COVID-19 Impact on Industrial Robotics Market Worth $73.0 Billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 20, 2020 /PRNewswire/ -- The report "COVID-19 Impact on Industrial Robotics Market by Type (Articulated, SCARA, Parallel, Cartesian Robots), Industry (Automotive; Electrical and Electronics; Food & Beverages; Pharmaceuticals and Cosmetics), and Region – Global Forecast to 2025", published by MarketsandMarkets™, Post-COVID-19, the global traditional Industrial Robotics Market size is projected to grow from USD 44.6 billion in 2020 to USD 73.0 billion by 2025; it is expected to grow at a CAGR of 10.4% during the forecast period. The projection for 2025 is estimated to be down by ~3% as compared to pre-COVID-19 estimation. Manufacturers are turning to automation in response to an increasing shortage of skilled workers in the manufacturing sector. Post-COVID-19 pandemic subsides, it is also expected that there will be a growing demand for various industrial robots across all industry segments, ranging from established industries such as automotive, as well as small and medium enterprises (SMEs). Automation in the electronics and food industry presents an excellent growth opportunity for industrial robots in the coming years, where manufacturers are expected to automate their production processes further to reduce the impact of such pandemic in the future on their production.
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Articulated robots to dominate the industrial robotics market compared to other types of robots in 2020."
Traditional industrial robots have been in use in a broader set of industries compared to other industrial robots. The automotive sector accounts for the major share for the use of articulated robots as their production process is heavily automated. Although most industries are affected due to the COVID-19 pandemic, articulated robots are still expected to maintain the largest share of the market during the forecast period owing to their high payload capacity and rigidity as compared to other types of robots.
"Automotive industry to hold the largest share of the market in 2020."
Although production plants in key regions in APAC and Europe are being temporarily shut down (owing to COVID-19 lockdowns) and consumer demand for vehicles is decreasing rapidly, the automotive industry is still expected to hold the largest share of the market by 2020 compared to other sectors. Some automotive manufacturers are beginning to reopen their factories in China and Japan, where the risk of infection has somewhat subsided. However, consumer demand may not match the production even if the plants reopen. Hence, automotive companies are expected to hold back investments for 1-2 years in a pessimistic scenario. Other industries will also be similarly affected, and they are not likely to overtake the market for industrial robots deployed in the automotive industry.
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"APAC to hold the largest share of traditional industrial robotics market throughout the forecast period."
APAC is expected to hold the largest share of the traditional industrial robotics industry in 2020 and is also projected to have the highest market share in 2025. Although China is expected to witness a decline in growth from 2020 onwards, due to trade restrictions and the COVID-19 pandemic, it is still likely to remain a significant market in APAC. The automotive and electrical & electronics industries are the most important drivers for traditional industrial robots in APAC. Components like computer chips, batteries, and displays that are small and sensitive need to be handled with high speed and high precision. In many developing countries in APAC, automation has not yet reached maturity, which represents an opportunity for growth of industrial robots after the lockdowns in various APAC countries are lifted.
Major vendors in the industrial robotics market include ABB (Switzerland), Yaskawa (Japan), FANUC (Japan), KUKA (Germany), Mitsubishi Electric (Japan), Kawasaki Heavy Industries (Japan), DENSO (Japan), NACHI-FUJIKOSHI (Japan), EPSON (Japan), and Dürr (Germany). Apart from these, Franka Emika (Germany) and Techman Robots (Taiwan) are a few of the emerging companies in the industrial robotics industry.
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