Global Robotics Market - Segmented by Type (Articulated Robots, Linear Robots, Cylindrical Robots, Parallel Robots, SCARA Robots), End User, and Region - Growth, Trends, and Forecast (2018 - 2023)
The global robotics market is expected to register a CAGR of 24.52% over the forecast period of 2018-2023. The report discusses the two types of robots. The regions considered under the scope of this report are - North America, Europe, and others. The study also emphasizes on how the rising investments in automation in industries is affecting the demand for robots.
Robots play a crucial role in industrial automation, with many core operations in industries being managed by robots. Owing to the rising advantages of smart factory systems, the market has been witnessing significant demand over the past decade. The growing penetration of IoT and investments in robotics have been the major contributors to the growth of the market. The increasing demand for automation in industries has revolutionized the adoption of robotic technologies, especially in the automotive industry.
With the advancement of technologies, such as modular robotics, nano-robotics, and cloud robotics, the market studied is expected to be boosted. The major players in the market are developing affordable, small, compact, and energy efficient robotics solutions, to cater to a broader customer base. Over the years, the market has been supported by the demand for robotic surgery. Moreover, research in the field of surgical robotics by prominent universities is expected to play a key role in the development. The market is further expanding into new territories, with small- and medium-sized industries adopting automation, thereby creating demand for robots. The availability of small-capacity and cost-effective solutions from major providers is enabling the penetration of robots into industries.
Increasing Need for Automation in Industries to Drive the Market
With the increasing demand for automation in all industries, the use of robots has increased significantly. Organizations are adopting robotics, to automate their processes, deliver high-quality products, expand their manufacturing capabilities, provide better customer service, and efficiently manage their operations. Therefore, the offerings available in the market have also expanded over the recent years, with several international players expanding their product portfolios, to gain traction in the market. Moreover, the industry’s growing need for custom solutions is expected to drive the robotics market further.
Industrial Robotics is the Largest Segment
There are varioys types of industrial robots, such as articulated robots, cylindrical robots, SCARA robots, cartesian robots, and others. Articulated robots held a significant share of the market in 2016. The demand for articulated robots is expected to grow at the highest rate over the forecast period. The structure and operational capabilities of articulated robots make them highly suitable for various industrial applications, such as pick and place, palletizing, painting, and welding. This factor is expected to spur the growth of the industrial robots segment. Moroever, according to the data published by the International Federation of Robotics, the average global robot density is about 74 industrial robots installed per 10,000 employees in the manufacturing industry, as of 2016. In addition, the increased need for automation in non-conventional areas, such as microelectronics, has increased the usage of industrial robotics. Hence, an auxiliary channel utilizing industrial robotics has surfaced in the recent years.
Automotive Segment to Account for the Largest Market Share
Rising concerns for labor safety, adoption of automation to ensure quality production and to meet market demand on time are the main drivers that are expected to contribute to the growth of the automotive robotics market. According to International Federation of Robotics, in 2016, the demand for robots in the automotive industry increased by 6%, to a new peak of 103,300 units, accounting for 35% share of the total supply. Investments in new production facilities in the emerging markets, as well as investments in major car producing countries, have driven an increase in the number of robot installations. Using new materials, developing energy efficient drive systems, and intense competition in all the major car markets, have bolstered investments, despite the existing overcapacities.
In North America, due to the demand and adoption of robotic technologies, the automotive robotics market is proliferating. However, due to rapid industrialization and booming automotive industries, Asia-Pacific is expected to witness considerable growth over the forecast period.
Key Developments in the market