Robotics play a huge role in the manufacturing landscape today. A growing number of businesses use manufacturing robots to automate repetitive tasks, reduce errors, and enable their employees to focus on innovation and efficiency, causing the entire sector's impressive growth.
According to data presented by AksjeBloggen.com, the global market value of conventional and advanced robotics in the manufacturing industry is expected to continue rising and hit $18.6bn in 2021, a 40% increase in three years.
Market Value Jumped by $5.4B in Three Years
Robots have numerous roles in manufacturing. They are mainly used for high-volume, repetitive processes where their speed and accuracy offer tremendous advantages. Other manufacturing automation solutions include robots used to help people with more complex tasks, like lifting, holding, and moving heavy pieces.
Companies turn to robotics process automation to cut manufacturing costs, solve the shortage of skilled labor and keep their cost advantage in the market.
In 2018, the global market value of conventional and advanced robotics in the manufacturing industry amounted to $13.2bn, revealed the BCG survey. In 2019, this figure rose to $14.8bn and continued growing. Statistics show the market value of manufacturing robots hit $16.6bn in 2020. This figure is expected to jump by $2bn and hit $18.6bn in 2021.
Conventional robots, like giant industrial robots used in the car industry, are set to reach $14.9bn value this year, up from $12bn in 2018.
The market value of advanced manufacturing robots, which have a superior perception, adaptability, and mobility, tripled in the last three years and is expected to hit $3.7bn in 2021. Combined with big data analytics, advanced manufacturing robots allow companies to make intelligent decisions based on real-time data, which leads to lower costs and faster turnaround times.
The BCG survey also showed most manufacturers believe advanced robotic systems will have a massive role in the factory of the future and plan to increase their use. More than 70% of respondents defined robotics as a significant productivity driver in production and logistics.
European and Asian Companies Lead in the Use of Advanced Manufacturing Robots
Analyzed by regions, European and Asian companies lead in the use of advanced robots, while manufacturers from North America lag behind. However, the survey showed 80% of respondents from the US plan to implement advanced robotics in the next few years.
The survey also revealed that manufacturers in emerging markets, especially China and India, are more enthusiastic about using advanced robots than those in industrialized countries. These companies may be looking to automation as a way to overcome a skilled labor shortage and improve their ability to compete in international markets.
Germany had the largest robot density in the manufacturing industry among European countries, with 346 installations per 10,000 employees in 2019. Sweden, Denmark, and Italy followed with 277, 243, and 212 installations per 10,000 employees, respectively.
Statistics also show that companies in the transportation and logistics and technology sector lead in implementing advanced robotics, with 54% and 53% of manufacturers who already use such solutions. The automotive industry and consumer goods sector follow with 49% and 44% share, respectively.
Manufacturers in the engineered products, process, and health care industries lag behind, with 42%, 41%, and 30% of companies that use advanced manufacturing robots. However, around 85% of manufacturers in these sectors plan to start using advanced robotic systems by 2022.