Emergence of Industry 4.0 and integration of advanced technologies such as artificial intelligence (AI) are anticipated to boost the Industrial Robotics market during the forecast period 2020-2025. Industrial Robotics Market size was valued at $16 Billion in 2020, and it is estimated to grow at a CAGR of 11.9% during 2020-2025
With the emergence of industry 4.0, maintenance has become a crucial part and companies have started to assess the advanced technologies to assists them go beyond traditional run to failure and preventive maintenance approach. This has created huge demand for industrial robotics market in small, medium and large sized enterprises.
Robotics process automation landscape has been changed in the past couple of years and has evolved from an emerging factor for the industrial robotics industry. Robotic automation enables to achieve the innovation in a quick and impactful way which can drive quantifiable benefits to the industrial automation industry. Across the globe, automation companies are investing lots of capital to develop and innovate new technology in research and development. In 2019, ABB has committed to invest more than $150 million for construction of its new robotics manufacturing and research facility in China by 2021. Similarly companies such as Mitsubishi electric Corp, Ellison and so on are investing heavily for the development of industrial robots in the forecast period. Some of the key factor affecting robotic process automation includes process with higher automation potential, with higher head count reduction that offers a great cost saving to the manufactures. Robotic Process Automation (RPA) recurring cost includes licencing, hosting, and monitoring vary significantly by vendors and type of solution, the lower the recurring cost for RPA, the higher will be the cost saving. Various service providers are implementing RPA tools in various areas of end-user processes focusing on achieving consistency, risk reduction, and cost reduction factor.
APAC dominated the Industrial Robotics market in 2019 with a share of 58%, followed by Europe and North America. High and early adoption of advanced technologies in countries like India and China is set to boost the market growth. The strong financial position allows it to invest heavily in the adoption of latest tools and technologies for ensuring effective business operations. The Chinese government’s ‘Made in China 2025’ policy aims at improving the competitiveness of Chinese companies though automation. As part of the strategy to achieve this, the government’s Robotic Industry Development Plan gives a target robot density (the number of robots per 10,000 workers) of 150 by 2020. In addition according to CRIA forecasts sales of industrial robots will reach 625,000 by the end of 2020. On the other hand, the Chinese government invested $577 million for the development of intelligent robots. Moreover, the automotive industry is the major adopter of industrial robotics with a wide variety of applications and thus the growing automotive industry in this region will propel the market. Companies such as BAIC Motors, Changan Automobile Group, have been investing heavily for the adoption of robotics in the forecast period 2020-2025. In addition, The launch of ‘Make in India’ has increased the focus on Indian manufacturing sector, which is set to be among the fastest growing market in the APAC region as well as globally. The manufacturing sector’s growth output has increased and is projected to exhibit high growth through 2020. The government of India has committed to invest more than $13 billion for industrial robotic R&D. The government estimates the manufacturing sector value could reach $1 trillion by 2025. Major companies such as GE, Bosch and Panasonic are planning to invest in the country which would boost India’s economic growth.
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Industrial Robotics Market Growth Drivers:
INDUSTRIAL ROBOTICS AND AUTOMATION WILL DRIVE THE FUTURE OF FACTORY
As per industrial federation of robotics, industrial robotics deployment in factories is expected to cross more than 1.4 million new industrial robots by 2019 and more than 30% of these robots are engaged in manufacturing process for automate the operation. The growing adoption of robots are supposed to increased demand for handlers to ease integration install them and service them across the life cycle. The production concept in which manufacturing activities and material flows are handled entirely automatically is one of the major driving factors for modern manufacturing facility. Now days most advanced automation systems have own manufacturing cost by replacing increasingly expensive people as compare to the cheaper robots. Some of the key driving factor that fuels the growth of industrial robotics includes:
Decreasing Robot price: As robot’s production has increased year on year the cost of robots gone down. Past couple of years the average robot price has decreased by more than 35%. Increasing demand from different emerging economics penetrating the production of robots to change low cost region and they are expected to become cheaper in the coming future.
Ease of integration: Advancement in computer technology, software development technique, and innovative networking technologies have made easy of installing and maintaining Robot faster and become cheaper than before. Various sensors and actuators are individually connected to robot controllers with terminal racks, connectors and those components are now use plug and play technologies in which components can be connected with simple network wiring.
Increasing Capability: In the modern world robots are getting smart compare to the early age robots. Early robots blindly follow the same path and command, but the latest generation of robots are able to integrate the information from multiple sensors and implement their movement in the real time scenario. Advanced technology-based robots are made of more powerful computer technology. Industrial robots use spectral analysis to check the quality of product manufactured.
INDUSTRY4.0: THE ZERO DOWN TIME SOLUTION (ZDT) FOR INDUSTRIAL ROBOTICS
The industrial sector is very crucial to every country’s economy and one of the major driving factors for the country’s growth and employment. Industry 4.0 refers to the industrial manufacturing process in which all equipment, devices and computer are connected, this will help to the manufactures to make zero down time solution. The concept of industry 4.0 will have a great impact and wide ranges of changes to the manufacturing process outcomes and business models. This industry 4.0 offers mass customization, increase of productivity, flexibility and speed of production unit and also help to improve the quality of the product with zero down time solution. The flexibility also offers innovation; meanwhile prototypes or new product can be manufactured quickly without re-tooling and set-up for new product lines. So, this technology can produce one product with many variants, with decrease in inventory with the help of industry 4.0 technologies. Integrating product development with digital and physical production has been linked with great improvement in product quality, and able to reduce the error rates. With the help of industry 4.0 manufacturing companies can avoid machine failure in the factory and result in downtime cut and increase the production.
Japan increased its robotics R&D budget for 2019 to $351 million with the intention of making it the leading robotics innovation hub in the world.
The Major Players in this Market Include
The major companies in the Industrial Robotics market include include Fanuc, KUKA AG, ABB Group, Yaskawa Electric Corporation, EPSON, Kawasaki Heavy Industries, Ltd, Mitsubishi Electric Corporation, Omron Adept Technology, Staubli, Siasun Robot and Automation among others. In 2019, FANUC UK has launched its latest collaborative robot, the CR-7iA, with the ability to lift payloads of up to 7kg.
In November 2019, Yaskawa Launched Collaborative Robot MOTOMAN-HC10DTF with a Payload Capacity of 10kg Equipped with Food Specifications. New lining up against food hygiene by surface coating that eliminates the risk of paint shards contamination. Development of new solutions and technologies and acquisition of the companies are the major factors set to buoy the Industrial Robotics market during 2020-2025.
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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.