The Market for Industrial Robot Components Expected to Surpass $18 Billion by 2027
Introduction:
The industrial robotics market is experiencing significant growth, according to recent research by Interact Analysis. Revenues for key components in industrial robots surpassed $10.5 billion in 2021, prompting an upward revision of revenue forecasts for the next five years. Components such as motors, drives, precision gearboxes, robot controllers, teach pendants, sensors, end effectors, and machine vision hardware are driving this growth. It is predicted that the components market will be worth over $18 billion by 2027, growing at a compounded annual growth rate of 9.7%. The demand for industrial robots and the increasing focus on safety and flexibility are driving the growth of key components such as sensors and machine vision hardware. Regional markets are also showing promise, with China projected to catch up to Japan in terms of revenue. Furthermore, the market for components in North America is growing as vendors aim for localized production. As the market continues to expand, companies are investing in bringing component production in-house to capitalize on the growing demand.
Full Article: The Market for Industrial Robot Components Expected to Surpass $18 Billion by 2027
Revenues for Key Components in Industrial Robots Exceed $10.5 Billion in 2021, According to Interact Analysis
A recent research update from Interact Analysis reveals that revenues for key components in industrial robots surpassed $10.5 billion in 2021. This positive growth trend has prompted the company to revise its forecasts upwards for the next five years. The components taken into consideration include motors, drives, precision gearboxes, robot controllers, teach pendants, sensors, end effectors, and machine vision hardware. As the demand for industrial robots continues to rise, the market for these components is projected to exceed $18 billion by 2027 with a compounded annual growth rate (CAGR) of 9.7%.
Drivetrain Components Hold the Largest Market Share
Based on the analysis, drivetrain components accounted for 42% of the total component revenues in 2022, amounting to a substantial $5.1 billion. Drivetrain components consist of motors, drives, and precision gearboxes. The revenue from drivetrain components is expected to grow at a CAGR of 7.7% from 2022 to 2027, slightly lower than the predicted growth rate of the overall components market. While end effectors currently occupy the largest share of this market, the sensors and machine vision segment is projected to experience the fastest growth between 2022 and 2027. This can be attributed to the increasing demand for robot safety and flexibility, which these components offer. Furthermore, as one robot can be equipped with multiple end effectors, they currently represent the largest key component market.
Regional Market Outlook
In terms of the regional perspective on the components in the industrial robots market, Japan currently holds the largest market share. However, China is expected to catch up and surpass Japan in terms of revenue by 2027. Although the production volume of industrial robots in China already exceeds that of Japan, the average selling price of components in China is significantly lower due to intense competition among local vendors. This factor is advantageous for the Japanese industrial robot components market. The third and fourth largest markets are EMEA and the Americas, respectively. Both regions show promising growth due to the increasing production of collaborative robots and the growing commitment of robot vendors to manufacture in North America.
Key Component Revenue Expectations for Different Robots
When considering different robot types and payload ranges, the analysis suggests that for articulated robots, the revenue for key components is expected to increase the most for robots with payload ranges of 80-300kg and 10-80kg between 2022 and 2027. For collaborative and SCARA robots, revenues of key components are projected to increase the most for robots with payloads of 5-10kg. However, the highest forecasted market growth rates are for components used in robots with payloads exceeding 20kg.
Expert Insights & Vendor Landscape
Samantha Mou, a Research Analyst at Interact Analysis, explains that the demand for industrial robots directly impacts the components market. She also highlights the trend of vendors aiming for localized robot production, particularly in North America, which is boosting the components market in this region. The revised forecasts predict substantial growth for the total components in the industrial robots market, extending until 2027.
The researcher also sheds light on the vendor landscape, noting that most companies producing their own drives and motors for industrial robots are motion control technology manufacturers such as Fanuc, Yaskawa, Estun, and Inovance. Additionally, vendors that currently do not produce motion control components are working towards in-house production or making investments in this direction, including companies like Epson, Siasun, and Efort. This trend indicates a captive market. While many robot vendors still choose to purchase gearboxes from external suppliers, some companies are also striving to bring this production in-house or initiating investments to facilitate it.
Overall, the analysis by Interact Analysis showcases the significant growth potential of the components market in the industrial robots sector. Factors such as increasing demand, regional market dynamics, and the strategic decisions of vendors are expected to shape the industry landscape in the coming years.
