Global Industrial Robot Market: Overview
Adoption of robots equipped with artificial intelligence in manufacturing industries is likely to accelerate the growth of global industrial robot market during the forecast timeframe.
In the last few decades, robots have revolutionized the industrial world. Industrial robots are now making their way into the larger business world. Robotic workers are now common sight in many sectors such as electronics manufacturing and automobile, now they are making foray into healthcare, food production, retail and other industries.
In an upcoming report, Transparency Market Research offers a 360-degree view of the global industrial robot market. The study attempts to elucidate all the vital strategies of growth and dynamics of the market. It also offers profiles of renowned companies that are operating in the global Industrial Robot market.
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Global Industrial Robot Market: Notable Developments
With regards to recent developments, the global industrial robot market manifest the following moves in the market
- In October 2018, DENSO, leading mobility supplier, acquired EASE Simulation Inc., a firm that specializes in the technology of automotive diagnostics. The full acquisition of EASE Simulation Inc., is expected to enable DENSO to improve the services that are offered within the scope of its non-automotive, Original Equipment Service, and aftermarket businesses
Denso Corporation, Daihen Corporation, Kawasaki Heavy Industries Ltd., Yaskawa Electric Corporation, Mitsubishi Electric Corporation, and Universal Robotics are some of the names to reckon with in the global industrial robot market.
Global Industrial Robot Market: Key Trends
The following factors are expected to propel the growth of global industrial robot market:
Rapid Pace of Industrialization Necessitates Usage of Robots to Maximize Profit
The global industrial robot market is forecasted to be triggered by numerous factors such as high cost of labor, declining price of industrial robots, expanding electronics industry and so on.
Dearth of efficient workforce together with high cost of labor has resulted in the rising adoption of industrial robotics in many of the industrial sectors. Usage of robotics in any business enhances productivity and, hence, the profitability of the company also increases. Companies now treat robots as its helping hand.
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The demand for industrial robots is reaching the sky as industrialization is taking place at such a high pace. The extraordinary surge in the global demand for industrial robotics is, as such, quite understandable.
Many businesses are coming up with extremely promising products such as service robots, intelligent warehouses, and self-driving trucks across all parts of the logistics value chain, Industrial robots are also used for packaging and pick-and-place services, and this is further pushing for industrial automation.
Global Industrial Robot Market: Geographical Analysis
Driven by the U.S., North American industrial robot has been experiencing an accelerated growth in installation of robotics for almost a decade now. A record number of 33,192 installations took place in 2017. The U.S. ranks third in terms of robotic density with 189 robots per 10,000 employees.
Germany occupies the fifth position in the global industrial robots market and first in Europe. The country exported nearly 60% of its robotics equipment in the year 2017.
With the production of around 153,000 units in 2016, Japan is the number one manufacturer of industrial robots worldwide. At present, Japan accounts for around 52% of the total supply of robotics globally. Japan exports industrial robots and its parts to countries like Republic of Korea, China, North America, and Europe.
Driven by electrical/electronics industry, Republic of Korea occupies the third position in global industrial robots market. By far, Republic of Korea has the highest robot density in the world with around 630 robots per 10,000 employees, which is even more than 8 times the average amount globally.
While Asian countries such as Japan, China, Republic of Korea have already established their footprint in the global industrial robots market, India has a long way to go. Despite low robot density, rapid technological advancement and economic growth are likely to offer opportunities for the global industrial robot market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.