Description
The global robotics industry market was valued at USD 40 billion in 2020 to USD 97.05 billion by 2027, at a CAGR of 13.5% from 2021 to 2027. The first industrial robot was introduced in 1961 by General Motors. Since then, robots have been adopted in a wide range of sectors, particularly in the manufacturing companies, for tasks such as welding, painting, sorting, among a few. However, human labor still dominates the floor in much of the manufacturing sector. It is still less expensive to use labor than to deploy and maintain robotic systems. But this is about to change, and we may witness a robotic revolution in the coming decades.
The cost of robotic solutions is likely to drop over time owing to improving technology. For many industries, adopting robots as a core part of their process is becoming a reality as lower costs make returns on investment more attractive. The growth of the global installed base of robots is likely to accelerate going forward, and so is the adoption by industries.
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China has been experiencing strong wage inflation and has made rapid progress from a developing nation to a developed economy. The rising cost of labor has to an extent, put pressure on China’s long-held low-cost manufacturing advantage. An ideal way to address this problem will be the increasing adoption of robotic automation. Indeed, significant steps have already been taken, and China is set to become one of the largest consumers of robots worldwide. The Chinese government has been actively investing in promoting robotics, an important part of the government’s “Made in China 2025” vision document. By 2025, China anticipates that ~70% of the robots used in China would be made in the country, from half in 2020 and 30% currently. The local state government in China is offering subsidies to the local manufacturers to help them automate.
Global Robotics Industry Market Dynamics
Drivers: Increase use of robots in industry
The use of robots is forecast to rise rapidly. In Japan, the production of industrial robots grew during the pandemic. In the Eurozone, the production of industrial robots has outperformed many other sectors. The pandemic is a real boost for digital factory technologies. Amid a situation in which industries operate with a limited workforce (due to layoffs and job losses), robots can help businesses sustain their production levels with lower human involvement and minimum risk and exposure of worker's coronavirus. Besides industrial robots, personal service robots play a major role in ensuring the seamless delivery of essentials and other services.
In the wake of the current coronavirus (COVID-19) outbreak, the demand for robots has risen in China. The robots powered by AI are aiding the public safety authorities, health authorities, and businesses in China to cope with the pandemic. Beijing-based Yunji Robotics, which makes delivery robots, and Shanghai-based TMIRob, which makes disinfectant robots, have seen higher demand in the wake of the virus. Another China-based company Geek+ launched disinfection robots named Jasmin and Lavender to help fight the COVID-19 pandemic. Lavender uses ultraviolet light to disinfect, while Jasmin uses liquid agents for automated sterilization.
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Challenges: Job Loss
The increasing penetration of robots could lead to short-term labor market dislocations. This could lead to social unrest within societies and may slow down the adoption of robots. Governments and industries globally have expressed concerns regarding the same. The long-term collective benefits of robotics adoption, notably higher productivity, better quality, safety, and savings, should exceed the costs.
Restraints: Privacy concerns
Robots could be prone to cyber-attacks or hacking. Specifically, personal or household robots, if hacked, could invade the privacy of individuals. The audio ports and video cameras of robots could listen to the conversation and keep an eye on an individual’s movement within the house. Japan this month released a new cybersecurity strategy that seeks to provide end-to-end security for robots.
Scope of the Report
The study categorizes the robotics industry market based on type, end-users, and regions.
By Type Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
- Industrial
- Service
By End User Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
- Automotive
- Food and Beverage
- Electronics
- Logistics
- Military and Defense
- Medical and Healthcare
- Others
By Region Outlook (Thousand Units, Revenue, 2017-2027, USD Million)
- North America (US, Mexico, Canada)
- South America (Brazil, Argentina, Peru, Colombia, Rest of Latin America)
- Europe (Germany, Italy, France, Spain, UK, Poland, Russia, Slovenia, Belgium, Slovakia, Hungary, Czech Republic, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Indonesia, Malaysia, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Thailand, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, South Africa, UAE, Northern Africa, Rest of MEA)
Automotive, by End-Use, is estimated to be the fastest-growing segment during the forecast period
Based on the end-use, the global robotics industry market has been segmented into automotive, food and beverage, electronics, logistics, military and defense, medical and healthcare, and others. Automotive is the fastest-growing segment in the global market of the robotics industry; during the forecast period,
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Collaborative robots have to work together with other robots for the enormous assembly lines. Robots must have collaborated between the handling and welding robots as such assembly lines function properly. It is difficult to find professional painters, and the job is also highly toxic; for this, robots are the best option, as the paint job needs to be highly consistent and have a large area of paint. Robots for welding is a robotic application in the automotive sector, as every car needs a larger number of welds before the car's completion. In many automotive plants, robots assemble smaller components like pumps and motors at high speeds. Often, robots are performing tasks like windshield installation and wheel mounting to increase throughput, which is driving the growth of robotics in the automotive segment.
Asia Pacific accounts for the highest CAGR during the forecast period in the robotics industry market
Based on region, the global robotics industry market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 30.1% during the forecast period. The Asia-Pacific robotics industry market is analyzed across Japan, China, India, Australia, and the rest of Asia Pacific.
Over the last ten years, China has been a major driver of the demand for industrial robots, making it the single most important market globally. China is looking to upgrade its labor-intensive manufacturing sector through increasing automation as it faces the challenge of shrinking the working-age population and rising labor costs. Chinese provincial governments also continued to provide subsidies to local manufacturers to automate. The Guangdong provincial government and Zhejiang province have significant subsidies to local manufacturers to increase the adoption of robots. Additionally, the People’s Bank of China encourages domestic financial institutions to ramp up their support for industrial robot manufacturing by providing innovative financing and lease services. In China, industrial robot makers are aggressively acquiring more established foreign players, encouraged by government assistance.
Key Market Players
The global robotics industry market is fragmented into a few major players they are ABB, Kawasaki Heavy Industries, Denso Corporation, NACHI-FUJIKOSHI, Seiko Epson, DÜrr, Universal Robots, Stäubli, Comau, B+M SURFACE SYSTEMS, ICR Services, IRS Robotics, Hyundai Robotics, Siasun Robotics, RobotWorx, Techman Robot, Rethink Robotics, FrankaEmika, F&P Robotics, and Bosch Rexroth.
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