Summary: The Market for Industrial Robot Components Expected to Surpass $18 Billion by 2027
According to updated research by Interact Analysis, the revenues for key components in industrial robots exceeded $10.5 billion in 2021. This has led the company to revise their forecasts upwards for the next five years. The key components considered in this research include motors, drives, precision gearboxes, robot controllers, teach pendants, sensors, end effectors, and machine vision hardware. Due to the growing demand for industrial robots, the components market is predicted to be worth more than $18 billion by 2027, with a compound annual growth rate (CAGR) of 9.7%.
The drivetrain components, including motors, drives, and precision gearboxes, accounted for 42% of total component revenues in 2022, equating to $5.1 billion. The revenue from drivetrain components is set to grow at a CAGR of 7.7% from 2022 to 2027. End effectors currently represent the largest market share, but the market for sensors and machine vision will experience the fastest growth between 2022 and 2027. This is attributed to the increasing demand for robot safety and flexibility.
In terms of regional perspective, Japan is currently the largest market, but China is expected to catch up by 2027 in terms of revenue. The lower average selling price of components in China, due to intense competition among local vendors, offers a boost for the Japanese industrial robot components market. EMEA is the third-largest market, followed by the Americas, both showing promising growth as a result of the production of collaborative robots in the region and the commitment of robot vendors to manufacture in North America.
When considering robot types and payload ranges, the components revenue is expected to increase the most for articulated robots with payload ranges of 80-300kg and 10-80kg from 2022 to 2027. For collaborative and SCARA robots, revenues of key components are expected to increase the most for robots with payloads of 5-10kg, although the forecasted growth rates are highest for components used in robots with payloads of more than 20kg.
Samantha Mou, a Research Analyst at Interact Analysis, highlights that the demand for industrial robots is directly impacting the components market. Many vendors are also aiming for localized robot production in North America, boosting the components market in this region. The vendor landscape indicates that companies producing their own drives and motors for industrial robots are primarily manufacturers of motion control technology, such as Fanuc, Yaskawa, Estun, and Inovance. However, many vendors that currently do not produce motion control components are working to bring the production in-house, suggesting a captive market. Some companies are also investing in bringing gearbox production in-house.
Frequently Asked Questions:
1. How does robotics impact the manufacturing industry?
Robotics has a profound impact on the manufacturing industry by streamlining operations and increasing productivity. Automated robots enable faster and more accurate assembly, reducing human error and improving the overall quality of products. This technology also enhances worker safety by handling dangerous or repetitive tasks, allowing humans to focus on more complex and creative aspects of the manufacturing process.
2. What are the different types of robots commonly used in industries?
There are several types of robots commonly used in industries, including:
– Articulated Robots: These have multiple joints resembling a human arm, offering flexibility and a wide range of motion.
– SCARA Robots: Designed for high-speed, precise tasks, SCARA robots are ideal for assembly and packaging.
– Delta Robots: Known for their speed and accuracy, these robots are often used in pick-and-place tasks, such as packaging and sorting.
– Cartesian Robots: Also known as gantry robots, they operate along three linear axes and are used for handling heavy payloads and large objects.
3. How can robotics be applied in healthcare?
Robotics has a significant impact on healthcare, with applications ranging from surgical procedures to patient care. In surgical robotics, robots assist surgeons by providing precise movements and enhancing precision. Additionally, telepresence robots enable doctors to remotely interact with patients, especially in remote areas or during pandemics. Moreover, robotic exoskeletons aid in rehabilitation processes, allowing patients to regain mobility and strength.
4. Are there any ethical concerns associated with robotics?
Yes, there are ethical concerns associated with robotics. One major concern is the potential displacement of human workers due to automation. It raises questions about job security and the impact on workforce dynamics. Other concerns include issues related to privacy, safety, and security as robots become more interconnected and autonomous. Ensuring the ethical development and use of robotics technology is crucial to address these concerns and mitigate any negative consequences.
5. How can individuals prepare for a career in robotics?
Individuals interested in pursuing a career in robotics should focus on acquiring a strong foundation in STEM (Science, Technology, Engineering, and Mathematics) fields. Completing relevant degree programs such as robotics engineering, computer science, or electrical engineering can provide a solid educational background. Additionally, participating in internships, projects, and competitions related to robotics can help gain practical experience and build a strong portfolio. Continuous learning, staying updated on technological advancements, and networking within the robotics community are also important for career growth in this field.
