Industrial Robotics | Research Report

The macro environment for the development of industrial robots：

• Policy: Strengthen policy efforts and shift the direction from "introduction+special breakthroughs" to "localization and intelligence"; The goal is to double the density of manufacturing robots by 2025 compared to 2020.

• Technically: the development of machine vision, sensors and other related technologies, as well as their deep integration with industrial robots, promote the usability and ease of use of industrial robots.

• In terms of demand: 1) There is a potential shortage of labor, and "machines replacing people" has become a trend; 2) At present, domestic industrial robots mainly rely on imports, and their density has room for improvement compared to developed countries. There is great potential for domestic industrial robots in terms of space. At the same time, new energy and other industries have provided certain first mover advantages for the development and penetration of domestic industrial robot enterprises under the wave of localization.

The industrial chain situation of industrial robots：

Upstream - Component situation: 1) Reducer: The market concentration is extremely high, and the high-end market is absolutely monopolized by foreign brands, so manufacturers have strong bargaining power, accounting for about 25% -30% of robot costs. The overall supply cycle is long, usually 4-6 months in China. 2) Servo: The high-end market relies on imports, while the middle and low-end markets can be independently covered. Among domestic manufacturers, servo accounts for approximately 25% -30% of robot costs. 3) Controller: Body manufacturers are developing independently, but most still need to purchase third-party products. The controller accounts for approximately 20% -25% of the robot's cost.

Mid stream - Body situation: 1) Ownership: In 2022, China had 1.357 million industrial robots, mainly multi joint robots and SCARA robots, accounting for about 60% and 40% respectively. 2) Competitive landscape: The market landscape is relatively concentrated, with a high overall proportion of foreign brands, about 70%. 3) The main strategies of domestic manufacturers are to control cost structure through self-developed components, develop collaborative robots to increase product application scenarios, expand new industries such as furniture, and actively layout for overseas expansion.

The situation of downstream system integrators: 1) The market pattern is relatively scattered (with a large number and small scale of enterprises), with domestic system integrators accounting for more than 90%. 2) Emerging integrated ecological partners such as machine vision and 3D cameras are helping the development of industrial robots' eyes/brains, unlocking more and more precise application scenarios. 3) Traditional system integrators are moving towards comprehensive solution vendors, expanding their ontology capabilities upwards and expanding peripheral technologies such as machine vision and flexible grippers downwards.

Future development trends of industrial robots:

From the perspective of development direction: The future dev

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