Pune, June 25, 2020 (GLOBE NEWSWIRE) -- The global industrial robots market size is expected USD 66.48 billion by 2027, exhibiting a CAGR of 15.1% during the forecast period. The growing consumption of consumer goods will spur opportunities for the market during the forecast period, states Fortune Business Insights in a report, titled "Industrial Robots Market Size, Share & Industry Analysis, By Robot Type (Articulated, SCARA, Cylindrical, Cartesian/Linear, Parallel and Others), By Application (Pick and Place, Welding & Soldering, Material Handling, Assembling, Cutting & Processing, and Others), By Industry (Automotive, Electrical & Electronics, Healthcare & Pharmaceutical, Food & Beverages, Rubber & Plastic, Metals & Machinery, and Others), and Regional Forecast, 2020-2027" the market size stood at USD 21.83 billion in 2019.
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Market Driver:
Hefty Investments by Venture Capitalists to Augment Growth
The growing focus of pre-eminent players on R&D for the development of advanced sensors and the integration of AI will have a tremendous impact on the market during the forecast period. Moreover, the growing funding by venture capitalists for the manufacturing and designing of industrial robots will foster the healthy growth of the market in the foreseeable future. For instance, VNDLY a leading cloud-based management company received an investment of $8.5 million by the venture capitalist Madrona Venture Group. Moreover, the increasing deals and agreements between major players will further enhance the potential of the market. For instance, In April 2018, Teradyne, Inc. a manufacturer and leader of automatic testing equipment announced that it has signed an agreement with Mobile Industrial Robots (MiR) for around USD 147 million. In addition, the growing demand for robots and automated machinery in the food & beverage industry will spur business opportunities for the market in the forthcoming years.
However, the substantial capital expenditure required for procurement, integration, programming, accessories, maintenance can act as a challenge for the growth of the market during the forecast period. Moreover, low-volume production and slow return on investments (ROI) by small and medium enterprises will further retard the development of the market.
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Regional Analysis:
Heavy Demand for Customized Machinery to Stimulate Growth in Asia Pacific
The market in Asia Pacific stood at USD 8.14 billion in 2019 and is predicted to rise profoundly during the forecast period. The growth in the region is attributed to the increasing industrial automation across various industries in Japan, China, and India. The rising population and disposable income of people will contribute significantly to the growth of the market in the region. The rising consumption of essential and non-essential goods will propel the market in the foreseeable future. The rising demand for customized machinery with high precision and fast production capacity will bode well for the market. North America is predicted to grow rapidly during the forecast period owing to the emergence of industry 4.0. The growing adoption of robots along with the implementation of smart factors will uplift the industrial robots market share in the forthcoming years.
Key Development:
November, 2019: OMRON Corporation, a Japanese electronics company announced the launch of a mobile robot that is capable of moving a payload capacity up to 250 Kg. The new LD-250 will help the company to expand its existing series of mobile robots.
List of the Leading Companies Operating in the Industrial Robots Market are:
- ABB (Switzerland)
- YASKAWA ELECTRIC CORPORATION (Japan)
- Mitsubishi Electric Corporation (Japan)
- NACHI-FUJIKOSHI CORP.(Japan)
- Comau SpA (Italy)
- KUKA AG (Germany)
- FANUC CORPORATION (Japan)
- DENSO CORPORATION. (Japan)
- Kawasaki Heavy Industries, Ltd. (Japan)
- Omron Corporation (Japan)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter's Five Forces Analysis
- Impact Analysis of COVID 19
- Global Industrial Robots Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Robot Type (Value)
- Articulated
- SCARA
- Cylindrical
- Cartesian/Linear
- Parallel
- Others (Collaborative, etc.)
- By Application (Value)
- Pick & Place
- Welding & Soldering
- Material Handling
- Assembling
- Cutting & Processing
- Others (Painting, etc.)
- By Industry (Value)
- Automotive
- Electrical & Electronics
- Health & Pharmaceutical
- Food & Beverages
- Rubber & Plastic
- Metals & Machinery
- Others (Construction, Defense, Logistics)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Robot Type (Value)
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