The Future of Industrial Robotics Market

Industrial Robotics Market from US$45 billion in 2020 to US$119 billion by 2030

The robotics market offers a diverse and ever-expanding selection of items. After many years of partnership with both eastern and western consumers, predictions about the future progress of automation and the robotics industry are plausible. The growing need to automate more and more online food operations has increased the employment of robotic technology in these domains.

Effect of Covid 19 on Robotics Market

The covid-19 effect is expected to increase the scale of the Industrial Robotics Market from US$45 billion in 2020 to US$119 billion by 2030. Over the projected period of 2020 to 2030, it is expected to grow at a CAGR of 15%. The 2025 forecast is predicted to be roughly 3% lower than the pre-COVID-19 prediction. The key driving drivers for the business are a lack of qualified labour and government and public-private partnerships presenting suggestions to mitigate the negative consequences of COVID-19.

While the COVID-19 epidemic dampens market development until the second and third quarters of 2020, the market is likely to rise from 2021 onwards as firms in the industrial robotics industry clear their bottlenecks and resume accepting new orders. In the year 2019, KUKA's business segment Robotics (Germany) had order bottlenecks totaling US$309 million (EUR 276 million).

Collaborative robots are becoming increasingly popular

Collaborative robots enable humans and robots to work effectively together in open or uncaged environments. It is feasible to include a human operator and a bot in the same operation by using collaborative robotics. The standards for the design of robotic systems are described in ISO 10218 and ISO / TS 15066 technical specs. Collaborative robots are designed to be safe, with no possibility of damage or interruption. The lack of cages reduces the amount of room required to deploy the robots. Collaborative robots have grown more approachable and manageable for unskilled users.

High deployment costs for small and medium-sized businesses

A robot automation program can be intimidating, especially for firms that have never used one before. High capital expenditures are required not only for robot purchase, but also for setup, programming, and maintenance. In some circumstances, a specialised implementation may be necessary, increasing the overall cost. Companies may not always have the necessary services and capability to deploy robots. Because small and medium-sized businesses often produce in small quantities, return on investment (ROI) may be an issue. The presence of businesses with seasonal or variable production schedules exacerbates the problem. Rapidly changing customer tastes would necessitate regular retraining of robots, as goods must be changed on a yearly basis. Cost overruns occur as product lines and market potential change substantially over time, rendering many units redundant or obsolete. Over-automation can also be problematic.

Increasing automation in the electronics industry

For some years, the automobile industry has been the main buyer of robots for manufacturing tasks. The balance of power is rapidly shifting. According to estimations, the growth of the electronic industrial robotics industry has surpassed that of the automotive industry. Despite expanding profit margins, robot automation is expected to be a successful notion for the electronics industry in the next years. Customization is becoming the norm in this industry.