Industrial Robotics Market anticipated to witness several growth opportunities by 2024
Date: 2018-08-13   Author: Ronak Bora  Category: #technology

Industrial Robotics Market anticipated to witness several growth opportunities by 2024

Global Industrial Robotics Market to surpass USD 80 billion by 2024. The rapid growth of the industrial sector across the world and the high adoption of automation technologies as a part of the manufacturing process are the major factors propelling the industry growth during the forecast timeframe. The high growth of the industrial sector is largely facilitated by government initiatives promoting the use of locally manufactured goods and equipment.

For instance, the Make in India strategy was initiated to increase the manufacturing share in India's GDP to 25% by 2022 while simultaneously promoting the adoption of regionally manufactured products such as food & beverages and electronics as opposed to foreign brands amongst the general population. Under this strategy, the government is providing subsidies, financial support, and expertise to regional players such as the capital subsidy of up to 25% for 10 years to boost the manufacturing of electronics. Furthermore, the application of the industrial robotics market technology allows for miniaturization, increased throughput, and reduced lead times and human errors for manufacturers.

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The high adoption of automation technology is projected to aid in the growth of the industrial robotics market. The usage of these technologies can aid in the reduction of the development time and the exorbitant variable costs such as labor and electricity prices. In regions including Western Europe and North America, the labor costs are very high, over USD 38 hourly wage in Germany.

The segmentation of the industrial robotics market by product indicates that collaborative robots are expected to have the highest growth rate over the forecast timeframe. These have a large work envelope and high usage as they allow employees to work alongside and are priced significantly lower as compared to its counterparts. Additionally, the adoption of the collaborative industrial robotics market decreases human idle time by 85% and substantially boosts the efficiency of the overall manufacturing process.

Industrial robotics market players comprise Fanuc Corporation, OTC Daihen, Inc., Epson America, Inc., ABB Group Ltd., KUKA AG, Nachi Fujikoshi Corp., and Kawasaki Heavy Industries.The end-use segmentation of the industrial robotics market indicates that the electrical and electronics segment will account for a high growth. The increase in the disposable income and the economic prosperity stemming from the industrial boom across various regions, primarily in South-East Asia, are contributing to the high proliferation of these devices. The steady increase in labor wages in the U.S. UK and Germany and increasing adoption of advanced technologies such as collaborative, cloud-base robots, and AI integrated technologies is contributing towards the high industrial robotics market growth. Also, owing to the rising focus on the safety of workers in countries such as the U.S., the operations that involve dangerous tasks such as high-temperature welding is assigned to robotic systems.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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