Global Industrial Robotics Market is estimated to reach $77.7 Billion by 2024; growing at a CAGR of 9.3% from 2016 to 2024. 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.
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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. By geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 9.9% and 9.2%, respectively, during the forecast period.
Major growth factors of global industrial robotics market are evolving robotics & artificial intelligence (AI) industry, high usage of industrial robotics in the manufacturing industry, rise in demand for automation activities in various industries and reduction in custom duties. However, high cost of industrial robotics solutions may decline the growth of the market.
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Moreover, arrival of new technologies in addition to increased competition in the market, and growing demand for automation in non-conventional sectors, such as micro-electronics are expected to equally influence the overall growth of the market in the upcoming years.
Type, industry vertical, function, and geography are the primary bifurcations of the global industrial robotics market. Type segment includes cylindrical, articulate, SCARA, cartesian, and other types.
Among which, articulated robots dominated the type segment in 2016, owing to increase usage of these robots currently in emerging industries such as packaging and healthcare sectors. Industry vertical comprises automotive, metals, precision & optics, machinery, electrical & electronics, chemical, rubber & plastics, food & beverages, and other industry verticals.
Automotive dominated the industry segment with highest market share over the forecast period 2016 – 2024. Function comprises materials handling, cutting & processing, painting & dispensing, soldering & welding, milling, assembling & dissembling, and other functions.
Where, material handling is the largest, owning to its increasing demand over diversified industries such as packaging, electronics, where the market for robot is still at nascent stage.
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the major geographical sub segments of the global industrials robotics market. Asia-Pacific accounted the highest market share in 2016.
Asia-Pacific is also attributed to grow at a fastest CAGR from 2016 to 2024, driven by heavy investment in research & development and infrastructural developments.
The prominent players operating in the market include Epson America, Inc., Kawasaki Heavy Industrials Ltd., Denso Corporation, Panasonic Corporation, Mitsubishi Electric Corporation, Daihen Corporation, Fanuc Ltd, Yaskawa Electric Corporation, KUKA Robotics Corporation, and 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
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