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The Global Robotics Market Was Valued At USD 53.8 Bn In 2019 And It Is Expected To Reach More Than USD XX Bn By 2028, Likely To Grow At A CAGR Of 26.3% During The Forecast Period.
Robotics technology is widely used in industries including health care, defense, aerospace, automotive and infrastructure. Robots are used for numerous activities encompassing assembling products, surgical operations, product inspection, detecting and defusing bombs, space missions, cleaning, and household chores. The use of robotics technology allows users to automate processes, increase productivity, enhance quality and reduce human errors.
Rapid Growth In Industrialization And Automation Drive The Robotics Market
Rapidly Increase in demand for automation and the growth in industrialization pushing manufacturers to the use of industrial robots. Organizations are adopting robotics to automate their processes to deliver high-quality products, increase their manufacturing capabilities, provide better customer service, reduced human errors, and enhanced safety of the workforce and efficiently manage their processes. Some painting and pick & place functions are carried out by robotic arms, which reduce complexity and the possibility of errors. Industrial robots deliver high-quality products and services, increase the capabilities of manual labor in terms of efficiency, provide better customer services, and efficiently manage processes. These factors push organizations to adopt robotics and further strengthen the market.
Increased Application In Diverse Industries Including Food, Agriculture, And Healthcare
The utility of robotics has gained its applications in the field of health care, food, and beverage, agriculture and education among others. These industries have started using service robots to meet their requirements and increase efficiency. The rise in the use of robotics in diverse applications has led to tremendous growth in the market and its impact would increase during the forecast period.
High Labor Cost, Lack of Skilled Workforce and Increased Labor Safety Concerns Upsurge the Need
The rising labor costs and the lack of a skilled workforce will drive the adoption of industrial robotics in most industries in developed and developing nations. While some organizations have already implemented industrial robotics solutions to reduce their labor costs and improve efficiency. Also, international labor safety standards are becoming more stringent, while robots find applications in hazardous environments and unsafe places for human beings to work. These factors increased the adoption of robotics solutions in the global market.
However, the high investment required for the initial setup and integration of industrial robotic solutions hampers the adoption of robots by small and medium enterprises in diverse sectors. The emergence of new technologies with increasing competition in the market is expected to reduce the investment costs of robots and accelerate the growth of the global robotics market.
The Industrial Robots To Hold A Larger Market Share During The Forecast Period
The Industrial Robotics Market size was valued around at USD 42.3 million in 2019 which is dominating the robotics market. More than 50 years of Industrial robots have been in the market. The collaborative robots have only started to gain market share during the last decade. The manufacturing, automotive, electronics, and metal industries account for the major clients for the deployment of traditional industrial robots due to their high volume of production.
Meanwhile, the automotive industry is one of the largest users of industrial robots. The industry continues to use industrial robots in their assembly line since 1960. The industry has seen the most extensive use for robots in manufacturing and assembling components such as engines, chassis, axles, and brakes. However, in manufacturing, spot welding and painting robots are used extensively. The assembly includes a mix of light and heavy tasks like windshield installation, screw driving, wheel mounting, and labeling.
APAC Is Expected Fastest-Growing Market During The Forecast Period
APAC held the largest share in 2019 and it is expected to grow at the fastest pace during the forecast period. Meanwhile, East Asia and South Asia are showing tremendous growth. The local manufacturers in China are instructed to increase the yield of industrial robots from about 150, 000 in 2020 to 400,000 by 2030 Under ‘Made in China 2025’ strategy. The cost of labor is increasing significantly in countries such as India, and China. In addition, vehicle production in India and China is progressing at a healthy rate of 5.9% and 3.4% respectively, which is further complementing the growth of the industrial robotics market.
The global robotics market consists of several major players and few of the major players currently dominate the market in terms of market share. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability.
In June 2018, the third-generation IRB 6790 foundry prime robot by the ABB Ltd launched at Automatica2018, in Munich. The Robot is aimed at high-pressure water jet cleaning applications in harsh industrial environments. This robot increases reliability and system uptime while reducing the maintenance costs by up to 60%. Omron launched TM series joint robot to activate an innovative manufacturing environment where humans and machines work in collaboration, in October 2018.
KUKA launched a new generation of the KR QUANTEC series. This has been increased flexibility, lowered operating costs, and reduced delivery times, in January 2019.
Some of the major players in the global robotics market are Northrop Grumman Corporation(US), BOSTON DYNAMICS (US), iROBOT Corporation (US), Heavy Industries, Ltd. (China), ABB Limited (Switzerland), Omron Corporation(Japan), FANUC CORPORATION(Japan), Kuka AG (Germany), Yaskawa Electric Corporation(Japan), and Denso Corporation (Japan), Universal Robots A/S (Denmark), Kawasaki, Honda Motor Co. Ltd (Japan), Mitsubishi Electric Corporation (Japan), Sony Corporation (Japan)
Global Robotics Market Segment:
Robotics Market, By Type
- Industrial Robots
- Service Robots
Robotics Market, By Application
- Medical and Health care
- Defense and Security
Robotics Market, By Geography
- North America
- Middle East and Africa
- Latin America