Industrial Robotics is Estimated to Witness High Growth Owing to Increased Adoption in Manufacturing Sector
Industrial robotics are automatically controlled programmable machines that are widely used in a variety of industries for tasks requiring precision, speed, and endurance. They are commonly used in automotive, electronics, food and beverage, and heavy machinery manufacturing. Industrial robots can lift heavy objects with precision, apply paint, weld pieces together, or work in high temperatures. They are particularly helpful in hazardous environments where human workers would be at risk.
The global industrial robotics market is estimated to be valued at US$ 60.91 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased Adoption in Manufacturing Sector
One of the key drivers for the industrial robotics market growth is the increasing adoption of industrial robots in the manufacturing sector. Robots help improve productivity and quality while reducing production costs for manufacturers. They provide consistency and can work in hazardous conditions without breaks. Many automotive OEMs and consumer electronics manufacturers have significantly increased investments in industrial robotics solutions to automate repetitive and dangerous tasks in their assembly lines. Furthermore, labor shortages faced by several industries have further driven the need for automation using robots.
Another major driver is the ongoing trend of Industry 4.0. Advanced technologies like internet of things, industrial internet of things, artificial intelligence, and cloud computing are enabling deeper levels of collaboration between humans and robots. This is supporting more flexibility in manufacturing processes and easier integration of robots. Industry 4.0 further enhances productivity, transparency, and efficiency across supply chains using connected robots.
SWOT Analysis
Strength: Industrial robots are suited for jobs requiring meticulous movement, precision, speed and durability that make them suitable for heavy lifting, precision tasks and repetitive jobs. They operate 24/7 and help increase productivity without fatigue. Their accuracy reduces material waste and rework.
Weakness: High initial investment costs are required to purchase industrial robots and the peripheral equipment needed to automate a process. Integration of robotic systems also requires specialized engineering expertise that increases expenses. Robotics can also be inflexible to changes in product design and difficult to reprogram for new tasks.
Opportunity: Emerging technologies are enabling industrial robots to operate safely alongside human workers without safety cages. Collaborative robots offer new opportunities for factories to automate jobs traditionally done by humans. Advances in artificial intelligence, vision systems and sensors are making robots more versatile and capable of an increasing range of complex tasks.
Threats: Changing demand and economic uncertainties can reduce production volumes and necessitate repurposing expensive robotic assets. When new production technologies emerge, there is a risk of robots becoming obsolete before the end of their lifecycles. Trade barriers and taxes affect the global supply of industrial robotics.
Key Takeaways
The Global Industrial Robotics Market Size is expected to witness high growth over the forecast period supported by increasing factory automation across industries. Growing labor costs and the need for precision and efficiency are driving automation adoption. The global industrial robotics market is estimated to be valued at US$ 60.91 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific currently dominates the market due to strong robotics manufacturing capabilities and widespread factory automation in countries like China, Japan and South Korea. China in particular is a major robotics manufacturing and deployment hub supported by government "Made in China 2025" initiatives. European countries also have major robotics industries and high deployment rates in factories.
Key players: Key players operating in the industrial robotics market are Asahi Glass Co. Ltd. (AGC), Corning Incorporated, SCHOTT AG, Incom Inc., Hamamatsu Photonics K.K., Nippon Electric Glass Co., Ltd. (NEG), II-VI Incorporated, Hamamatsu Corporation, Saint-Gobain S.A., Asahi Kasei Corporation, Leoni AG, TDK Corporation, Mitsubishi Chemical Corporation, Furukawa Electric Co., Ltd., GS Plastic Optics. Major players are focusing on R&D to develop advanced articulated robots for new applications in logistics and e-commerce in addition to their traditional industrial uses.
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