Industrial robot market topped US$11.8bn in 2021
By DE StaffAutomation Machine Building
Industry analysis firm report finds YoY shipment growth rate exceeded 30% last year.
According to research published by Interact Analysis, industrial robot market topped US$11.8 billion in 2021, with a YoY (year-on-year) shipment increase of more than 30%. By 2026, the company says the market will grow to nearly $20 billion, largely driven by articulated robots and collaborative robots (cobots) in particular.
The automation market analysist firm states that, pre-pandemic, the industrial robot sector was considered relatively mature but COVID, and the extended labor shortages that followed, have ‘turbo-charged’ the industry. In addition, the company says many manufacturers are investing in automation to inoculate themselves against future emergencies.
Interact Analysis says it previously forecasted a steady decline in the average selling price of industrial robots. But, as a result of global supply chain issues, it’s likely that price increases will continue through 2022 due to ongoing economic uncertainty.
“The long-term outlook for industrial robots is bright – significantly brighter than it was pre-pandemic,” said Maya Xiao, Senior Analyst at Interact Analysis. “I think it’s fair to say that COVID has caused the most conservative of factory managers to consider the benefits of advanced industrial automation.”
However, the firm says global supply chain issues may limit growth in the short-term. These include new COVID lockdowns in China, inflation and impending recession. In addition, the Ukraine conflict has reduced business confidence in Europe and is delaying large investment decisions.