The global industrial robotics market was valued at around US$ 10.6 Billion in 2020.
The market for industrial robots is hampered due to their reliance on the automotive and electrical/electronic industries, which was affected the most due to COVID-19 pandemic. Customers from both the automotive industry and general industry held back on orders and postponed their planned investments for robots and support services.
However, the demand for industrial robotics is anticipated to grow exponentially during the forecast period driven by advantages such as cost reduction, improved quality, increased production, and improved workplace health and safety.
The adoption of automation to ensure quality production and meet market demand, and the growing demand from small- and medium-scale enterprises in developing countries is fueling the growth of industrial robotics market globally.
Impact of COVID-19 on Industrial Robotics Market
The COVID-19 outbreak has become a global stress test. As the number of people infected with the virus continues to rise around the world, uncertainties about global economic growth increases. The COVID-19 disease has infected more than 176 Million people worldwide.
Globally the death toll has surpassed 3,803,257, according to the latest statistics from the Worldometers (as of June 12, 2021). The number is still growing, and the duration of the pandemic is still difficult to predict. Following a slowdown in global demand of industrial robots due to the COVID-19 pandemic, it is expected that the major industrial robot vendors will start receiving orders from 2021 onwards.
Industrial Robotics Market - Segment Analysis
On the basis of segment, the automotive industry accounted for highest share of the industrial robotics market. Around 28% of all industrial robot installations take place in the automotive industry. The market for industrial robotics in the electrical and electronics industry is probably the one most affected by the China-US trade crisis as Asian countries (e.g., China, Japan, Republic of Korea) are leaders in manufacturing electronic products and components.
Research and Markets
·5 min read
Dublin, Sept. 09, 2021 (GLOBE NEWSWIRE) -- The "Industrial Robotics Market 2021-2025" report has been added to ResearchAndMarkets.com's offering.
The global industrial robotics market was valued at around US$ 10.6 Billion in 2020.
The market for industrial robots is hampered due to their reliance on the automotive and electrical/electronic industries, which was affected the most due to COVID-19 pandemic. Customers from both the automotive industry and general industry held back on orders and postponed their planned investments for robots and support services.
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However, the demand for industrial robotics is anticipated to grow exponentially during the forecast period driven by advantages such as cost reduction, improved quality, increased production, and improved workplace health and safety.
The adoption of automation to ensure quality production and meet market demand, and the growing demand from small- and medium-scale enterprises in developing countries is fueling the growth of industrial robotics market globally.
Impact of COVID-19 on Industrial Robotics Market
The COVID-19 outbreak has become a global stress test. As the number of people infected with the virus continues to rise around the world, uncertainties about global economic growth increases. The COVID-19 disease has infected more than 176 Million people worldwide.
Globally the death toll has surpassed 3,803,257, according to the latest statistics from the Worldometers (as of June 12, 2021). The number is still growing, and the duration of the pandemic is still difficult to predict. Following a slowdown in global demand of industrial robots due to the COVID-19 pandemic, it is expected that the major industrial robot vendors will start receiving orders from 2021 onwards.
Industrial Robotics Market - Segment Analysis
On the basis of segment, the automotive industry accounted for highest share of the industrial robotics market. Around 28% of all industrial robot installations take place in the automotive industry. The market for industrial robotics in the electrical and electronics industry is probably the one most affected by the China-US trade crisis as Asian countries (e.g., China, Japan, Republic of Korea) are leaders in manufacturing electronic products and components.
Metal industry has been seeing an accelerated growth of industrial robotics adoption in recent years. Both unit shipment and the sales revenue are expected to enjoy handsome growth over the forecast period. Chemical, rubber and plastics industry is the fourth largest market for industrial robotics market, while food industry accounted for least share of the global industrial robotics market.
Industrial Robotics Market - Regional Analysis
In terms of geographical regions, Asia/Australia is the world's strongest growth market for industrial robots. This region accounted for around 67% share of the industrial robotics market in 2020. The main drivers for this growth are the demand for industrial robots from small- and medium-scale enterprises in China, Japan, South Korea, and India.
Since 2013 China has been the biggest robot market in the world with a continued dynamic growth. The five major markets including China, Japan, the United States, the Republic of Korea, and Germany accounts for around 74% of the total robotics sales volume in 2020. Europe is the second leading region for industrial robotics market, followed by the Americas.
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