DUBLIN--(BUSINESS WIRE)--The "Industrial Robotics Market by Type (Traditional, Collaborative Robots), Component, Payload, Application (Handling, Processing), Industry (Automotive, Food & Beverages), and Region(North America, Europe, APAC, RoW) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The industrial robotics market is projected to grow from USD 15.7 billion in 2022 to USD 30.8 billion by 2027; it is expected to grow at a CAGR of 14.3% during the forecast period.
Market for Handling Application to grow at higher CAGR during the forecast period
The handling application segment of the industrial robotics market for traditional robots, in terms of shipment, shows a trend similar to that of the market; it is expected to account for the largest market size and highest growth rate in the forecast period owing to the integration of low-weight traditional industrial robots with automated guided vehicles (AGVs) to make them mobile. Handling activities such as pick and place, palletizing, packaging, and loading and unloading are common and applicable to most industries.
The handling application includes various sub-applications such as material handling, machine tending, as well as bin-picking, which is currently booming. The handling application has industry-wide usage in varied industries ranging from the automotive, chemicals, electrical and electronics to food & beverages; it was thus expected to register a share of ~45% of the industrial robotics market for 2021.
Market for Robot Arm Component to grow at highest CAGR during the forecast period
The degree of industrial automation has increased immensely in recent years due to increased productivity, reduction in labor costs, increased efficiency in production processes, and improvement in the quality of products.
In the future as well, industries such as food & beverages, automobiles, and oil & gas will be more inclined towards automation due to the intense competition in the market and the need to stay ahead of competitors by improving the product quality and the speed of production.
Robotics has transformed automation processes to a great extent. In recent years there has been a surge in the market for robot arms. This demand is expected to escalate even further during the forecast period from 2022 to 2027.
Asia Pacific to create the highest growth opportunities for industrial robotics market among other region during the forecast period
The countries of Asia Pacific are witnessing increased demand for industrial robotics, and this demand is expected to grow at a significant rate during the forecast period as well. APAC is considered one of the world's major manufacturing hubs and is expected to provide ample growth opportunities to the industrial robotics market. Low production costs, easy availability of labor, lenient emission and safety norms, and government initiatives for foreign direct investments (FDIs) are some of the major factors fueling the growth of this market in APAC.
The aging population in China and Japan has resulted in rising labor costs, leading to the growing adoption of automation. The increasing population is also attracting companies to invest in APAC. China is expected to remain the largest market for both traditional and collaborative robots.
Market Dynamics
Drivers
- Rising Demand for Collaborative Robots Across Industries
- Anticipated Shortage of Skilled Labor in Manufacturing Industries
- Growing Adoption of Industry 4.0
Restraints
- High Cost of Deployment for SMEs
Opportunities
- Increasing Automation in Electronics Industry
- Emergence of Industry 5.0
Challenges
- Interoperability and Integration Issues
- Safety Concerns Related to Industrial Robotics Systems
Companies Mentioned
- ABB Ltd.
- Aurotek Corporation
- B+M Surface Systems
- Bosch Rexroth AG
- Comau
- Denso
- Dover Corporation
- Durr
- Estun Corporation
- Fanuc
- Franka Emika
- Hirata Corporation
- Hyundai Robotics
- Icr Services
- Irs Robotics
- Kawasaki Heavy Industries
- Kuka
- Mitsubishi Electric
- Nachi-Fujikoshi
- Omron Adept
- Rethink Robotics
- Robotworx
- Seiko Epson
- Shibaura Machine Co Ltd.
- Siasun Robotics
- Staubli
- Techman Robot
- Universal Robots (Teradyne)
- Yamaha Motors Co.
- Yaskawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/eiayml
