SWOT Analysis
Strength: Industrial robots are suited for jobs requiring meticulous movement, precision, speed and durability that make them suitable for heavy lifting, precision tasks and repetitive jobs. They operate 24/7 and help increase productivity without fatigue. Their accuracy reduces material waste and rework.
Weakness: High initial investment costs are required to purchase industrial robots and the peripheral equipment needed to automate a process. Integration of robotic systems also requires specialized engineering expertise that increases expenses. Robotics can also be inflexible to changes in product design and difficult to reprogram for new tasks.
Opportunity: Emerging technologies are enabling industrial robots to operate safely alongside human workers without safety cages. Collaborative robots offer new opportunities for factories to automate jobs traditionally done by humans. Advances in artificial intelligence, vision systems and sensors are making robots more versatile and capable of an increasing range of complex tasks.
Threats: Changing demand and economic uncertainties can reduce production volumes and necessitate repurposing expensive robotic assets. When new production technologies emerge, there is a risk of robots becoming obsolete before the end of their lifecycles. Trade barriers and taxes affect the global supply of industrial robotics.
Key Takeaways
The Global Industrial Robotics Market Size is expected to witness high growth over the forecast period supported by increasing factory automation across industries. Growing labor costs and the need for precision and efficiency are driving automation adoption. The global industrial robotics market is estimated to be valued at US$ 60.91 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific currently dominates the market due to strong robotics manufacturing capabilities and widespread factory automation in countries like China, Japan and South Korea. China in particular is a major robotics manufacturing and deployment hub supported by government "Made in China 2025" initiatives. European countries also have major robotics industries and high deployment rates in factories.
Key players: Key players operating in the industrial robotics market are Asahi Glass Co. Ltd. (AGC), Corning Incorporated, SCHOTT AG, Incom Inc., Hamamatsu Photonics K.K., Nippon Electric Glass Co., Ltd. (NEG), II-VI Incorporated, Hamamatsu Corporation, Saint-Gobain S.A., Asahi Kasei Corporation, Leoni AG, TDK Corporation, Mitsubishi Chemical Corporation, Furukawa Electric Co., Ltd., GS Plastic Optics. Major players are focusing on R&D to develop advanced articulated robots for new applications in logistics and e-commerce in addition to their traditional industrial uses.
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