Madrona Venture Group made an investment of US$ 6.1 Mn for testing, hiring, and product development of industrial robots in May 2019. Companies are adopting several business strategies to cater to market capitalization. This will fuel demand for industrial robots, which will subsequently boost the global industrial robots market. Fortune Business Insights in a new report, titled “Industrial Robots Market Size, Share and Global Trend By Robot Type (Articulated, SCARA, Cylindrical, Cartesian/Linear, Parallel, Others), By Application (Pick and Place, Welding & Soldering, Material Handling, Assembling, Cutting & Processing, Others), By End-Use Application (Automotive, Electrical & Electronics, Healthcare & Pharmaceutical, Food & Beverages, Rubber & Plastic, Metals & Machinery, Others) and Geography Forecast till 2026” highlights some of the industrial robots market trend prevailing between 2018 and 2026. As per the report, the global market for industrial robots was worth US$ 18.78 Bn in 2018 and is anticipated to reach US$ 59.99 Bn by 2026. Furthermore, the market is expected to rise at an exponential CAGR of 15.7% during the forecast years.
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The surge in human labor has compelled manufacturers to replace humans with robots. The emergence of industry 4.0 has revolutionized technologies and introduced robots. Several industries are adopting robots to streamline their manufacturing processes and reduce errors. Industrial robots play a crucial role in manufacturing industries as majority of the operations are managed by these robots. Earlier, companies were highly dependent on manual functioning. With the emergence of automation, the demand for industrial robots is likely to increase, augmenting the industrial robots market growth. These robots ensure the smooth functioning of the workflow across industries. Growing investments in automation and establishment of small and medium-scale enterprises are favoring the market potential.
Companies such as ABB, Yaskawa Electric Corporation, and Mitsubishi Electric Corporation are dominating the global industrial robot market.
Top Players Overview:
- Yaskawa Electric Corporation
- Denso Ten Solutions Philippines Corporation
- FANUC America Corporation
- KUKA Robots
- Kawasaki Robots
- Panasonic Avionics Corporation
- Nachi Robotic Systems, Inc.
- Industrial Robots
- Adept Technologies LLC
Articulated Robots to Witness High Demand from Automotive, F&B, and Pharmaceutical
As per industry requirements, industries adopt different types of robots to maintain operational efficiency. The report witnesses demand for Selective Compliance Articulated Robot Arm or SCARA, articulated, cylindrical, parallel, cartesian/linear, and other types of robots. Of these, articulated robots were leading in the industrial robots market in 2018. The robot has ability to perform precise functions such as assembling and material handling. Its adoption is increasing in industries such as pharmaceuticals, food and beverages, and automotive. This, as a result, is widening the industrial robots market scope. Furthermore, the market reposts an increase in the adoption of SCARA robots, as they are designed to work in harsh environment. Moreover, these robots enhance the reliability and speed on tasks such as pick and place or sorting. These are lightweight robots which makes them ideal for crowded places. For instance, Douglas Machine recently announced the introduction of a single SCARA robotic arm in its shrink wrap multipack. Industries such as manufacturing, automotive, and food and beverages are increasingly adopting such robots.
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Rising Automation in Japan and China to Accelerate Growth in Asia Pacific
Among regions, Asia Pacific is expected to maintain its dominance in the global industrial robots market between 2018 and 2026, by covering US$ 6.52 Bn in 2018. The growth is primarily driven by rising automation and manufacturing industry in countries such as China, India, and Japan. The growing consumption of consumer goods and rising per capita income among consumers are further supplementing the industrial robots market share. The demand for specialized machinery is increasing, spurring the industrial robots market revenue. This emerges the need for fast production capacity and high precision. Hence, the adoption of industrial robots is surging to map with the demand. Industrial robotics is likely to soar in India as it is the most appropriate tool to time and money. Invento Robotics designed a humanoid called Mitra with an aim to transform the Indian education system.
North America is projected to drive the global industrial robots market by 2026 as the market was worth US$ 5.01 Bn in 2018. The growth is attributable to the emergence of industrial revolution 4.0 and introduction of smart factories. In addition to this, the rising demand for customized robotic systems is fueling demand for such robots across different industries. Following North America, the market is expected to grow in Europe too.