Global Industrial Robotics Market to Surpass US$ 69.1 Mn by end of 2027, Says Coherent Market Insights

SEATTLE, Feb. 8, 2022 /PRNewswire/ -- According to Coherent Market Insights, The global industrial robotics market was valued at US$ 49.0 Mn in 2019 and is forecast to reach a value of US$ 69.1 Mn by 2027 at a CAGR of 6.4% between 2020 and 2027.

When we talk about Industrial robots, it is obvious that one will get the idea that it deals mostly with manufacturing operations. But, there are other parts of this big industry also. There are automated control panels, which are controlled by industrial robots. Some of the industries which use industrial robots are oil refineries, chemical plants, packaging and filling companies, air conditioning, refineries, heavy equipment, fencing, etc.

The other parts of this industry which uses industrial automation are computer engineering, medical, electrical, electronics, mechanical, and even some IT industries. The most important part of any industry is definitely the manufacturing section which deals with the production of various goods like cars, appliances, and gadgets. In all such Industries, the production of large number of items is a must. So, the only way out for these industries is to employ the use of industrial robots which will enable them to be much more productive and efficient in their tasks.

As per the present-day scenario, the industrial robots have been programmed in such a manner that they can perform all sorts of programmed jobs without getting tired. The programmed tasks are generally those jobs which can be programmed to do certain tasks in repetitive manner or can be programmed to perform certain tasks in a flexible manner. In fact, there are various kinds of industrial robots existing in the market which can be programmed in such a manner.

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Market Drivers:

Launch of fully autonomous 3D mobile scanning integration technologies is expected to propel growth of the global industrial robotics market. For instance, in August 2020, FARO Technologies, Inc. launched FARO Trek, a fully autonomous 3D mobile scanning integration built in collaboration with the Massachusetts-based robotics firm Boston Dynamics.

Moreover, increasing adoption of AI robotics in the industrial sector is also expected to aid in growth of the market. For instance, in April 2020, UST Global, a multinational provider of digital technology and transformation, partnered with GreyOrange, a provider of AI robotics, to leverage AI and machine learning to optimize fulfillment operations.

Market Opportunities

Increasing funding is expected to offer lucrative growth opportunities for players in the global industrial robotics market. For instance, in February 2021, Symbio Robotics, a U.S.-based industrial robotics startup, raised US$ 30 million in funding.

Moreover, increasing investment in R&D of packaging robots is also expected to offer lucrative growth opportunities for players in the global industrial robotics market. For instance, in November 2019, Amazon announced plans to build a new state-of-the-art Amazon Robotics innovation hub and invest over US$ 40 million in the new site.

Market Trends

Major players operating in the global industrial robotics market are focused on launching new products to expand their product portfolio. In March 2020, Kindred announced to reveal the Kindred SORT 3.7, a piece-picking robot that features 27 eight additional cubbies, which support a 42% increase in the number of items it can sort at e-commerce fulfillment centers and warehouses, at MODEX 2020 in Atlanta, U.S.

The Covid-19 pandemic significantly impacted the integration of robotics in the food and beverages sector. For instance, according to a survey by Deloitte and the Manufacturers Alliance for Productivity and Innovation, as of August 2020, 38% of manufacturers (in the survey) had paused their smart factory investments. However, 62% of the manufacturers showed their interest in further investing in digital technologies. Such scenario is expected to offer lucrative growth opportunities for players in the market.

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Competitive Landscape:

Major players operating in the global industrial robotics market include, Daihen Corporation, Denso Corporation, Epson America, Inc., FANUC Ltd., KUKA Robotics Corporation, Kawasaki Heavy Industries Ltd., Mitsubishi Electric Corporation, Nachi Robotic Systems, Inc., Panasonic Corporation, Universal Robots, and Yaskawa Motoman Robotics.

Market Segmentation:

By Type

• Cartesian
• Articulated
• Cylindrical
• SCARA
• Others

By Industry

• Electrical & Electronics
• Automotive
• Machinery
• Chemical, Rubber & Plastics
• Food & Beverages
• Metals
• Precision & Optics
• Others

By Function

• Materials Handling
• Milling, Cutting and Processing
• Soldering and Welding
• Painting and Dispensing
• Assembling & Disassembling
• Others

By Region:

• North America
• By Country:
• U.S.
• Canada
• Europe
• By Country:
• U.K.
• Germany
• Italy
• France
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• By Country:
• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• By Country:
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• By Country:
• GCC Countries
• Israel
• South Africa
• Rest of Middle East & Africa

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SOURCE Coherent Market Insights