After a dip in sales during 2020, the industrial robot market is set to take off again in 2021, according to Interact Analysis.
According to Interact Analysis – a company that provides market research for the automation sector – global industrial robot shipments experienced negative growth for four consecutive quarters from mid-2018. By the end of 2019, recovery signs appeared, and the mid-term growth rate turned positive. The downturn in robot sales matched a slowdown in manufacturing overall. Robot sales ticked up as manufacturing began its comeback. Interact’s research reveals that the decline in robot sales had narrowed by the beginning of 2020, when COVID19 truly hit. Investment in industrial robots was projected to pick-up, with stronger growth expected through the year.
“Investment in industrial robots was looking up before COVID-19 crisis. Although a sudden deceleration occurred in 2020, the long-term prospects of the market remain strong,” said a lead analyst.
According to Asian Robotics Review, Asia-Pacific collaborative robot market will grow during 2021-2026 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 robot hardware. This region is expected to become the largest robot market worldwide during the forecast period.
The Coronavirus Could Mark the Rise of Automation put it: “COVID-19 has left us wondering about the future of work and with this, the capacity of automation to step in where humans must step back.”
- After a weak 2019, it was expected that the 2020 robot market would recover strongly, but COVID-19 changed the market revenue growth forecast from 4.8% to -3.6%
- The market will return to rapid growth in 2021 and, in the long run, the pandemic will accelerate existing trends for industrial automation
- The Asia-Pacific region suffered least in 2020, however, the current situation in Europe and North America is still highly uncertain