Asia-Pacific to Skyrocket in 2020!
Global Industrial Robot & Cobot Market 2020-2025
Doubling Sales! $20.24B 2019, expected to reach $42.34B by 2025
Asia is global leader in deploying industrial robots, and is also the global leader in the manufacture of industrial robots:
Japan at 52 percent; and Korea at 12 percent (total: 64 percent).
Beginning in 2019, Asia’s industrial robot purchases are trending sharply upward (see chart).
According to MarketWatch and Mordor Intelligence, the global industrial robotics market was valued at $20.24 billion in 2019 and is expected to reach $42.34 billion by 2025, at a CAGR of 12.15 percent over the forecast period (2020-2025).
If prices of peripherals, software, and system engineering are added to the $20.24 billion, the total market value for industrial robots was $48 billion in 2019. Better than 50 percent of 2019’s industrial robot industry was peripherals, software, and system engineering.
Asia-Pacific Industrial Robot Market
Forecast for the fastest growing geographic segment: Asia-Pacific; largest market: Asia-Pacific; CAGR 12.5 percent.
Markets and Markets reports that Asia-Pacific held the largest share in 2018, but lost share in industrial robots when countries like “China due to the falling demand from the automotive sector and the effects of the US-China trade war” experienced a slowdown. However, even given a slowdown in sales, Asia-Pacific was still the largest market in 2018 at $19.8 billion (including peripherals, software, and system engineering).
Major industrial robot manufacturers posted a lower than expected growth and revenue for the year ending 2018. Asia-Pacific is expected to still retain the largest share during the forecast period through 2024.
“Asia-Pacific is forecast to control the robotics market during the forecast period [2020-2024] due to advancements in camera and sensor technologies in the region.”
Software Asia 2020-2026 (largest regional market in the world): Cumulatively, over the next seven years (2020-2026), the Asia-Pacific software market for industrial robots is forecast to bulk up by nearly $100 billion ($92.23 billion), reports Yahoo Finance.
The annual shipment in this region will advance to 1.11 million units in 2026 with a 2019-2026 CAGR of 17.89%.
Asia-Pacific Cobot Market 2020-2026
Asia-Pacific collaborative robot market will grow during 2020-2026 at a CAGR of 45.46 percent, with an addressable cumulative market value of $13.17 billion over the next 7 years in terms of cobot hardware. This region is expected to become the largest cobot market worldwide during the forecast period.
With only 14,000 cobots sold globally in 2019 (barely 4 percent of global output), this emerging market is expected to witness an exponential growth in cobots over the forecast period (2020-2026). With advantages of increasing flexibility, improving production efficiency and reducing operational cost, industrial cobots have been deployed to assist human workforce and to keep manufacturers competitive in the global markets.
See related for Cobot Sales Leaders & Changing Application Mix (2018-2027):
Cobots as Force Multipliers
Is Disruption Ahead for the Cobot Revolution?
Does the cobot revolution need the revolution of e-commerce to drive wide-scale adoption?
The reasons for cobot popularity among SMEs are easy to understand. According to the Danish Technological Institute (DTI), there are five: Price, safety, flexibility, ease of use, and increased productivity. And, of course, the all-important return on investment (ROI).
The near-term sales figures for cobots (between 2019 and 2020) were heady but only a fraction of total sales of industrial robots; the numbers beyond for 2020 through 2025 are forecast to be nothing short of mind-boggling.