Procurement Outlook
Industrial robotics is a robot that is used in manufacturing. Often, they are colloquially called robotic arms. Industrial robots are programmed and automated to do very specific tasks. Usually, they are capable of movement of three or more axes. The most common functions that the industrial robots perform are assembly and handling, cutting and welding, packaging and palletizing, painting, and dispensing. Rising automation trends and industry 4.0 standards are resulting in the requirement of such robotic arms.
Demand Outlook
The global industrial robotics market was estimated at USD 68 billion in 2020 and it is anticipated to grow at a CAGR of 14% – 15% from 2020 to 2027. APAC is expected to demonstrate the highest growth rate geographically. China is also the largest market for industrial robotics globally, followed by two other Asian countries; South Korea and Japan. Other major markets for industrial robotics are the US and Germany.
From an end-user industry perspective, the automotive sector is one of the most promising sectors for industrial robotics. Currently, several OEMs are using robotic arms in painting, welding, assembly, material removal, part transfer, and machine tending. In fact, in a fully automated setup, the majority of the functions are performed by an industrial robot. Apart from the automotive sector, industrial robotics are widely used in sectors like semiconductor and IT product manufacturing where precision is of key importance.
Cost Drivers
Implementing robotic arms is a huge capital investment. However, the process of automation streamlines the workflow for the future. With the implementation of robotic human errors can be omitted, which otherwise could lead to additional spillage or material wastage. Also, one of the primary reasons for implementing industrial robotics is to tide over the shortage of unskilled labor. While industrial robotics, from an investment perspective, is of CAPEX nature and essentially a one-time cost, the wage for unskilled labor is operational cost incurring month-over-month and sometimes incremental in nature. Therefore, post the implementation of industrial robotics, it is easier to predict their cost of operations and hence strategize pricing to boost their margins.
Grab your copy, or request for a free sample of the “Industrial Robotics Industry Procurement Intelligence Report, published by Grand View Research” for In-depth details regarding supplier ranking and selection, sourcing, and pricing criteria & strategies.
Add-on Services provided by Grand View Research Pipeline:
Should Cost Analysis
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
Rate Benchmarking
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
Salary Benchmarking
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
Supplier Newsletter
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain which helps in efficient procurement decisions.
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• Market Intelligence involving – market size and forecast, growth factors, and driving trends
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