Industrial Robotics Market Report Analysis, Share, Revenue, Growth Rate With Forecast Overview 2028
Rapid adoption of Internet of Things and Machine Learning
in the steady shift towards robotics and industrial automation are some key
factors fueling market revenue growth
Market Size – USD 84.05 Billion in 2020, Market Growth –
at a CAGR of 16.8%, Market Trends – Advancements in 3D printing technology
The global Industrial
Robotics Market size is expected to reach USD 291.49 Billion in 2028
and register a CAGR of 16.8% over the forecast period, according to the latest
report by Reports and Data. Global Industrial Robotics Market revenue growth is
driven to a significant extent by substantial growth in deployment of
industrial automation and robots in manufacturing processes and assembly lines.
In addition, rising funding by governments to support the shift to
digitalization is also driving deployment of Industrial Roboticsacross various
industries.
Industrial Roboticspromotes the use of computerization and
technological advancements in manufacturing facilities that are based on
traditional approaches. Industrial Roboticsis an integrated system consisting
of robotics tools, automation tools, and Big data analytics for more effective
and efficient production and operation on factory floors. It increases material
usage, asset performance, technology usage, and other processes in a specific
industry. The technology ensures better interoperability and data integrity,
and provides insights, and better control and visibility to the user.
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In parallel with IoT, digital twin technology has been
garnering much attention of late. Digital twin technology provides real-time
insights between digital and physical world, which enables automakers and
Original Equipment Manufacturers (OEMs) to remotely track and manage equipment
and processes. It also helps in recognizing bottlenecks, streamlining processes,
and innovating product growth. Adoption of industrial robots has been rising
and robots are being used extensively in manufacturing hubs, thereby leading to
rapid advancements in various aspects of operations and productivity, as well
as resulting in generation of vast data volumes. Cybersecurity risks, data
loss, and rising incidence of hacking are some major challenges arising from
deployment of more connected technologies currently. Factors such as lack of
skilled workforce and high initial investment are also challenges hampering
market revenue growth to some extent currently.
Some Key Highlights from the Report
- In
May 2021, Robert Bosch Engineering and Business Solution (RBEI) launched a
new Phantom Edge, which is an AIoT platform that combines Artificial
Intelligence and Internet of Things. Phantom Edge provides real-time view
of operating usage, electrical energy consumption, appliance-level
information, and electrical parameters. The technology can be used in
various sectors such as retail, healthcare, agriculture, commercial
spaces, industrial manufacturing, and mobility.
- Industrial
Internet of Things (IIoT) is the use of smart sensors and actuators to
improve industrial and manufacturing processes. IIoT also leverages the
power of real-time analytics and smart machine learning to take advantage
of data produced over years. IIoT reduces need for manual labor and human
error, and increases overall operational and production efficiency, which
is a major factor driving revenue growth of the IIoT segment.
- Industrial
robots are increasingly being used in the automotive industry to enable
production output to keep up with rising demand. Industrial robots are
capable of assimilating into complex production tasks and routines and
lengthy assembly processes. Robots are an ideal tool to automate welding
processes required in the production of vehicles and also improve
reliability of the assembly line, as production cycles run by the clock
and production schedules are consistent each day. Deployment of robotic
arms provide strength and lift assistance to help human workforce with a
variety of assembly tasks on the factory floor.
- Industrial
Robotics Market in Asia Pacific accounted for largest revenue share in
2020 due to increased demand from Japan, China, and South Korea.
Availability of skilled professionals and low cost of production are key
drivers of Asia Pacific Industrial Robotics Market growth. Extensive
industrial base and increased funding by governments in countries in the
region to encourage shift to digitization and smart manufacturing
approaches are also driving growth of the market.
- Major
players in the market include Mitsubishi Electric Corp., ABB Ltd.,
Microsoft Corporation, Cisco Systems, Inc., General Electric Company,
KUKA, Yaskawa, FANUC, Google, and Intel Corporation.
For the purpose of this report, Reports and Data has
segmented the global Industrial Robotics Market based on technology, end-use,
and region:
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Industrial
Internet of Things (IIoT)
- Industrial
Robotics
- Artificial
Intelligence (AI) and Machine Learning (ML)
- Blockchain
- Extended
Reality
- Digital
Twin
- 3D
Printing
- Other
Technology
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Automotive
- Manufacturing
- Energy
and Utilities
- Oil
and Gas
- Electronics
and Foundry
- Aerospace
and Defense
- Food
and Beverage
- Other
End-Use
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North
America
- Europe
- Asia-Pacific
- Latin
America
- Middle
East & Africa
Key Advantages of Industrial RoboticsReport:
• Identification
and analysis of the market size and competition
• Qualitative
and quantitative analysis of the market data
• Data
validated by industry experts after extensive primary and secondary research
• Extensive
regional analysis of the Industrial Roboticsindustry
• Profiling
of key players along with their business overview, business strategies, deals
and partnerships, and product portfolio
• SWOT and
Porter’s Five Forces Analysis for in-depth understanding of the competitive
landscape
• Feasibility
analysis and investment analysis to enable strategic investment decisions
• Analysis
of opportunities, drivers, restraints, challenges, risks, and limitations
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