903 ledlights.blog

The industrial robot market in 2023

Reading Time: 2 minutes
play icon ledlights.blog Listen to this article
spotify badge ledlights.blog

Industrial robots, one of the most well-known products on the market and inextricably linked to Japan, demonstrate the powerful demonization of being reliant on others to complete a task due to a lack of skilled workers.

With the expansion of industries, industrial robots are finding a lucrative niche and being used in a variety of tasks. One of the largest markets for industrial robot application is the highly automated car manufacturing sector; however, in 2020, a change in trend was noticed with the electrical and electronics industries, which will occupy the market with the most installed industrial robots.

At present, South Korea is the number one country in the advanced robotics market and for its users across the world, but Japan remains the top-leading nation when it comes to industrial robots.

The leading countries in the industrial robot markets are Japan, China, the United States, South Korea, and Germany. The growth trend in emerging manufacturing markets is seen as being driven largely by rising wages. Hence, the alternative to human labor seems to be the use of industrial robots or robotic solutions.

The major vendors of industrial robots are Siemens, Mitsubishi Electric, and General Electric. ABB, KUKA, Fanuc, Kawasaki, and Yaskawa are the key players in the industrial robot market.

The industrial robot market is expected to reach $30.8 billion by 2027 at a CAGR of 30.8%. The major challenge faced by the industrial robot OEM sector and integrators is the interoperability between various platforms of robotics. But with the OPC UA cross-platform communication protocol, the challenge seems to be addressed and mitigated in the present day.

The focus on digitalization, Industry 4.0, the Internet of Things, and the rise of automotive manufacturing plants are driving demand for industrial robots in the APAC region.

According to the Association for Advancing Automation (A3), “from January to September 2022, North American companies purchased 35,804 units valued at $1.875 billion, up 24% in units ordered and 27% in revenue over the same period in 2021.”

Jeff Burnstein, president of A3, stated, “Ongoing labour shortages, easier-to-use robotic solutions, and new industries embracing robotics, such as restaurants, retail, construction, and even agriculture, have led to record units sold here in North America this year.” “Investing in automation is increasingly seen as a necessary step for performing many of the difficult-to-staff tasks that are necessary to compete today, and we see 2022 ending on another record high.”

In North America itself, companies ordered 11,901 robots valued at $626 million in Q3 2022 alone. It is the second-highest quarter. In the third quarter of 2022, more robots were ordered by automotive-related customers than by non-automotive customers.

Source: Statista, markets and markets

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.