Major players in the industrial robots market are ABB, Amazon, Yaskawa Electric Corp, Honeywell Intelligrated, Omron Corporation, Fetch Robotics, Inc., Fanuc Corp, Bastian Solutions, and Yamaha Robotics.
The global industrial robots market is expected to decline from USD 3.39 billion in 2019 to USD 3.05 billion in 2020 at a compound annual growth rate (CAGR) of -10.0%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach USD 4.66 billion in 2023 at CAGR of 15.23%.
The industrial robots in warehousing and storage market consist of sales of the automated robots, systems which are used in warehouse and related services. Warehouse and storage robots perform various tasks, automate the warehouse process. Industrial robots in warehousing and storage are used to do tasks such as lift and arrange heavy products that are to be stored in racks or given spaces.
North America was the largest region in the industrial robots market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
The picking process in the warehouse is increasingly being automated with increased demand in E-commerce industry, to reduce the pickup time of items. The automated robot gathers items and brings it to a central location, where an employee can fulfil orders fast. For instance, In 2018 ,Ocado, a British supermarket started using a grid of picking robots in the warehouse that picks the ordered items and delivers into crates, which are moved onto conveyors and is carried to shelves where an employee picks the crate and delivers the order to the customer helping in delivering the groceries fast.
The industrial robots market covered in this report is segmented by product type into mobile robots; articulated robots; cylindrical robots; scara robots; parallel robots; cartesian robots. It is also segmented by function into pick & place; palletizing & de-palletizing; transportation; packaging and by application: e-commerce; automotive; consumer electronics; food & beverage; healthcare; others.
The high costs of the industrial robots limits the growth of the market. Industrial robots are capital intensive due to the use of the latest technology and sensors to operate efficiently and should withstand the weights. The cost of the setup for a warehouse operation of 50-100 robots costs between USD 2 million to 4 million which is a high investment. This high cost of robots is prevents the easy adoption of industrial robots, limiting the growth of the market.
In April 2019, Amazon has acquired Canvas Technology based in Boulder, USA for an undisclosed amount. The deal adds another important piece to amazon’s robotics group portfolio of fulfilment of center machines. The canvas autonomous cart utilizes 3D imaging and software solutions that can be applied to other hardware. Canvas Technology is an autonomous warehouse robotic start up.
Accelerated movement of goods inside the warehouse drove the industrial robots in the warehouse and storage market. The increase in movement of goods is due to the boom in the E-commerce industry and their commitment of shortest-time delivery. Industrial robots are used to speed up the process in warehouses and storage industry. For instance, shopify started using warehouse robots in 2019 to reduce the delay in the movement of goods in the warehouse, increasing the speed of the delivery. Accelerated movement of goods inside the warehouse drove the industrial robots in the warehouse and storage market.
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Ankur Gupta, Head Marketing & Communications