CHICAGO, June 22, 2021 /PRNewswire/ -- According to the new market research report "Industrial Robotics Market with COVID-19 Impact Analysis by Type (Articulated, Collaborative Robots), Component, Payload, Application (Handling, Processing), Industry (Automotive, Food & Beverages), and Region - Global Forecast to 2026", published by MarketsandMarkets™, (including the prices of peripherals, software, and system engineering) the market is projected to grow from USD 42.2 billion in 2021 and is projected to reach USD 75.3 billion by 2026; it is expected to grow at a CAGR of 12.3% from 2021 to 2026. Owing to COVID-19, the industrial robot market had to face headwinds for 2019–2020. The anticipated shortage of skilled laborers in manufacturing industries has paved way for the growth of automation in industries. In addition to this, the growing demand for collaborative robots across all industries has also been a crucial factor in driving the growth of the industrial robotics market. The collaborative robots are targeted toward both small and medium-sized enterprises (SMEs) and large enterprises and hence have a wide-scale adoption owing to their versatility.
"Market for traditional industrial robots projected to have larger share during the forecast period"
The traditional industrial robots segment is expected to hold a larger share of the market throughout the forecast period, both in terms of value and volume. Traditional industrial robots have been around for a much longer time than collaborative robots, which have only gained traction in the last decade. Industries such as automotive, electronics, and metal account for the major use of these robots as their production process imperatively needs to be heavily automated. They are well suited for high-volume production and have been fundamental in scaling up productivity in major industries such as automotive. Various types of traditional industrial robots are designed for different applications specific to the industry. Articulated robots are widely used for handling applications such as pick-and-place, part transfer, palletizing, and sorting in heavy-duty industries such as automotive and metals and machinery. SCARA robots have a better operational speed and hence are preferred more in manufacturing processes in electrical and electronics industry worldwide. The parallel robots are more suitable for high-precision assembly applications. Owing to their versatility in adaption, varying types with a considerable variation in the payload capacity, the traditional industrial robots are expected to maintain the largest market share during the forecast period.
"Handling application to dominate industrial robotics market in terms of size in 2021"
Handling application is expected to hold the largest share of the industrial robotics market in 2021. The handling application includes various sub-types such as material handling, machine tending as well as bin-picking which are currently booming. The handling application has industry-wide usage in varied industries ranging from the automotive, chemicals, electrical and electronics to food and beverages because of which is expected to register a fairly large amount of the market share in 2021.
"Automotive industry to maintain the largest size of industrial robotics market during the forecast period"
The automotive industry is one of the largest users of industrial robots. In automotive manufacturing, spot welding and painting robots are used extensively. Articulated robots are generally used for most of the tasks; however, parallel robots are used for assembling smaller components, such as pumps and motors. Welding has been one of the first and most popular applications of industrial robots in the automotive industry. Spray painting automation is another popular application in assembly lines, mainly to protect workers from toxic fumes. Robots provide consistency in paint application and minimize wastages. Machine tending and material removal are a few of the other applications where robots are used. As majority of the processes involved in automotive manufacturing and assembly are automated, the automotive industry has to employ industrial robots on a large scale, which makes it the largest demand generator for the adoption of industrial robots.
"Market for Industrial Robotics in APAC estimated to grow at the fastest rate during the forecast period"
The industrial robotics market both for the traditional and collaborative robots in APAC is expected to grow at the highest rate during the forecast period. As far as collaborative robots are concerned, the rising costs of labor in the APAC region have caused the SME industries, in particular, to incline towards industrial adoption by integrating collaborative robots in their manufacturing processes to make the operations more efficient and cost-effective. China is at the forefront in the adoption of traditional industrial robots owing to the increasing demand of automation given the fact that there is a significant growth in its geriatric population in recent years. Other APAC countries such as Taiwan and Thailand are also not far behind in terms of adopting automation to seek a cost advantage through automation in the wake of rising labour costs. The automotive, electrical & electronics, food and beverage industries from the APAC region are the major demand generators for the adoption of industrial robots.
Key players in the industrial robotics include ABB (Switzerland), FANUC (Japan), YASKAWA (Japan), KUKA (Germany), Mitsubishi Electric(Japan), DENSO CORPORATION( Japan), Kawasaki Heavy Industries(Japan), Seiko Epson (Japan) and NACHI-FUJIKOSHI (Japan). Apart from these Rethink Robotics (Germany)Franka Emika (Germany), Kassow Robots (Denmark) are among a few emerging companies in the industrial robotics market.
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