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Common Robots’ ActiNav machine loading system. | Picture Credit score: Common Robots
Though it confronted some main provide chain points, Teradyne’s industrial automation group pulled in $91 million in income in Q3 2021. The portfolio contains AutoGuide Cell Robots, Energid, Cell Industrial Robots (MiR) and Common Robots (UR).
As soon as once more, the income got here on the backs of UR and MiR. Common Robots earned a file $78 million in income for its collaborative robotic arms. This marks a 2.6% improve from the $76 million UR earned in Q2 2021, however it’s an enormous 46% improve 12 months over 12 months and a 31% improve from Q3 2019. The earnings from Energid, a Bedford, Mass.-based robotic management software program specialist, are mixed with UR’s.
MiR generated $13 million in gross sales for its autonomous cell robots (AMRs). That’s down about 19% from the $16 million it earned within the second quarter. The $16 million, nevertheless, does symbolize a 27% improve 12 months over 12 months and a 35% improve from Q3 2019. AutoGuide, which continues to reset, wasn’t talked about throughout Teradyne’s Q3 earnings name.
You may view Teradyne’s Q3 earnings presentation right here (PDF), take heed to the earnings name right here, and skim a transcript of the decision right here.
Provide chain challenges
The Robotic Report talked yesterday with Greg Smith, president of Teradyne’s industrial automation group. He stated provide chain points, that are impacting many firms throughout totally different industries, constrained the group’s income, inflicting lead occasions to stretch out by about two weeks.
“The longer lead time equates to income that we might’ve favored to ship. That income will carry over to the subsequent quarter,” stated Smith, who was talking from MiR’s headquarters in Denmark. “We’re protecting our heads above water, however that is positively a brand new problem to deal with this good storm the place provide is constrained and demand is rising quick.”
Smith stated a scarcity of digital elements, particularly chips, are slowing down the method of constructing the robots.
“Within robots you utilize gadgets which can be similar to, or generally precisely the identical as, people who go into automobiles,” he stated. “All the provide constraints are powerful on automakers, and we’re scrambling after components the identical means they’re.”
Teradyne, after all, is tapped into the semiconductor trade. Smith stated Teradyne expects the chip scarcity to persist via not less than the primary half of 2022.
Provide chain points, the corporate stated, will restrict development of its industrial automation group to 30-40% in 2021.
Common Robots president Kim Povlsen on the file income: “Virtually in every single place we function we see the manufacturing sector dealing with appreciable challenges – corresponding to workforce shortages and provide chain disruption – which may be tackled via the usage of collaborative automation.”
Untapped market alternative
Challenges apart, Teradyne stated MiR and UR grew 40% and 50%, respectively, in the course of the first 9 months of 2021. However the causes for the expansion are totally different.
“At UR, it’s a mix of accelerating gross sales for present duties and the increasing variety of UR+ choices, making it simpler for patrons to deploy our cobots to do new purposes,” Mark E. Jagiela, president, CEO and director, Teradyne, stated in the course of the Q3 earnings name. “At MiR, the story is about new merchandise. The MiR250, which was launched simply as COVID hit in March of final 12 months, is now our largest vendor by far. This 12 months, we added the MiR Hook to the 250 household to increase its purposes into tugging. We’ve launched increased payload merchandise such because the MiR600 and 1350 to increase our footprint within the quick rising logistics market. ”
So simply how giant is the chance for cobot arms and AMRs? It’s a query Teradyne has struggled with.
“The query I get internally is that for those who’re rising 40% 12 months on 12 months, why can’t you develop sooner? Making an attempt to provide you with a mannequin for the dynamics of the market is troublesome,” Smith stated. “We’ve at all times struggled making an attempt to get good market analysis about cobots and AMRs.”
So Teradyne tasked itself with developing with these numbers. It claims cobots are utilized in fewer than 1.5% of 9 million potential purposes, whereas AMRs are utilized in fewer than 2.5% of seven million potential purposes. Jagiela stated UR owns roughly 45% of the cobot market, whereas the AMR house lacks the same, dominant participant.
“The issues that restrict how briskly you possibly can develop are ease of use and consciousness,” stated Smith. “Ease of use is a main factor we’re engaged on, and we have to proceed to determine easy methods to attain new potential prospects.”
“The long-term outlook in industrial automation stays very vibrant,” Jagiela stated in the course of the Q3 earnings name. He added, “the truth that our penetration of as we speak’s servable market is within the low single digits and that the servable market continues to increase every year with product enhancements, units up a improbable future.”
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