Market overview:

The Industrial Robotics Market is estimated to reach $76.3 billion by 2028, with a CAGR of 11.7% from 2023 to 2028.

A mechanical piece of equipment called an industrial robot is designed to carry out tasks related to industrial production automatically. Depending on the application, these robots can be reprogrammed and the program can be changed as often as necessary. Industrial robots are used in automation applications to increase production, reduce costs, and produce high-quality goods. Most industrial robots consist of a drive, end-effector, robotic manipulator, sensors, and controls. The robotic controller, which assists in issuing commands, is the brain of the machine. Robot sensors including microphones and cameras keep the robot aware of its surroundings in the industrial setting. The robot's arm, the robotic manipulator, helps it move and position itself, and the end effectors help it interface with the workpieces. Robots used in industry fall into five categories: collaborative, cartesian, SCARA, cylindrical, and articulated. The type of robot selected depends on the required degree of mobility, size constraints, and payload capacity. Industrial robots assist in streamlining production procedures to produce goods that are both effective and safe. The expansion of the industrial robotics market is further accelerated by these factors.

Market Drivers and Restraints:

Government initiatives and public-private collaborations to mitigate the impact of COVID-19 are the main factors driving the global industrial robots industry. Through working and developing fresh robotics solutions, the Advanced Robotics for Manufacturing (ARM) Institute seeks to increase the competitiveness of American firms. The US Department of Defense provides the funding. The institution has asked for swift and significant robotics projects so that it can respond quickly to the COVID-19 pandemic. By extending the production-linked incentive (PLI) plan to eleven industrial sectors, with a special focus on the auto and vehicle component industries, the Indian government has provided a Rs 1.45 trillion incentive package. The Japanese government has allocated USD 221 million in incentives for Japanese businesses to relocate to India and other countries as part of its China exit program. Via its State Guarantee program, the French government has helped enterprises by guarantying the repayment of some eligible loans up to USD 358 billion. Indonesia established two stimulus plans to address the COVID-19 outbreak's effects. In February 2020, the first package, costing $725 million, was revealed. In March 2020, the second bundle, worth $8 billion, was announced. To protect the economy and small and medium-sized enterprises (SMEs), particularly in the manufacturing sector, the second stimulus package was introduced.

Projects involving robotic automation can be difficult, especially for businesses that have never finished one before. Large sums of money must be spent not just on the robot itself but also on its integration, programming, and upkeep. In some cases, a bespoke integration might be required, which would raise overall costs. Robot deployment might not always be feasible due to a lack of available space and infrastructure. SMEs frequently engage in low-volume production, making it difficult to see a return on investment (ROI). The existence of businesses with seasonal or erratic production schedules highlights the challenge. Since products are often modified once a year, rapidly shifting consumer tastes will call for frequent robot retraining. Over-automation can occasionally be an issue. The US automobile industry started with a higher level of mechanization than its Japanese rivals. Expense overruns occurred as consumer demand and product lines changed over time and numerous robots were rendered ineffective or outdated. It's possible that substituting human employees won't always result in lower operational costs for a business.

The cost of a collaborative robot system can be anything from $3,000 to $100,000. The price of a commercial robotic system could range from $15,000 to $150,000. Due to the cost of industrial robots, integration fees, and add-ons like end-effectors and vision systems, automation is a costly investment for SMEs, particularly when they are engaged in low-volume manufacturing. As a result, these issues further reduce the size of the industrial robotics market globally.

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The report is segmented as follows:

The Industrial Robotics Market is segmented by Type; the Market is segmented by

End User:

By Type (Articulated, Cartesian, SCARA, Cylindrical, Others)

By End-user Industry (Automotive, Electrical & Electronics, Chemical Rubber & Plastics, Machinery, Food & Beverages, Others)

Regional Segmentation:

With a combined market share of 58 percent in 2019, Europe, North America, Asia Pacific, Latin America, the Middle East, and Africa are the top five regions.

Asia Pacific was the largest regional market for industrial robots, followed by Europe and North America. High and early adoption of ground-breaking technologies in nations like India and China are projected to propel market growth. Due to its sound financial standing, it is able to invest significantly in state-of-the-art machinery and technology to keep business operations running smoothly. The "Made in China 2025" strategy of the Chinese government seeks to boost the automation of Chinese enterprises' competitiveness.

Because of the introduction of industry 4.0, North America is predicted to have a constant CAGR in the global industrial robots’ market over the forecast period.

Nonetheless, due to the companies developing collaborative robots, Europe aims to show a considerable increase in the global industrial robotics market.

Impact of COVID-19 pandemic on the market:

Several industrial and service robot types will be impacted differently by the COVID-19 epidemic. Due to a decline in investments in important sectors including the automotive and metals and machinery industries, traditional industrial robots are anticipated to be most negatively impacted. Collaborative robots, on the other hand, are not anticipated to be as impacted because their market is expanding and they are used in a wider range of industries. Service robots are anticipated to be significantly impacted. There will be a constant need for these robots during the pandemic because drones, AGVs, disinfecting robots, and telepresence robots are already frequently used for tasks like temperature monitoring, personal help, and automated delivery. Yet, because of the decline, consumer-based service robots will be significantly impacted.

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