Industrial robotics refer to machines or mechanical devices that perform manufacturing and related industrial functions automatically or with little human assistance. Industrial robots are designed and programmed to perform repetitive, hazardous, or heavy tasks such as welding, dispensing, assembling, material removal, palletizing, packaging, and inspection among others. They offer various advantages over human workers such as higher accuracy, consistency, reduced labor costs, and ability to work in hazardous environments. The growing need for automation across various manufacturing facilities to improve productivity and minimize production bottlenecks and human errors is fueling the demand for industrial robots.
The global Industrial Robotics Market is estimated to be valued at US$ 60.91 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Collaborative robots or cobots are witnessing increasing adoption across industries to enable human-robot collaboration for tasks that require dexterity, mobility and visual perception. Cobots provide advantages such as mobility, compliance control, safety monitoring and ease of programming. They are ideal for simple pick-and-place, machine tending, packaging, quality inspection and small parts assembly applications. Cobots offer affordable automation solution to small and medium scale enterprises and help increase productivity through closer human-robot integration. Their uptake is growing across industries like automotive, food & beverages and electronics among others which is expected to bolster the demand for industrial robotics over the forecast period.
Threat of new entrants: The threat of new entrants into the industrial robotics market is moderate. High capital requirements for R&D, manufacturing, distribution, and strong economies of scale pose as entry barriers.
Bargaining power of buyers: The bargaining power of buyers in the industrial robotics market is high. Buyers can negotiate on price and demand enhanced features. This emphasizes the need for product differentiation amongst manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers in the industrial robotics market is moderate. The presence of a large number of component suppliers keeps prices in check however, switching costs are low.
Threat of new substitutes: The threat of substitutes is low as there are limited alternatives to industrial robotics for automated production. However, rising labor costs continue to spur adoption.
Competitive rivalry: Competition in the industrial robotics market is high given the presence of numerous international players. Manufacturers focus on product development, quality, and expansion to gain share.
The Global Industrial Robotics Market Size is expected to witness high growth. The global Industrial Robotics Market is estimated to be valued at US$ 60.91 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific dominates the industrial robotics market and is expected to register the highest CAGR over the forecast period. The growth can be attributed to rising industrial automation, and low-cost manufacturing hub for electronics and automotive components across China, Japan, South Korea, and India.
Key players: Key players operating in the industrial robotics market are Asahi Glass Co. Ltd. (AGC), Corning Incorporated, SCHOTT AG, Incom Inc., Hamamatsu Photonics K.K., Nippon Electric Glass Co., Ltd. (NEG), II-VI Incorporated, Hamamatsu Corporation, Saint-Gobain S.A., Asahi Kasei Corporation, Leoni AG, TDK Corporation, Mitsubishi Chemical Corporation, Furukawa Electric Co., Ltd., GS Plastic Optics. These players focus on new product launches and expansions to gain a competitive edge in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it