As per the expert reports, India has been considered a strong contender for the industrial robot type. More than 50% of the articulated robot units have been sold annually. The applications served by these robots pick and place tasks, handling jobs, soldering, and other similar tasks for fast and precise automation.
In India also, the automotive industry is the major end-users of the industrial robotics market. The electric and electronics industry found the second position as an end user for the articulated robot type.
It is highly speculated, that the Industrial robotic market will play a crucial role in India when it comes to enhancing industrial growth as well as boosting financial stability.
One of the major applications served by industrial robots is material handling. Around 1/3 of the overall market revenue in 2018 is contributed to these sorts of applications. Anyone can guess the importance of end-user applications.
The major driving forces in the robotic industry are technological advancement, wage increases in emerging markets, decrease costs of major technologies, and external funding for robotics.
In the manufacturing units, precision machining, along with high production rates are the driving factors in automation and instrumentation to boost the utilization of the industrial robot in India.
Nobody can deny the importance of robots in our daily life. As per the world robotics 2021 Industrial robots report, in factories around 3 million industrial robots are operating across the world an increase of 10%.
In 2020, around 384,000 units were shipped globally despite the world being hit by the global pandemic. The sales of the new robots increased by 0.5%. As per the expert’s opinion, following 2018, and 2017, the robotics industry successfully conquered the market subsequently in the third year as well.
With the rising demand, and the competition between the developed countries and the emerging countries, the robotic industry found a secure place and helped to bridge the gap faced due to skill shortages, high costs, or even scenarios like pandemics.
As per reports Milton Guerry, President of the International Federation of Robotics. “Installations in North America are expected to increase by 17% to almost 43,000 units. Installations in Europe are expected to grow by 8% to almost 73,000 units. Robot installations in Asia are expected to exceed the 300,000-unit mark and add 15% to the previous year’s result. Almost all Southeast Asian markets are expected to grow by double-digit rates in 2021”.
“India is one of the strongest growing economies among the emerging markets in Asia,” says Junji Tsuda, President of the International Federation of Robotics.
“Indian Industrial Robotics market is estimated to grow at 13.3% CAGR from 2019-2024.”
As per times of India,
“Whilst the recent global results were quite moderate, India saw an impressive growth rate in 2018. The number of robot installations has been growing rapidly for several years now. Between 2013 and 2018, India saw a compound annual growth rate of 20%.” IFR said.
The largest consumer was the automotive industry with 44% of installations. However, Asia remains a strong market in the robotic industry. In comparison to Europe, the share of newly installed robots in 2019 was two third of the global supply. In Europe, Germany with 2.2 lakh units, Italy with 74,400 units, France with 42,000 units, and the UK with 21,700 units.
India holds 11th rank in the annual installation of industrial robots ahead of Singapore, Canada, and Thailand.
Source: market research