Recently, Research And Markets.com, a world-renowned consulting firm, released the latest report on the global industrial robot market (hereinafter referred to as the report). The report pointed out that the total value of the global industrial robot market in 2021 is about 33.9 billion US dollars, and by 2026, it may reach 61.09 billion US dollars.
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From the perspective of the regional distribution of the market, China has become the market with the highest sales volume of industrial robots in the world, accounting for nearly 43% of the global market sales, and it is also the market with the fastest sales growth in recent years.
Industry 4.0 has stimulated the development of new robotics technologies such as collaborative robots and artificial intelligence robots. Traditional industries can use robots to simplify various processes, increase productivity and reduce errors.
Against this backdrop, manufacturing has become one of the first industries to deploy robots on a large scale. The use of industrial robots can greatly reduce manufacturing costs and improve production efficiency, thereby reducing the overall price of products.
In the past five years, the market demand for industrial robots has accelerated significantly. Data show that the global market sales of industrial robots in 2021 has reached 496,870 units.
The report speculates that the further development of the manufacturing industry in the future will put forward higher requirements for workers' safety and manufacturing capabilities, and the field of robotics will therefore receive more investment. In addition, as the next generation of industrial robots becomes cheaper, more autonomous, more flexible, more collaborative and more adaptable, the demand for robots in more industries will also rise. The report predicts that from 2022 to 2026, the global industrial robot market will grow at a compound annual growth rate of 12.50%.
China's industrial robot sales ranks first in the world
The report divides the global industrial robots market into five distinct industry segments based on the type of industry where robots are deployed: automotive, electrical/electronics, chemicals, rubber and plastics, food and beverages, and other application areas. The automotive segment will account for over 39% of the industrial robotics market in 2021, owing to the increasing adoption of automation in automotive manufacturing, coupled with the participation of AI and digitalization.
According to the different types of robots, the report divides the global industrial robot market into five categories: articulated (articulated manipulator), Cartesian (cartesian robot), SCARA (horizontal articulated robotic arm robot), cylindrical and other types. Among them, cylindrical robots are the fastest growing segment of the market, and this segment is expected to grow at a CAGR of 13.3% from 2022 to 2026.
Geographically, the global industrial robots market is divided into four major regions: Asia Pacific, North America, Europe, and Rest of the World. In 2021, the market share of industrial robots in Asia Pacific will account for around 39% of the global market, mainly due to the increasing use of cylindrical and other robots such as customized and refurbished robots in the industrial sector in the region . The market share of industrial robots in China, Japan, the United States, South Korea, and Germany ranks among the top five in the world respectively. Among them, China has the highest market sales, accounting for nearly 43% of the global market sales, and is the fastest growing market.
Market development opportunities and challenges coexist
The report pointed out that the growth of the global industrial robot market in the future will be driven by a variety of factors, among which the growing demand for automation is the main driving force of the market. Automation helps increase productivity, improve quality and reduce errors. In addition, due to the continuous improvement of the electronics industry, the rapid installation of industrial robots, the increase in the wages of manufacturing workers, and the growing role of artificial intelligence in robots, these will further stimulate the growth of the industrial robot market.
However, the market still faces cost challenges. Buying and installing robots requires a huge capital investment, and it can take many years for the benefits of industrial robots to exceed the initial cost, the report said. Therefore, the use of industrial robots to automate production, the high initial investment required may become an obstacle to the growth of the industrial robot market. In addition, other factors, such as security issues, privacy issues, etc., are also some of the challenges faced by the market.
The report also analyzes the future trend of industrial robotics, focusing on the development of collaborative robots. Cobots are designed to work alongside humans and are increasingly used in industrial manufacturing applications. Cobots are fitted with safety-grade sensors and are able to work in the same area as workers without harming them.
In addition, market players have also been introducing high-quality, innovative robotics technologies for warehousing, manufacturing, and assembly applications. These include new technologies such as underwater robots, human-robot interaction, wheel-legged mobile robots, machine learning (ML), and self-driving cars.
Finally, this report also analyzes the two-way impact of the new crown epidemic on the global industrial robot market. According to the report, during the epidemic, the financial burden of governments in various countries has increased significantly, many industrial robot companies have closed down, orders have been cancelled, it is difficult to generate income, and operations are facing great difficulties. In addition, global industrial robot shipments experienced negative growth due to supply chain disruptions. However, the epidemic is an opportunity for digital manufacturing systems. The report believes that the industrial robot market is still full of countless possibilities. In many fields such as the automotive and electrical industries, food and beverage industries, and medical care, the demand for industrial robots may be will expand.