Industrial Robot Component Revenues to Rise by 2025
The market for industrial robot components will enjoy strong double-digit growth in 2021, marking a clear turnaround after two years of disruption.
Industrial Robots are considered the biggest revolution in the industry of manufacturing as they speed up the process while reducing costs and increasing the efficiency to high levels.
Interact Analysis has recently published its latest research on Industrial Robot component showing that the market for industrial robot component will enjoy strong double-digit growth in 2021, marking a clear turnaround after two years of disruption.
“Although the total market for key components used in articulated robots suffered the most between 2018 & 2020, mainly because of the automotive slowdown, component revenues in this sub-sector of robotics remained the largest by a significant margin. However, the articulated robot component market is dominated by well-entrenched vendors” says Tim Dawson, Senior Research Director at Interact Analysis. “In contrast, the collaborative robot component market is much more open to new entrants and is also growing strongly. Collaborative robot component revenues will exceed $1.1 billion by 2025.”
However, 2021 market growth in revenue terms can be partially explained by major price increases in key components and raw materials, as well as supply chain issues and general inflationary pressure.
The key components markets covered by the report – motors, drives, gearboxes, controllers, teach pendants, sensors, end effectors, and machine vision – are all forecast for growth of varying degrees.
Machine vision and end effectors will see the strongest performance as a result of particularly strong growth in the complex robotics systems that require these components.
End effectors, which is the largest individual component market, will enjoy above-average growth right out to 2025, by which time the sector will be worth more than $2.5 billion.
Meanwhile, the combined market for motors, drives, and gearboxes will exceed that of end effectors, although a high proportion of these components are manufactured in-house by robot manufacturers themselves.
Machine vision was the only sector to remain stable throughout the pandemic, as impressive demand for this technology outweighed wider problems in the market and the supply chain. All other component sectors suffered a market decline in 2019 and 2020.
Industrial robot components are a market dominated by Japan, with China close behind. And, compared with these two countries, the market opportunity for robot components in the rest of the world is small.
China will exceed Japanese unit production levels of industrial robots by 2022. However, revenues for industrial robot components will remain larger in Japan right out to 2025 – the end of the forecast period in the research, partly because Japan will remain the largest producer of higher payload (and therefore more expensive) articulated robots.
