The global demand for collaborative robots continues to grow, driving the continuous expansion of the industrial robot market！
Industrial robots play a crucial role in industrial automation, as industrial robots in multiple industries are responsible for several key operations. The economic development of various countries provides significant growth opportunities for the global industrial robot market. The rapid expansion of e-commerce activities, coupled with the rapid development of the automotive and electronics industries, has added momentum to the global industrial robot market.
The report analyzes the global industrial robot market and predicts that the global industrial robot market will reach 297 billion US dollars by 2027. From 2019 to 2027, the market's CAGR is likely to be around 9%.
Growing demand for collaborative robots to drive the industrial robot market
By interacting in a shared workspace, collaborative robots can work alongside humans. Collaborative robots have the ability to easily automate work, making them useful for various applications, such as packaging, picking and placing, screw driving, assembly, laboratory testing, and quality inspection.
In addition, collaborative robots can also help companies increase production with greater job safety, as these robots can perform repetitive tasks faster. Due to the numerous advantages and related applications of collaborative robots, there is a growing vertical demand in various industries (including retail, healthcare, automotive manufacturing, etc.).
The widespread deployment of industrial robots in manufacturing units has driven the North American market
Based on region, the global industrial robot market has been subdivided into Latin America, the Middle East and Africa, the Asia Pacific region, Europe, and North America. Regional segmentation may help to better understand the market dynamics of each region during the forecast period.
According to the survey results of the Advanced Automation Association, approximately 27294 robots were ordered in the first nine months of 2019. The value of these robots is approximately $1.473 billion. In the next few years, North America may lead the global industrial robot market. North American manufacturing units rely heavily on advanced and innovative technological solutions to produce high-quality products at lower costs, which is driving market development. The increasing implementation of advanced software programs to maintain a competitive advantage is the reason for the growth of the North American industrial robot market.
Modern manufacturing facilities in North America rely heavily on new and innovative technologies to produce higher quality products at high speeds and low costs. Manufacturing factories are implementing more intelligent software and hardware to survive in the current competitive environment.
Similarly, Europe is expected to occupy a large market share. In 2017, 170,000 robots participated in the production process of the automotive industry in Europe. Such high robot participation is a prominent manifestation of the regional market.
According to TMR analysts, it is estimated that South Korea will maintain a leading position in terms of the density of industrial robots during the evaluation period.
High labor costs increase the demand for industrial robots
The increase in activity in the field of factory automation has stimulated the expansion of the global industrial robot market. As more and more human-computer interactions and cloud technology improve hardware control, the global industrial robot market is expected to achieve significant growth in the near future.
The high cost of deploying manual labor, coupled with the costs of health insurance, paid leave, compensation, training, meetings, and promotions, has placed a financial burden on the company. It is expected that these factors emerging with artificial labor will pave the way for large-scale deployment of industrial robot technology in the coming years. Unlike industrial robots, humans cannot work in adverse conditions or high-risk areas. Completing the same tasks on a daily basis can make workers feel mutiny and boredom, which reduces productivity. Therefore, given these negative aspects of artificial labor, more manufacturers are using industrial robots.
In addition, the rapid growth of the semiconductor and electronics industries has driven market growth. Both industries are generating huge demand for industrial robotics technology.
The emergence of artificial intelligence and digital technology has led to significant changes in the performance of industrial robots, with increased production and higher quality. The transformation of the automotive industry to electric and autonomous vehicle has brought huge growth opportunities to the global industrial robot market. The automotive industry is another major demand driver for industrial robots.