Published: May, 2018
The global industrial robotics market has continually expanded due to the ardent efforts of the market players to bring about key innovations. The competitive landscape of the market shows a moderately fragmented picture wherein the large players are doing commendably well while the small- and medium-sized players are striving to capture a greater market share. It is anticipated that the market would witness the introduction of new and advanced models of robots that can aid the industrial setup across several areas of business. Furthermore, the market players are gradually venturing into providing customized solutions that would further enhance their chances of growth and development. Hence, the growth trajectory of the major market players is expected to take a leap over the forthcoming years which could in turn give an impetus to the growth of the global market. With regards to the extrinsic business strategies, the major market players have already started resorting to mergers and acquisitions to capture a greater market share. Furthermore, the market players are also expected to expand their product portfolio to cater to all the industrial domains. The leading players in the global market for industrial robotics include Kawasaki Robotics, Omron Corporation, Schneider Electric SA, Siemens AG, Invensys plc., Rockwell Automation Inc, and Mitsubishi Electric Corporation. These market players are anticipated to play a decisive role towards the growth of the global market.
Transparency Market Research (TMR) estimates that the global market for industrial robotics would be valued at US$147.7 bn by 2019, and the market is projected to expand at a CAGR of 6.2% from 2014 to 2020. The findings of the researchers at TMR are encapsulated in a market research report on the global market for industrial robotics. Based on the end-use industry, the global market is expected to be lead by the automotive industry.
Quest for Enhanced Productivity Propels Demand
In the contemporary times of rapid industrialization, all businesses want to enhance the productivity of their operations. Due to the success of customized industrial robots in accelerating the wheel of production across industries, the manufacturers are swift to adopt industrial robotics within their framework. Hence, the demand within the global market for industrial robotics is expected to reach new heights over the forthcoming years. Furthermore, the deployment of industrial robotics across industries also minimizes the possibility of errors and undue externalities. This in turn ensures the safety and wellbeing of the employees by preventing accidents or hazards within the premises.
High Initial Investment Could Hamper Market Growth
Although there is no contention about the effectiveness of industrial robots in bringing about enhanced productivity and accelerating industrial processes, the market is still faces threats from several factors. Primarily, adoption of industrial robotics within a company’s framework requires heavy initial investment which often discourages manufacturers to resort to it. Moreover, the high costs make it impossible for small and emerging manufacturers to induct industrial robotics within their areas of operation. Besides this, the lack of skilled professionals who can operate industrial robots also hinders the growth of the global market for industrial robotics. Nevertheless, the rapid pace of industrialization across the globe is expected to keep soaring demand within the market.
The review is based on a report by TMR titled, “Industrial Robotics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”
The global industrial robotics market can be segmented as:
Industrial controls and robotics market analysis, by type
- Industrial Control systems
- Field Devices
- Relay & Switches
- Motion Control & Drives Systems
- Machine Vision systems
- Manufacturing Execution Systems
Industrial controls and robotics market analysis, by application
- Printing and Packaging
- Oil & Gas
- Food Processing
Industrial controls and robotics market analysis, by technology
- Motion Control and Drives Systems
- Robotics Systems
- Integrated Manufacturing Systems
- Machine Vision Systems
- Manufacturing Execution Systems
- Programmable Logic Control System
Industrial controls and robotics market by Geography
- Rest of the World
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