Global Industrial Robotics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $77.7 Billion by 2024 from $38.2 Billion in 2016, growing at a CAGR of 9.3% from 2016 to 2024.
“Industrial Robotics Market (By Type: Articulate, SCARA, Cylindrical, Cartesian, and Others; By Industry Vertical: Automotive, Machinery, Electrical & Electronics, Metals, Chemicals, Food & Beverages, Rubber & Plastics, Precision & Optics and Others; By Function: Soldering & Welding, Materials Handling, Assembling & Disassembling, Milling, Cutting & Processing, Painting & Dispensing, and Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024”
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An industrial robot is a robotic system designed to move materials, parts & tools from one place to another, and to perform a variety of programmed tasks in manufacturing and production unit. Typical applications of robots include assembly, welding, painting, and materials handling, among others. These robots are gaining popularity across various industries such as, automotive, metals, electricals & electronics, rubber and plastics, and food & beverages, owing to its accuracy in performance. In most of the industries such as chemical industry, industrial robots are highly demanded to perform duties that are dangerous or inapt for human workers
Extensive Usage of Industrial Robotics in The Manufacturing Industry Drives the Global Industrial Robotics Market
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The global industrial robotics market is mainly driven by extensive usage of industrial robotics in the manufacturing industry, budding demand for automation activities in numerous industries, vigorous efforts for creative technical improvement for speed enhancement, and surge in demand from SMEs in emerging economies. However, high purchase & maintenance cost of these robots, and lack of skilled personals to work along with the automated manufacturing units are the factors to hamper the market growth. Moreover, arrival of new technologies, and budding demand for automation in non-conventional sectors, such as micro-electronics are highly expected to generate numerous growth opportunities for the market in the coming years.
The market for global industrial robotics is classified on the basis of type, industry vertical, function, and geography. By type, the market is categorized as articulate, SCARA, cylindrical, cartesian, and others. The market further classified by industry vertical includes automotive, machinery, electrical & electronics, metals, chemical, food & beverages, rubber & plastics, precision & optics, and others. By function the market comprise of soldering & welding, materials handling, assembling & disassembling, milling, cutting & processing, painting & dispensing, and others.
Articulated Robots Dominated the Type Segment In 2016
Articulated robots held the major share in 2016, driven by increased usage of these robots currently in developing industries such as healthcare and packaging sectors.
Industry Vertical Segment was dominated by Automotive in the forecast period
Automotive dominated the industry segment and food & beverage is expected to attain the fastest CAGR during the forecast period 2016 – 2024.
Material Handling Generated the Highest Revenue in Function Segment
Material handling occupied the major share in the function segment owing to its increasing demand over diversified industries such as electronics, packaging, where the market for robot is still at emerging stage.
Asia-Pacific Held the Leading Market Share in The Global Industrial Robotics Market
Asia-Pacific generated the largest revenue of 51.6% in 2016. The dominance is attributed to growth in number of countries such as India, China, Japan, Taiwan and Australia among others, due to heavy investment in R&D and infrastructural developments. While, the second largest market share to dominate the market is North America with 22.3% in 2016. In terms of growth, Asia-Pacific is likely to achieve at the fastest CAGR, during the forecasted period 2016 – 2024, owing to rapid growth in automation demands together with reduction of duties on refurbished goods.
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Epson Robots, the leading SCARA robot manufacturer in the world, announced its expanding line of industrial SCARA robots with the new T-Series All-in-One robots with built-in controller, a new technology feature which reduces space requirements and simplifies setup. The key players profiled in the report include Mitsubishi Electric Corporation, Epson America, Inc., Kawasaki Heavy Industrials Ltd., Diahen Corporation, Denso Corporation, Yaskawa Electric Corporation, Panasonic Corporation, KUKA Robotics Corporation, and Fanuc Ltd, Universal Robotics, among others.
Scope of Global Industrial Robotics Market
By Industry Vertical
- Electrical & Electronics
- Chemical, Rubber & Plastics
- Food & Beverages
- Precision & Optics
- Soldering & Welding
- Materials Handling
- Assembling & Disassembling
- Painting & Dispensing
- Milling, Cutting & Processing
- North America
- Asia Pacific
- South Korea
- South America
- Middle East
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients’ objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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