support, and expertise to regional players such as the capital subsidy of up to 25% for 10 years to boost the manufacturing of electronics. Furthermore, the application of the industrial robotics market technology allows for miniaturization, increased throughput, and reduced lead times and human errors for manufacturers.
The high adoption of automation technology is projected to aid in the growth of the industrial robotics market. The usage of these technologies can aid in the reduction of the development time and the exorbitant variable costs such as labor and electricity prices. In regions including Western Europe and North America, the labor costs are very high, over USD 38 hourly wage in Germany.
The segmentation of the industrial robotics market by product indicates that collaborative robots are expected to have the highest growth rate over the forecast timeframe. These have a large work envelope and high usage as they allow employees to work alongside and are priced significantly lower as compared to its counterparts. Additionally, the adoption of the collaborative industrial robotics market decreases human idle time by 85% and substantially boosts the efficiency of the overall manufacturing process.
The end-use segmentation of the industrial robotics market indicates that the electrical and electronics segment will account for a high growth. The increase in the disposable income and the economic prosperity stemming from the industrial boom across various regions, primarily in South-East Asia, are contributing to the high proliferation of these devices.
Competitive advantage and reduced per-hour cost as compared to human results will augment the North America industrial robotics market growth. Major players are developing affordable, and compact energy-efficient solutions to access a wider customer base. The rise of outsourced manufacturing activities and the increase in SMEs in the Asia Pacific region are contributing to the high industry demand of the in the region.
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Industrial robotics market players comprise Fanuc Corporation, OTC Daihen, Inc., Epson America, Inc., ABB Group Ltd., KUKA AG, Nachi Fujikoshi Corp., and Kawasaki Heavy Industries. The market is subject to rapid technological changes owing to which players are required to invest heavily in R&D activities and launch products to sustain the growth. For instance, in November 2017, ABB announced the launch of its single arm co-bot with an aim to enhance its collaborative robot product portfolio. The robot is expected to be available for commercial usage by 2018.
Table of Contents (ToC) of the report:
Chapter 5 Industrial Robotics Market, By End-use
5.1 Industrial robotics industry share by end-use, 2016 & 2024
5.2.1 Market estimates and forecasts, by region,2013 – 2024
5.3 Metals & machinery
5.3.1 Market estimates and forecasts, by region,2013 – 2024
5.4 Rubber & Plastics
5.4.1 Market estimates and forecasts, by region,2013 – 2024
5.5 Food & beverage
5.5.1 Market estimates and forecasts, by region, 2013 – 2024
5.6 Electrical & electronics
5.6.1 Market estimates and forecasts, by region,2013 – 2024
5.7.1 Market estimates and forecasts, by region, 2013 – 2024
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