The industrial robotics market is in the growth phase and is expected to grow rapidly during the forecast period. The market is expected to grow from USD 38.11 billion in 2016 to USD 71.72 billion by 2023, at a CAGR of 9.60% during the forecast period. Increase in investments for automation in various industries such as automotive; electrical and electronics; and metals and machinery, and the growing demand for industrial robots from small and medium-scale enterprises in developing countries are the key factors driving the market.
Players in the industrial robotics market are focusing on integrating technologies such as Internet of Things (IoT) and artificial intelligence (AI) into industrial robot systems. For instance, FANUC Corporation collaborated with Cisco Systems, Inc. (US), Rockwell Automation Inc. (US), and Preferred Networks, Inc. (Japan) to develop and deploy the FANUC Intelligent Edge Link and Drive (FIELD) system. The inculcation of such technologies with industrial robots is expected to propel the growth of the industrial robotics market in the future.
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The market for collaborative robots is expected to grow at the highest CAGR during the forecast period. Small and medium-scale enterprises, which are involved in low-volume manufacturing, face the main challenge of low return on investment. This challenge can be met with the adoption of collaborative robots as these are low cost and capable of working in collaboration with humans. As the demand for low-cost industrial robots capable of working in collaboration with humans is increasing worldwide, it presents a potential growth opportunity for the collaborative robots market.
The market for the metals and machinery industry is expected to grow at the highest CAGR during the forecast period. There has been a consistent rise in the number of companies in the agriculture, packaging, material handling, and machine tools sectors across the globe, especially in APAC countries such as China and India. As industrial robots enable complete automatization of the factories or the production plants, this rise in the number of companies in agriculture, packaging, material handling, and machine tools sectors creates a potential opportunity for players catering to the metals and machinery industry in APAC.
The industrial robotics market is growing at a significant rate. With the globally increasing demand for automobiles, players in the market are expected to invest more in the automotive industry between 2017 and 2023. Also, the growing need for automatization in agriculture, packaging, and manufacturing sectors creates a potential opportunity for players to gather more revenue by investing in the metals and machinery industry in the coming years. Growing demand for low-cost robots and the capability of robots to work in collaboration with humans provide significant opportunities to new players and the already existing players in the industrial robotics marketspace. For new entrants in the industrial robotics market, manufacturing collaborative robots for large and medium-scale enterprises can help attain a good return on investment. Further, as there is a high demand for industrial robots from small and medium-scale enterprises in APAC, it can prove to be profitable for players in the industrial robotics market.