September 13, 2022 16:30 ET | Source: Exactitude Consultancy Exactitude Consultancy
Luton, Bedfordshire, United Kingdom, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Industrial Robot Market. Fiberglass Matting Roll
The global industrial robot’s market size is estimated to be valued at USD 47.54 billion in 2020 and is projected to reach USD 108.48 billion by 2029, recording a CAGR of 9.6%.
Industrial robots are classified based on their physical characteristics (range, weight, etc.), human interaction, mobility, and degree of autonomy. Stand-alone industrial robots The International Federation of Robotics (IFR) estimates that around 2.1 million stand-alone industrial robots were installed worldwide in 2017, with 381,000 shipped.
Automobiles, OEMs and a growing number of automotive suppliers are the largest sector with 126,000 vehicles, followed by the electrical and electronics industry with 121,000 vehicles. — China is her largest regional market with 138,000 units. The top 5 countries (China, South Korea, Japan, Germany, and USA) account for her over 70% of the market.
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In October 2020, ABB announced the acquisition of Codian Robotics (Netherlands), a leading provider of delta robots used primarily for high-precision pick and place applications. Codian Robotics offering includes a hygienic design line, ideal for hygiene-sensitive industries including food and beverage and pharmaceuticals. With the acquisition, ABB is expected to increase its delta robot offerings.
In September 2020, KUKA(Germany) announced its new SCARA robots under the KR SCARA line-up that excel in applications like in small parts assembly, materials handling and inspection tasks with a payload of 6 kg. The robots will be mainly offered to cost sensitive markets.
COVID-19 impact is boosting the demand of industrial robots treatment market.
Several incentives are being offered by governments in key nations such as India, China, Japan, France, Indonesia, and Singapore to help their industrial sectors cope better with the issues that the COVID-19 pandemic has posed. As a result, industries are better prepared to invest in the financial resources needed to integrate robots into the industrial setup. The demand for collaborative robots is expected to rise across all industries, accelerating automation adoption. These robots are aimed at both small and medium-sized businesses (SMEs) and major corporations. These robots are being employed for both new and established applications because to their versatility, resulting in widespread adoption.
Regional outlook- The Asia Pacific countries are expected to present good opportunities for market players to market industrial robots’ products in these regions.
In the coming years, Asia Pacific is expected to become the global market’s main player. This can be attributed to increased automation, particularly in Japan, China, and India. Furthermore, as the population and disposable income of individuals rise, so does the demand for consumer goods and other items, resulting in increased production capacity and a larger market. Similarly, there is a growing need for bespoke autos and machines, which necessitates high precision and production capacity. The use of robotics in industrial applications is increasing in order to keep up with demand.
Product Portfolio: The Company has a product portfolio of Industrial Robots Market that includes:
Industrial Robots Market: Growing competition among key players, increasing horizontal and vertical expansion is further expected to fuel the growth of Industrial robots Market.
Key players operating the global Industrial Robots market includes ABB, Yaskawa, Fanuc, Kuka, Mitsubishi Electric, Kawasaki Heavy Industries, Denso, Nachi-Fujikoshi, Seiko Epson and Dürr.
Industrial Robots Market Scope: Discount on report
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