Industrial robotics market is expected to grow at a significant pace, owing to the continuing trend of automation across several end-use industries. Robots are being increasingly adopted by the companies to perform repetitive or risky tasks such as deburring, grinding, part inspections, and bin-picking. Automation through this equipment enhance efficiency of several processes ranging from raw material handling to the packaging of the finished product. The adoption of this technology across industries has enabled the companies to increase competitiveness based on price, offerings, and business reach, thus propelling the industrial robotics market growth.
Increasing advancements in technologies such as software development, computing power, and networking have reduced the cost of installing, assembling, and maintaining robots, thus providing growth opportunities to the industrial robotics market. For instance, traditionally, components such as sensors and actuators had to be connected individually to the controllers using terminal racks, junction boxes, and connectors. However, with advancements in plug-and-play technologies, the components can be connected to the controller by simple network wiring.
Although, the technology performs tasks accurately, requires high degree of expertise and technical training for initial setup. The end-users require expertise and service package from the system manufacturers to ensure error-free setup. Furthermore, the performance of these systems highly depends on the performance of the surrounding systems such as conveyor systems, grippers, and vision systems. This is expected to hamper the industrial robotics market growth over the forecast timespan.
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Industrial robotics market is projected to witness surge in demand from the automotive industry, owing to the increasing adoption by the car manufacturers to improve precision and efficiency of the production lines. According to the Robotics Industry Association, more than 50% purchases of robots in North America in recent years are made by the automotive industries. Technological advancements such as robotic vision, collaborative robots, and robotic hand are encouraging more automakers to implement the technology in their production plants, thus positively impacting the industrial robotics market growth.
The German industrial robotics market strength is driven by a combination of the region’s proven engineering tradition, position as a leader in technological development, and its highly diversified industrial base. Germany is witnessing immense innovations which are helping bridge the gap between robotics and several industrial sectors. Stakeholders are organized in multiple regional organizations such as the Automation Valley Northern Bavaria. The country’s specific strength in the development and manufacturing of industrial robots is further strengthened by the existence of specialized organizations such as the Robotics and Mechatronics Center at the German Aerospace Center (DLR).
The competitive spectrum of industrial robotics market has been highly combative with numerous firms including Mitsubishi Electric Corporation, Fanuc Corporation, Denso Corporation, KUKA AG, Yamaha Motor Co., Ltd., and Kawasaki Heavy Industries Ltd making concerted efforts to overhaul their existing product spectrum. Apparently, the strategies adopted by these companies to meet the ever-increasing demand for product integration would be one of the pivotal factors that will drive industrial robotics industry share, which is forecast to exceed a total valuation of USD 80 billion by 2024.