Global industrial robotics market to grow at CAGR of 7%
Grand View Research estimates for period between 2014 to 2020
The global industrial robotics Industry was estimated at USD$25.68-billion in 2013 and is expected to reach USD$40-billion by 2020 owing to increased number of deployments in the manufacturing sector to simplify complexities and enhance productivity, according to a report from Grand View Research Inc.
Industrial robots are being increasingly used to simplify business activities including marketing, designing, selling, building, installing, maintaining and operating. An increased emphasis has been laid on productivity index to sustain in the competitive environment of the manufacturing sector and achieve quality results is expected to drive the industrial robotics market. Increasing labor costs coupled with growing demand from automotive industry is anticipated to be a key driving factor in the industry.
Manual labor replaced by self-programming robots
Manual labor has eventually replaced with self-programming robots owing to the job efficiency and cost-effectiveness on account of their ability to sense environmental changes through integration of sophisticated sensors. Growing measures concerning safety rights of laborers are also expected to augment growth in the market.
Application of robots in non-automotive industries namely chemicals, food & beverages, electronics, and electricals have resulted in the development of new opportunities and prospects over the past few years. Increasing installation costs and lack of skilled labor are expected to pose a challenge for the companies.
Increasing demand from heavy machinery & food processing industries
In 2013, automotive robots contributed to the highest market share by volume. The market is projected to gain prominence over the forecast period on account of technological advancements and integration of artificial intelligence. Increasing demand from heavy machinery and food processing industries are also expected to have a positive impact on growth over the coming years.
Asia Pacific accounted for the largest market in 2013 on account of substantial investments by organizations to expand globally. Countries including Korea, Japan, and China have experienced significant growth owing to supportive government programs involving tax incentivization, investments in skill management and R&D funding while Singapore, Taiwan, and India are anticipated to have a high potential for growth.
Significant investment in robotics
Rising production capacities in North America coupled with the modernization of factories are expected to result in an increasing number of robotic installations. Significant investment in robotics by automotive industry players in Europe is projected to augment demand over the forecast period.
The industrial robotics market encompasses numerous Japanese suppliers namely Denso, Motoman and Fanuc. Europe comprises of specialized industrial robotics establishments including Kuka and Comau along with prominent corporations including BAE and ABB Systems.
New entrants are expected to emphasize on a particular application and find ways to diversify to cope with high capital cost. Initiatives including ‘Blue Competence’ sustainability initiative by Anlagenbaue.V. (VDMA) and VerbandDeutscherMaschinen, which aims at achieving environmental sustainability through technological modernization, is expected to propel growth in the coming years.