The global industrial robotics market registered a revenue of nearly $43.2 million in 2018, and is anticipated to grow at 8.6% CAGR, surpassing $85.2 million by 2026.
The pandemic has inflicted a negative impact on the global industrial robotics market in 2020. High investment cost is required to start the functioning of industrial robots in various end use industries, which is predicted to hamper the market growth in the forecast period. Moreover, cost reduction and improving quality of manufactured products is predicted to be the major driving factor for the growth of the market.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|9.5%||8.8%||Q2/Q3 2022||61||USD 51.4 Million||USD 33.4 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Increasing demand for industrial robots in various end use industries to improve the manufactured product is predicted to drive the market in the forecast period. It has been observed that industrial robots are being majorly used in heavy engineering, which is also predicted to be the major driving factor for the market in the forecast period. In addition, rising productivity of production lines is also predicted to drive the market in the forecast period.
The installation cost of industrial robots is very high. Moreover, regular maintenance with high power and high consumption of electricity is expensive for end use companies; these factors are predicted to hinder the industrial robotics market in the forecast period. Moreover, implementation of artificial intelligence and machine learning for self-programmed robots is predicted to create more investment opportunities in the forecast period.
As the coronavirus crisis has exposed serious issue in various end use industry. As it has been noticed that most of the end use industries are shut down and the operation work of most of the industries are shut down which have created a negative impact on the market. As the industrial robots are mostly used in manufacturing units which are automatically programmed. Human labor is a major substitute for the overall market due to which many companies have taken several initiatives to decrease the workforce and run business operations. For instance, Huawei, CISCO and Microsoft are focusing more on developing partnership with various IOT companies to develop various robots to continue their production work at the earliest.
The technology used with industrial robots is subject to continuous change and advancement which are complex in nature and needed to update on a regular interval with new improvement. This factor is predicted to hamper the market growth in the forecast period. Various governments are also investing more in these robots to regulate production and design the production flow, which is predicted to drive the market in the forecast period despite of the pandemic.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
It has been predicted that the market is going to recover by Q2/Q3 2022. Increasing demand to adopt industrial robots is predicted to drive the market in the forecast period. As per Robotics industries association, more than 250000 industrial robots had been installed only in the U.S. Moreover, industry 4.0, a new industry revolution in the industrial robotics market, has increased the demand for industrial robots which works on AI and ML processes.
Industrial robots are getting more compact and convenient as compared to the traditional robots but the complexity of these robots is increasing, which is predicted to hamper the market in the forecast period. Moreover, the growing adoption of automation in the industry is predicted to boost the overall market in the forecast period. In addition, implementation of artificial intelligence and machine learning in these robots is predicted to create more opportunity for the investors to invest in the industrial robots.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Industrial Robotics Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity