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Future Market Insights (FMI) has projected the global industrial robots market to ride on a high double-digit CAGR over the forecast period, 2017 to 2026. Over 8,700 Mn units of industrial robots are estimated to be sold across the globe by 2026-end.
Simple Autonomous Robots Concept Gaining Widespread Attraction Globally
Introduction of robots integrated with the sense of vision and touch is likely to positively impact the market expansion, as these robots possess the ability of enhancing efficiency and speed of delivery systems. The simple autonomous robots concept, as part of greater group, is gaining a widespread attraction globally. Industries implementing robotic technologies reap significant financial benefits on the back of reduced overheads, waste reduction, and increased productivity & flexibility. With advancements in artificial intelligence (AI), development of sophisticated tools and self-programmable robots will witness increased momentum in the foreseeable future.
Today’s industrial robots have become more flexible in the range of applications, with easy positioning and friendlier interfaces. Leading manufacturers of industrial robots are focusing on manufacturing robots that are simpler to configure and program, and easier in integrating with technologies, which create incredible functioning. This has led toward the emergence of collaborative robots or “cobots”. Applications of collaborative robots for working with humans are increasing in bandwidth, with soaring adoption of various sensing technologies.
Popularity of industrial robots is increasing, however barriers exist for adoption in low-volume production, albeit rate of industrial robots deployment is rising in small- and medium-scale industries. Industrial robots are designed based on the requirements of application, and therefore incur the inevitable process of modification or reconfiguration with every change in application. Adoption of industrial robots in low-volume production is hindered by the fact that cost of reinstallation and reconfiguration is considerably high for such kind of production process.
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Key Research Findings from FMI’s Report on Industrial Robots Market
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Prominent Industry Players are leveraging their Market Expertise for Diversifying into Service Robots
As the market for industrial robots is capital-intensive, new market players face a lot of entry barriers. New players are likely to face challenges associated with insufficient venture capital required for product diversification and differentiation, thereby resulting into a rise in focus on certain application areas.
Prominent industrial players, on the other hand, are levering their market expertise for diversifying into service robotics. However these industries are compelled to provide cost-effective solutions, as numerous small-sized businesses are offering industrial robots at competitive prices. FMI’s report has listed key players influencing expansion of the global industrial robots market, which include ABB Limited, Fanuc Corporation, KUKA AG, YASKAWA Electric Corporation, Mitsubishi Electric Corporation, Krones AG, Brenton, LLC, Kawasaki Heavy Industries, and Denso Corporation.