Industrial robotic motors market to hit double digit growth
A new market research study by Future Market Insights (FMI) finds that the global industrial robotic motors market is projected to achieve a CAGR of around 13.4% and reach the market value of US$ 2.7 Bn during the forecast period 2022-2029. The market is expected to top around US$ 1.1 Bn in 2022. This growth is significantly driven by the progressing automation in factories, installation of robots in a wide spectrum of service applications including healthcare, agriculture, and defense, and implementation of modern robotic systems.
As per the findings of the report, the global industrial robotic motors market is anticipated to experience substantial growth over the forecast period, due to multiple driving factors such as high demand for robots across end-use industries, the rapid growth of automation, and the implementation of global energy-efficient norms.
The ongoing need for non-delay operations in a number of industries, in the view of rising product demand and shrinking workforce, has led to an incessant rise in the adoption of robotic technology, and the result is likely to lead to an increased demand for industrial robotic motors, according to FMI.
Growth prospects of the industrial robotic motors market are high in East Asia. The market in China has particularly been on a significant rise, owing to the fact that the robots are being incorporated in systems as well as services. Substantial growth of the robot industry has been an eminent factor in the enhancement of industrial robotic motors in different sectors for South Korea. The rapid decrease in the workforce and the restricted influx of immigrants provide a strong incentive for robotics in Japan.
The inclination of these countries toward industrial robotic motors, fuelled by major technology developments, is amplifying the market. In terms of growth, South Asia and Pacific region is estimated to project maximum growth rate in the coming years, owing to rapidly increasing automation in several manufacturing industries actively operating in the developing countries.
Servo motors are expected to have the paramount share of the market in the upcoming years. This is followed by DC and stepper motors for handling certain procedures including pick and place where accuracy is not a prior parameter taken into consideration in the manufacturing operation.
Based on the robot type, the articulated robot is expected to account for a prominent share of the global industrial robotic motors market. This line of growth is followed by SCARA, Cartesian/Gantry, Dual arm, Collaborative and Delta robots respectively which are expected to have a fair portion in the market development.
First fit motors are expected to have a dominant share in the industrial robotic motors, owing to the increasing rate of new installation of robots across the globe. The estimated life span of a motor used in industrial robots is around 5 years, therefore the retrofit segment is expected to account for a minimum in the market.
Leading players operating in the global industrial robotic motors market are focusing on integrating innovative technologies in automation systems to enhance and simplify the production processes. Meanwhile, some of the other key players are aiming to develop robot arm motors by engaging in joint ventures, partnerships, mergers, and acquisitions.
For instance, in January 2022, the Home Team Science and Technology Agency, a statutory board under the Ministry of Home Affairs based in Singapore, developed Rover-X, a four-legged robotic dog. It will be used in chemical plants for detecting poisonous gas in the air if a leak occurs. It features a 3D laser scanner inside its ‘head’ that helps it to map the surroundings for navigating around obstacles.
Also, in January 2022, Fanuc America, a leading provider of automation products and services headquartered in Japan, unveiled its latest M-1000iA robot. It is specially designed to handle heavy products, such as construction materials and automotive components. The company wants to fulfill the demand from customers who process very heavy parts and require more versatility in the workspace.
These insights are based on a report on Industrial Robotic Motors Market by Future Market Insights
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