Parallel Robots Market Size, Share, Growth, and Industry Analysis, By Type (Multi-Axis, Two-Axis and Others), By Application (Food Industry, Pharmaceutical Industry, Daily Chemical Industry, 3C Industry and Others), Regional Forecast to 2031

Updated On: 08 April 2024

PARALLEL ROBOTS MARKET REPORT OVERVIEW

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The global parallel robots market size was USD 4062.2 million in 2022 and is projected to touch USD 11233.3 million by 2031, exhibiting a CAGR of 12.4% during the forecast period.

The global COVID-19 pandemic has been unprecedented, staggering, as the parallel robots market are experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A parallel robot is a type of industrial robot in which the arms are positioned on a common platform and operate in conjunction. This enables them to reach awkward or challenging situations that a fixed-arm robot would be unable to reach. They are commonly used for welding, fabrication, and packaging. Parallel robots are made up of two or more limbs that are linked together by a series of joints and connections. They are divided into two types: hexapods and delta robots. Hexapods are employed in a variety of applications due to their mobility of movement. Delta robots, on the other hand, are employed for straightforward pick and place tasks. The closed robots are made up of fixed and moving platforms. It has both active and passive joints. They have more arm rigidity and stability, as well as faster cycle times.

The increasing need for parallel robotics in various applications such as food and drinks, pharmaceuticals, semiconductors, and other industries might be contributed to the market's rise. Furthermore, the increased need for automation across various sectors is propelling parallel robots market share.

COVID-19 Impact: Pandemic Upsurged the Market Growth and Incremented the Demand for Robots

Because countries have implemented human contact and foot restrictions to prevent the virus from spreading, the COVID-19 pandemic has an impact on the worldwide industrial business. According to the OECD, which has exposed many elements of robotics in the healthcare area, the demand for robots increased during COVID-19 since the robots can be utilised during infectious disease transmission.

LATEST TRENDS

"The Shift from Manual to Automation and Technological Advancements to Propel the Market Growth"

The ongoing trend of transitioning from manual to automated functions is fueling the emergence of parallel robots. Another factor driving the growth of the parallel robotics market is technological improvements and growing emphasis on novel product offerings with lower maintenance costs and improved components. Furthermore, technical breakthroughs such as the integration of artificial intelligence (AI) and big data solutions are accelerating market expansion. They aid in the management of supply chains, the handling of items, and the monitoring of accuracy, production, and performance. Various product advancements, such as the introduction of collaborative robots that improve manufacturing output, safety, and flexibility in the human environment, as well as execute repetitive tasks at a faster rate, are positively boosting parallel robots market growth.

PARALLEL ROBOTS MARKET SEGMENTATION

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• By Type Analysis

Based on type, the parallel robots market is subdivided into multi-axis, two-axis and others.

• By Application Analysis

Based on the applications, the parallel robots market is subdivided into food industry, pharmaceutical industry, daily chemical industry, 3C industry and others.

DRIVING FACTORS

"Increased Focus from SMEs and Various Government Initiatives to Boost the Market Share"

A greater emphasis on parallel robotics by small and medium-sized businesses will accelerate the market's expansion. Another indirect factor driving market expansion is the increasing attention being paid to worker safety, the rise in industrial accident cases, and the rise in consumer goods consumption. The long-term usage of parallel robots will increase cumulative savings, which will further support market expansion. Aside from this, it is projected that the introduction of smart manufacturing systems, increased consumer spending power, particularly in emerging nations, and the adoption of several government initiatives for the development of intelligent robots will further the market's growth.

"The Growing Adoption of Robotics from Automotive Industries to Enhance the Market Share"

The need for industrial robots in the automotive industry is primarily being driven by the rising adoption of automation in the automotive manufacturing process, as well as the inclusion of AI and digitalization. The development of robots technology has quickened in the modern automobile industry to keep up with the sector's rapid changes. For OEMs, start-ups, and suppliers in the current automotive sector, a robotics solution simulation and virtual commissioning will exploit the greatest benefits of factory automation. Increased production is necessary due to the growing demand for automobiles. Opportunities for the global industrial robot market are significantly increased by Asia's developing automobile sector.

RESTRAINING FACTORS

"The Disruption Inefficiency and the High Maintenance Cost to Restrain the Market Growth"

The market expansion for parallel robots may be hindered by function disruptions and inefficiencies. The market for parallel robotics must also contend with issues of product quality. The development of parallel robots will also be hampered by a large initial investment requirement as well as issues necessitating a distinct integration procedure. Further impeding market expansion will be expensive maintenance costs. A second barrier to market expansion will be the weak technology infrastructure in small and middle-income countries. The overall low adoption rate of parallel robotics in the semiconductor and electronics industries will further sluggish market expansion.

PARALLEL ROBOTS MARKET REGIONAL INSIGHTS 

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"The Asia Pacific to Lead the Market With the Rising Investments and Product Innovations"

Over the projected period, the Asia Pacific market is anticipated to develop the fastest. Rising automation in nations like China and Japan is to blame for the expansion. Additionally, it is anticipated that increasing investments by various businesses in the deployment of automated manufacturing lines will fuel demand in this region. For instance, Panasonic Corporation of Japan stated in October 2017 that it would install a flexible robot at its Akishima factory in Tokyo, allowing it to manufacture 10 distinct types of solar cells with the help of five robots, each with five arms.

KEY INDUSTRY PLAYERS

The report analyzes different market players in the industry. The information is published after proper research, analysis of trends, key developments, the introduction of new initiatives, and technological developments and innovations. Other aspects of the report include a study on the companies, regions, automation, technological developments, and the impact of newly emerging industries along with their risks. The facts in the report may be subject to change, given the situation of market players from time to time.

List of Market Players Profiled

• ABB (Switzerland)
• Fanuc (Japan)
• Yaskawa (Japan)
• Omron (Japan)
• Kawasaki Heavy Industries (Japan)
• Bekannter Robot Technology Co., Ltd. (China)
• Atomrobot (China)
• Robotphoenix LLC (China)
• Penta Robotics (The Netherlands)
• Warsonco Corporation (China).

REPORT COVERAGE

The report examines elements affecting the demand and supply sides and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, and future trends. After evaluating governmental, financial, and technical market factors, the report provides exhaustive PEST and SWOT analysis for regions. The research is subject to alteration if the key players and probable analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.