Global Industrial Robots Market at a CAGR of 10.10 % Growth, Trends and Absolute Opportunity up to 2

Global industrial robots market By Type (Traditional Industrial Robots, Collaborative Robots), Industry (Automotive, Electrical and Electronics, Plastics, Rubber, and Chemicals, Metals and Machinery, Food and Beverages, Precision Engineering and Optics, Pharmaceuticals and Cosmetics, Others), Technology (Motion Control and Drives Systems, Robotics Systems, Integrated Manufacturing Systems, Machine Vision Systems, Manufacturing Execution Systems, Programmable Logic Control System, Others)

Market Definition: Global Industrial Robots Market

An industrial robot is a robot system used in assembly line and for manufacturing. Industrial robots play a crucial role in industry automation. Industrial robots are programmable and automated. Robots are employed because of their ability to perform repetitive tasks with accuracy. They help in enhancing productivity and decrease operational costs for manufacturers.

Market Drivers:

• Growing demand for industrial robotics from SEMs is driving this market
• The increase in investments for innovations and automation in industries is expected to drive the market
• Surging demand for automation activities and reduction in custom duties in the industry is expected to drive the market
• Demand for minimizing defect, waste and downtime are the factors for growth in this market

Market Restraints:

• The high manufacturing cost of industrial robotics solutions is a major hindrance for the industrial robotics market growth
• High investment required for the initial setup is a restraint for this market

Market Analysis: Global Industrial Robots Market

Global industrial robots market is expected to register a healthy CAGR of 10.10% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. The rise in the market value can be attributed to increase in investments for automation in industries and surge in labor charges worldwide.

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Segmentation: Global Industrial Robots Market

By Type

• Traditional Industrial Robots
• Articulated Robots
• SCARA Robots
• Parallel Robots
• Cartesian Robots
• Others
• Collaborative Robots

By Industry

• Automotive
• Electrical and Electronics
• Plastics, Rubber, and Chemicals
• Metals and Machinery
• Food and Beverages
• Precision Engineering and Optics
• Pharmaceuticals and Cosmetics
• Others

By Technology

• Motion Control and Drives Systems
• Robotics Systems
• Integrated Manufacturing Systems
• Machine Vision Systems
• Manufacturing Execution Systems
• Programmable Logic Control System
• Others

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Key Developments in the Market

In November 2017, Kawasaki collaborated with ABB for robot automation cooperation. This can be the world’s 1st collaboration targeted on cobots and creation of trade approaches to safety, communication, and programming. This means more variability and more human intervention. This collaboration will bring advancement in technology and expand their product portfolio

In April 2017, IBM partners with ABB for industrial artificial intelligence that will merge IBM Watson's power with ABB Ability, ABB's extensive digital offering to unlock new value for customers in utilities, industry, transportation and infrastructure. This partnership will unlock new achievement for both the companies and bring new technological advancement

Competitive Analysis

Global industrial robots market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of industrial robots market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

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Data collection and base year analysis is done using data collection modules with large sample sizes.