AUTOMATION AND ROBOTICS
THE ROBOTICS RACE
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We examine the global market for industrial robotics and highlight investments , applications , key trends and benefits for users .
“ Manufacturers are integrating automated robotic systems to increase their operational efficiency and profit margins .”
The global industrial robotics market was valued at US $ 26.52 billion in 2022 and is expected to expand at a compound annual growth rate ( CAGR ) of 10.5 % from 2023 to 2030 , according to analyst Grand View Research .
“ The growing trend of Industry 4.0 is driving the use of robotics and smart manufacturing in the industrial sector . Manufacturers are expanding their factories to cater to the growing demand for industrial robotics ,” said the market analyst .
“ The rising trend of electric automobiles among new car owners remains promising , given the cost-benefit . It is expected to significantly impact the industrial robotics industry as car manufacturers have begun using automated robotic systems for the high-volume production of vehicles . The incorporation of machine learning and artificial intelligence technologies in industrial robots is positively influencing the business sector . The introduction of 5G technology is also expected to encourage the use of robotics in the manufacturing sector . The low latency of the 5G network allows instantaneous communication between systems for efficient coordination and connectivity ,” it added .
Rising labour and factory insurance costs are expected to drive the introduction of industrial robotics for economical and effective resource allocation with minimal downtimes . The use of robotic systems significantly reduces the error rate , while simultaneously increasing the rate of output . Manufacturers are therefore integrating automated robotic systems to increase their operational efficiency and profit margins .
“ The COVID-19 pandemic had a significant impact on the growth of the market . Following the COVID outbreak , there has been a rising demand for automated systems and robots which has created new opportunities in the market . Since the robots require minimal to no human input , the threat of potentially transmitting the virus remained low . In addition , industries doubled down on their automation plans for the future following the unforeseen shutdowns due to the pandemic , thus driving the market for industrial robotics ,” added Grand View Research .
Applications and end uses
According to the analyst , the handling application segment dominated market share in 2022 while grossing more than 40 % revenue share . The segment growth is attributed to the rising trend of e-commerce shopping and quick deliveries . Rapidly developing industries , such as automotive and electronics , use handling robots to move around small or heavy materials on the factory floor safely and expeditiously .
“ The processing application segment is anticipated to grow at the fastest CAGR of over 20 % over the forecast period from 2023 to 2030 . The segment ’ s growth can be attributed to the minimal errors in their use in
20 | ismr . net | ISMR May 2023