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Industrial Robotics Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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Industrial robots play a crucial role in manufacturing industrial automation, with many core operations in industries being managed by robots. With economic growth across regions, the growth of e-commerce, electronics, and the automotive industry, among others has been on the rise.

- Increased demand across economies, product manufacturers are adopting robots to automate some of the repetitive processes. According to the Robotic Industries Association, more than 250,000 industrial robots had been installed in the United States alone, which gives an estimate of the penetration of industrial robots.

- The industrial robots market has been witnessing a huge demand over the past decade, owing to the rising adoption of smart factory systems, of which these robots play a vital part. The global smart factory market is expected to reach USD 388.68 billion by 2024, which provides insights on the scope of the adoption of industrial robots for automation across end-user industries.

- Industry 4.0, the newest industrial revolution, has fueled the development of new technologies, like collaborative robots, AI-enabled ...
... robots, etc., and have enabled industries to use robots to streamline many processes, increase efficiency, and eliminate errors. Increased workplace safety and improved production capabilities have further driven industries to invest in robotic systems.

- Industrial robots (IR) becoming smaller and cheaper without compromising on the quality, the market is becoming more attractive for key players in the end-user industry. However, higher investments may hinder the growth of the market.

- According to CGTN, China's industrial robot production rose by 29.2% year on year in June to
20,761 units, reaching its highest growth rate in the first half of 2020.

- According to the data provided by the National Bureau of Statistics, with the growth accelerating from 16.9% in May, the country has produced 93,794 units of industrial robots over the past six months, up by 10.3% from the same period last year,.
- The rising demand for industrial robots was triggered by shortage of workers, who remained off duty due to COVID-19-related lockdowns, and an upgrade of traditional industries.

Key Market Trends

Automotive Industry to Hold Major Share

- The growing adoption of automation in the automotive manufacturing process and involvement of digitization and AI are the primary factors driving the demand for industrial robots in the automotive sector.

- The increase in demand for automotive is necessitating the demand for increased production. According to the Mexican Automotive Association (AMIA), vehicle production increased by 3.9% in May 2018. Significant initiatives have been taken by the governments of various countries in Latin America, to increase the adoption of electric vehicles, such as building convenient charging stations. Such initiatives are expected to spur the demand for electric vehicle production thereby increasing the adoption of automation. Which is anticipated to spur the growth of industrial robots in the automotive industry.

- In 2017, more than 170,000 robots took part in the production process in the European automotive industry. The growing presence of robots and automation in the European automotive industry is expected to fuel the market for industrial robots in the region.

- For instance, in July 2018, International Automotive Components (IAC), implemented manufacturing 4.0 and smart factory applications at its UK site, in Halewood, England. The new application is expected to deploy smart logistics, cross-company integration, and collaborative robots (cobots).

- Further, China has also become, both the world's largest car market and the world's largest production site for cars, including electric cars, with much growth potential. There are 27 automotive manufacturing and assembly plants in Malaysia. The growing automotive industry in Asia is also creating a massive opportunity for the global industrial robots market.

- The shifting of the automotive industry toward autonomous and electric vehicles is also creating a massive opportunity for industrial robots.

- For instance, Self-driving car spinoff Waymo may buy up to 20,000 electric vehicles from Jaguar Land Rover to help realize its vision for a robotic ride-hailing service. The industrial robots are expected to be used for upgrading and manufacturing purposes.

North America to Hold a Significant Market Share

- North America, which is among the leading innovators and pioneers in terms of adoption of robotics, is one of the largest markets. Robot use in the region continues to grow, which is helping make US companies more competitive and leading to new job growth. Further, according to Robotic Industries Association (RIA), the most significant driver of the year-to-date growth of industrial robots was an 83% increase in units purchased by automotive OEMs for process automation. ​

- According to the Association for Advancing Automation, over 180,000 robots had been dispatched to various American companies since 2010, and more than 1.2 million new manufacturing jobs have been created during this time. According to MIT, automotive manufacturing accounted for a significant portion of the demand for industrial robots in the United States, followed by electronic and plastics and chemical manufacturing.

- Further, automation is empowering small American businesses to compete on par with deep-rooted rivals around the world. The United States is likewise one of the largest automotive markets in the world and is home to over 13 major auto manufacturers. Automotive manufacturing has been one of the comprehensive revenue generators for the country in the manufacturing sector.​

- The formation of the “Advanced Manufacturing Partnership (AMP)” is an initiative undertaken to make the industry, universities, and the federal government to invest in emerging technologies. This has aided the country to substantially, gain a competitive edge in the global economy.​

- Further, according to MAPI, US manufacturing production is predicted to increase by 2.8% from 2018 to 2021, which will further increase the adoption of automation and control technologies in the country. The growing investments in automation of automotive facilities are reflecting a steady increase in the robotic process automation in the region. According to IFR, the United States installed 15,246 robots in the automotive industry.​

Competitive Landscape

The industrial robotics market is highly fragmented. Industry 4.0, along with digitalization initiatives across regions, provides lucrative opportunities in the industrial robots market. The degree of transparency is said to be high, considering the number of robotic trade shows across regions conducted from time to time. Overall, the competitive rivalry among existing competitors is high. Moving forward, acquisitions and collaboration of large companies with startups are expected, which are focused towards innovation. Some of the key players in the market are ABB and Yaskawa. Some of the key developments in the area are:

- December 2019 - Fanuc launched CRX-10iA and CRX-10iA/L (long arm version) collaborative robots that set new standards in terms of ease of use, reliability and safety. FANUC debuted the new collaborative robots at the 2019 INTERNATIONAL ROBOT EXHIBITION, Dec. 18-21 in Tokyo.

- June 2019- ABB and Kawasaki heavy industries created the world's first common interface for collaborative robots. The common interface is poised to help address the shortage of skilled workers, in several industries. In Japan, for example, one in every five people is within a decade of retirement.

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StatzyReports is the premier global market research and business reports company based in India. StatzyReports.com functions under Statzy Market Research. We offer our expertise globally in services related to market research, business strategy consulting, surveys or questionnaire, forecast and statistical data analysis. Our experience working with major business and customer driven companies enabled us to develop some of the best winning strategies for succeeding in various global markets. Our globally renowned experts mastered the art of perfection with their unique skillset and vast experience in research and data analytics.

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