Global Industrial Robotic Motors Market: Overview
The global industrial robotic motors market is likely to experience considerable expansion during the period of assessment, from 2019 to 2027. In the automobile industry, industrial robots are able to lift high payload with ease and more efficiently than human beings. Industrial robots find extensive use in automotive industry and the same is likely to expand over the years to come.
In addition to that, the need for diminished accidents at work, better work environment, safety of employees, and augmented output are across industries are likely to drive the demand for industrial robots in forthcoming years.
In a bid to offer a detailed view on the global industrial robotic motors market, the market has used the parameters of robot type, motor type, fit type, and region for segmentations.
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Global Industrial Robotic Motors Market: Notable Developments
The following developments reveal some of the changing dynamics of the global industrial robotic motors market over the last few years:
- In May 2018, South Korea based Hyundai Heavy Industries entered into a partnership for strategic sales agreement with KUKA, Germany based makers of industrial robots. It is anticipated that the partnership that this partnership with widen the existing product portfolio of Hyundai Robotics and open up new growth prospects for its industrial robots manufacturing business.
- In April 2018, Fanuc Corporation came up with a novel artificial intelligence (AI) feed forward function, which integrates deep learning into its products like ROBOMACHINE, ROBOT, and FA. In collaboration with Tokyo-based Preferred Networks, Inc., Fanuc Corporation achieved this feat.
- In March 2018, Yaskawa Electric Corporation entered into an association with Tokyo-based XCompass Ltd. for formation of new subsidiary that would mainly work for the research and development of artificial intelligence (AI) solutions. This alliance is likely to offer new vistas for the development of AI-empowered industrial robotic motors
Some of the leading market vendors of the global industrial robotic motors market are as mentioned below:
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Yaskawa Electric Corporation
- Fanuc Corporation
- Omron Adept Technologies, Inc.
- Toshiba Machine Co., Ltd
Global Industrial Robotic Motors Market: Key Trends
The following drivers and trends are expected to define the global industrial robotic motors market during the assessment timeframe.
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Increased Cost of Manual Labor to Augment to Bolster Demand in the Market
Employment of manual labor leads to incurring of high cost, which adds to the increased cost of production. Additionally, offering of benefits to employees like paid leaves, promotions, yearly pay hikes, and health insurance are often a matter of inconvenience for many of the companies. Deployment of industrial robots eliminates all of these inconveniences, thereby are likely to offer copious growth opportunities to the global industrial robotic motors market.
Besides, companies also incur considerable cost imparting regular training to employees. Workers also cannot accomplish tasks when adverse work conditions prevail. Repetitive tasks lead to lower level of satisfaction occurs among the workers. Industrial robotic motors do not suffer from any of these, which is likely to encourage growth of the global industrial robotic motors market during the assessment timeframe.
Injury at workplace is a common issue that affects numerous workers across the globe every year. In addition to being a health burden, it also costs in billions to businesses worldwide. Automation of installation of industrial robotic motors can help in reducing the number of accidents and saves businesses from the high cost that is associated with such accidents.
Industrial robotic motors give high return on investment (ROI) to the market players and it is spread over a longer time period, thereby encouraging growth of market. The initial investment in industrial robotic motors is high, however the high ROI over the years compensates for the high cost that is incurred in the beginning.
Installation cost and initial training follow initial high cost, which adds to the cost. Besides, add-on peripherals like teach pendants, controllers, end-of-arm tooling (EOAT), and various recurring costs increases the cost of deployment of these robotic motors considerably. Adoption of such high-end devices becomes unfeasible for the companies with limited resources.
Global Industrial Robotic Motors Market: Geographical Analysis
Latin America, Asia-Pacific, Middle East and Africa, Europe, and North America comprise the major regions of the global industrial robotic motors market.
A gradual rise in the wages of laborers in countries like Germany, the U.S, and the U.K. has escalated the demand for industrial robotic motors in North America and Europe. Additionally, increased utilization of cloud-base robots, AI-powered robotic motors, and collaborative robots at industrial levels are likely to boost the global industrial robotic motors market in forthcoming years. In the U.S. deployment of industrial robotic motors for hazardous tasks like welding manifests the growing emphasis on workers’ safety.
Deployment of industrial robotic motors is gaining momentum in Asia Pacific with countries like India, China, Japan, and Malaysia driving the automation revolution in the region. Governments of these countries are supporting the initiatives that boost uptake of these robotic motors. A case in point is the government of Japan who has been developing and funding new robotic strategies. These strategies are encouraging small and medium enterprises (SMEs) to adopt new technologies of manufacturing.
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