August 22, 2022 08:15 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Growing demand for collaborative robots across all industries, increasing automation in the electronics industry and several incentives being offered by the governments are some of the major factors anticipated to drive the market.
The Global Industrial Robots Market revenue is expected to reach a value USD 89.4 Billion in 2028.
The Global Market revenue was valued at USD 45.1 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period; states Vantage Market Research, in a report, titled “Industrial Robots Market Size, Share & Trends Analysis Report by Type (Traditional Industrial Robots, Articulated Robots, SCARA Robots, Parallel/Delta Robots, Cartesian/Linear/Gantry Robots, Collaborative Robots, Other Robots (Cylindrical Robots, Spherical Robots, & Swing-Arm Robots)), by Component (Robotic Arms, Robot Accessories, End Effectors, Controllers, Drive Units, Vision Systems, Sensors, Power Supply, Other Components), by Payload (Up to 16.00 kg, 16.01–60.00 kg, 60.01–225.00 kg, More than 225.00 kg), by Application (Handling, Assembling and Disassembling, Welding and Soldering, Dispensing, Processing, Other Applications), by Industry (Handling, Automotive, Electrical & Electronics, Metals & Machinery, Plastics, Rubber, & Chemicals, Food & Beverages, Precision Engineering & Optics, Pharmaceuticals & Cosmetics, Other Industries), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
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Initiatives by governments and public-private companies to mitigate the COVID-19 impact
A public-private organization called the Advanced Robotics for Manufacturing (ARM) Institute works to increase the competitiveness of US manufacturing through partnerships and the creation of cutting-edge robotics technologies. It is funded by the US Department of Defense. To help with the swift reaction needed for the COVID-19 pandemic, the institute has sought projects in robotics that are quick and have a significant effect. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the approved plans would get funding. Such enticing incentives motivate businesses to create novel solutions. In addition, the production-linked incentive (PLI) plan has been expanded by the Indian government to eleven industrial sectors, with a primary focus on the automotive and automotive component industries.
Increasing Automation in Electronics Industry
Electronics businesses will be able to develop more because of the rise in automation since it will be easier and less expensive for them to create prototypes. Throughout the whole manufacturing cycle, robots may be utilized for tasks including assembling, dispensing, milling, inspecting, packing, and palletizing. Improvements also aid the demand for robotics in end effectors and vision systems. The majority of the job that industrial workers in the electronics sector currently do is still repetitive and redundant, such as hand assembly and tooling. Robotics investments will alter the expectations imposed on employees, allowing them to concentrate on high-importance jobs like final inspection and quality control. Furthermore, due to their ability to cooperate with people, collaborative robots may be included in already-existing manufacturing lines.
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
The report on Industrial Robots Market highlights:
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North America is expected to dominate the growth of Industrial Robots Market in 2021.This may be ascribed to the fact that manufacturers are being compelled to automate the production processes in order to preserve their cost advantage due to rising labor prices in the region. Due to factors like low production costs, easy access to affordable labor, lax emission, and safety regulations, and government initiatives for foreign direct investments (FDIs), automation in the North America countries is expected to increase in the near future. This will allow North America region to maintain a dominant market position in the Industrial Robots Market.
List of Prominent Players in the Industrial Robots Market:
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Industrial Robots Market Size, Share & Trends Analysis Report by Type (Traditional Industrial Robots, Articulated Robots, SCARA Robots, Parallel/Delta Robots, Cartesian/Linear/Gantry Robots, Collaborative Robots, Other Robots (Cylindrical Robots, Spherical Robots, & Swing-Arm Robots)), by Component (Robotic Arms, Robot Accessories, End Effectors, Controllers, Drive Units, Vision Systems, Sensors, Power Supply, Other Components), by Payload (Up to 16.00 kg, 16.01–60.00 kg, 60.01–225.00 kg, More than 225.00 kg), by Application (Handling, Assembling and Disassembling, Welding and Soldering, Dispensing, Processing, Other Applications), by Industry (Handling, Automotive, Electrical & Electronics, Metals & Machinery, Plastics, Rubber, & Chemicals, Food & Beverages, Precision Engineering & Optics, Pharmaceuticals & Cosmetics, Other Industries), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
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 small parts assembly, materials handling and inspection tasks with a payload of 6 kg. The robots will be mainly offered to cost-sensitive markets.
Key Questions Answered in The Report:
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