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Industrial Robots Global Market Report 2021: COVID-19 Growth And Change To 2030

New York, Sept. 30, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Industrial Robots Global Market Report 2021: COVID-19 Growth And Change To 2030" -
52 billion in 2020 to $53 billion in 2021 at a compound annual growth rate (CAGR) of 11.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $75.84 billion in 2025 at a CAGR of 9%.

The industrial robots market consists of sales of robotic products and related services for the performance of a specific task.A robot is a programmable, mechanical device generally used in place of a person to perform dangerous or repetitive tasks with a high degree of accuracy.

A robot has its control system and is not controlled by a machine.

The industrial robots market covered in this report is segmented by product type into articulated robots, linear robots, cylindrical robots, parallel robots, scara robots, others. It is also segmented by end-user industry into automotive, electrical and electronics, healthcare & pharmaceuticals, food & beverages, rubber & plastics, metals & machinery, others and by application into pick and plane, wielding and soldering, material handling, assembling, cutting and processing, others.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

High purchase and installation cost of industrial robots are expected to limit the growth of industrial robots market.A robot installation is very costly as it is not only for the purchase of the robot but also integration, programming and maintenance.

This is a major challenge for Small and Medium-size Enterprise (SME) as they produce in low volumes and returns on investment will be a challenge.Moreover, fast-changing consumer preference will also result in customization of a machine which will be again hard for SME to do so.

According to RobotWorx, an industrial robot manufacturer cost of an average of new industrial robot ranges from $50,000 to $80,000 whereas it can go up to $100,000 to $150,000 as application specifics are added. Therefore, high purchase and installation of industrial robots are expected to limit the growth of industrial robots market.

In June 2018, ABB, headquartered in Zurich, Switzerland, operating mainly in robotics acquired GE Industrial Solutions (GEIS) for a deal amount of $2.6 billion. The deal comprises an integration of GEIS into ABB’s Electrification Products (EP) division to make a new business unit Electrification Products Industrial Solutions (EPIS). The deal will expand ABB’s products to the North America market. GEIS is headquartered in Georgia

Shortage of skilled workers is contributing to the growth of the industrial robots market.As there is an increase in production requirements and due to high demand manufacturers are not able to fulfil the supply due to a shortage of skilled labour.

Shortage of skilled labour exists due to two main reasons, presence of unskilled worker and skilled workers but not available for work. According to the Department of Labor, as of January 2020, the US economy had 7 million job openings, but only 5.6 million people were looking for work. Producers to maintain high supply are thus opting towards the installation of robots. Industrial robots increase the overall productivity, efficiency and effectiveness of the company. Therefore, shortage of labour gives rise to other opportunities for the addition of robots in the workforce.

Automated mobile robots (AMR) is one of the recent trends of industrial robots market.AMR is a robot which is designed to move materials across a plant floor or through a warehouse without the aid and direction of a human worker.

Floor cleaners, forklifts, pallet movers are examples of types of AMRs.For instance, Fetch Robotics, a California-based firm handles heavy loads in its warehouse by using AMR.

Fetch Robotics cloud computing program enables an operator to scale and control all operation with the click of a button. It eliminates employee risk for injury and increases the efficiency of their overall operations.

The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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