The parallel robot market is expected to grow steadily during the forecast period.
Parallel robots, also known as parallel manipulators, are a type of robotic system that consists of a mobile platform linked to a fixed base by a series of identical parallel kinematic chains. These robots are valued for their high speed, precision, and payload capacity, which makes them suitable for use in a wide range of industries including aerospace, automotive, precision manufacturing, medical, food and beverage, and electronics. Growing industrial automation and favorable investments in the electronics & semiconductor sector aided the expansion of the parallel robot industry.
Market Drivers
Industrial automation is becoming more essential to boost productivity, lowering costs, and improving product quality. Parallel robots provide advantages such as high payload capacity, large workspace, and precise operation, making them ideal for industrial automation. Favorable investment to bolster industrial productivity has positively impacted robotics adoption. For instance, in September 2023, the farming minister of the United Kingdom announced a £12.5 million investment in robotics and automation to promote sustainable farming. Nineteen cutting-edge projects are underway to create automation and robotic technologies to forecast strawberry yield. Such investments have paved the way for future market growth.
Parallel robots provide powerful automation solutions for semiconductor manufacturing thereby increasing industry productivity, quality, and efficiency. Bolstering growth in electronics consumption has created the need to invest in new technologies such as robotics to enhance manufacturing efficiency. For instance, in May 2023, the Department for Science, Innovation, and Technology plans to invest up to £200 million in the semiconductor sector between 2023 and 2025, and up to £1 billion over the coming decade. Additionally, according to the Industrial Development Bureau, the Abu Dhabi government's Industrial Strategy, using an investment of AED10 billion, will double the capacity of the manufacturing sector.
Technological advancements have resulted in higher levels of accuracy and precision in parallel robots. High-precision sensors, advanced control algorithms, and feedback mechanisms all contribute to improved positional repeatability and precision. This makes parallel robots an ideal solution for businesses to adopt which has bolstered the growth of the parallel robot industry. In December 2023, Samsung introduced two new ISOCELL Vizion Sensors designed for Robotics and XR Applications. Additionally, Omron Automation offers iX4 Parallel Robot, the world's only parallel robot with a developed four-arm design, and is USDA/FDA approved for meat and poultry processing applications.
North America is expected to show significant market growth.
North America is expected to account for a considerable share of the parallel robot market due to increasing investments in the electronics sector by numerous governments. For instance, in 2022 President Biden signed the CHIPS and Science Act (CHIPS), which invests nearly $53 billion in semiconductor manufacturing in the United States. Additionally, in February 2022, the Government of Canada announced a $240 million investment in the Canadian semiconductor and photonics industries to bolster their semiconductor ecosystem and electronics sector. In July 2023, BorgWarner, an international leader in creative and sustainable mobility solutions for the vehicle market, announced an investment in San Luis Potosi which involves a new manufacturing plant in Mexico focused on producing power electronics components and electric motors.
Market Challenges
Parallel robots have complex mechanical structures with multiple mechanic chains that require precise engineering and calculations. Establishing and setting up these robots can be a difficult task that requires expertise and specialized knowledge. Lack of such knowledge and expertise may limit the adoption of parallel robots which may hinder the industry growth.
Market Developments
Company Products
Segmentation