Global Robot Drives Market to Grow At 8% CAGR Through 2021
London - According to the latest market study released by Technavio, the global robot drives market is expected to reach USD 311.2 million by 2021, during the forecast period, according to their latest report.
This research report titled ‘Global Robot Drives Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global robot drives market is expected to witness a surge in the growth rate during the forecast period, owing to the higher adoption of industrial robots across all types of industries. We expect servo drives, an integral component of the overall robotic system, to evolve in terms of technology and incorporate a greater degree of customization during the forecast period.
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Technavio’s analysts categorize the global robot drives market into four major segments by the application. They are:
- Material handling
- Assembly line
The top three application segments for the global robot drives market are discussed below:
Technavio research analysts forecast the global robot drives market by material handling to grow at a CAGR of almost 8% through 2021. The use of robots for material handling increases the productivity in industries and solves the problem of diminishing supply of unskilled workers. Also, for reducing the burden on manual labors, many industries are using robots for moving bulk payloads. Robots are useful in industries like chemical and hydrocarbons, where toxic raw materials are needed to be handled.
According to Bharath Kanniappan, a lead robotics research analyst from Technavio, “Robot drives are an essential element in enhancing and improving the outcome of robotic material handling in industries, as it involves handling components that vary in terms of their size, shape, and texture. Discrete industries, particularly, where small and delicate parts need to be physically moved, necessitates an effective control of the overall process. Owing to such requirements, servo robot drives are deployed within the robotic system to ensure high repeatability and precision control during material handling applications.”
The global robot drives market by assembly line is expected to grow at a CAGR of almost 8% during the forecast period. The growing demand for assembly lines robots in both automotive and non-automotive applications will further propel the global robot drives market. In non-automotive applications, the electrical and electronics, and heavy machinery industries are the major end-users due to an increased implementation of the assembly line in their manufacturing processes.
“There has been a rising demand for assembly line robots in various manufacturing sectors. Also, the year 2016 saw a contribution of over 28% of the entire market revenue generated by the assembly line robots,” adds Bharath.
There has been a growing demand for the adoption of robots for welding applications from end-user segments like automotive, heavy industries, and electrical and electronics. Technavio analyst forecasts that the welding segment will contribute more than 17% share to the global robot drives market revenue. Also, the growth of robotics in welding operations will be highly impacted by the introduction of advanced materials such as carbon fibers and composites in the industrial process.
- Bosch Rexroth
- Ingenia Motion Control
- Robotics & Drives
- YASKAWA Electric Corporation
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.