The Industrial Robotics Market is estimated to hit $14.494 billion by 2023
Asia-Pacific continues to lead the market share during 2018-2023.
APAC is the largest market in 2017 with revenue of $5.66 billion led by the fast growing Chinese market. This segment is projected to grow to $7.37 billion by 2023 at a 4.6% CAGR as increased awareness and lowering costs drive the market. Whereas, Americas is projected to register highest growth rate of 4.8% CAGR followed by APAC and Europe. The economic outlook for Asia-Pacific region is favorable owing to the large economic developments in China and India. The APAC region is forecast to be the fastest growing market for industrial robotics. All the major global players have established their operations in this region. The region is composed of a large number of oil importers and supply chain participants.
Selected / Sample Analysis done in the full Report:
Among all the types, the Articulated Robot is dominating the market, which accounted for approximately 68% of the global revenue. This segment is projected to register highest revenue of $9.13 billion by 2023 from $7.51 billion in 2017 at 3.4% CAGR. Articulated robots have long reach, high speed and larger working envelope. These robots allow high level of functionality and are the most commonly used robots in next generation robotics. These robots are used in applications like pick and place tasks, handling jobs, thread fastening, soldering and other similar tasks requiring fast and precise automation.
Excerpts on Market Growth Factors Mentioned in the Full Report:
- The rising demand for applications of industrial robots in the welding and assembling applications especially in automotive industry is certainly the key driver of the global industrial robot market.
- The increase in labor costs and need for efficient production techniques in the developing countries are among the key drivers of the industrial robotics market.
- Advancement in technology combined with increasing need for robotic automation driven by fast, low cost and error free operation are the major drivers for this market.
Key Players of the Industrial Robotics Market:
Fanuc Corporation and Yaskawa Motoman are the leading players in the global industrial robotics market accounting for 24% and 21% market share respectively. Fanuc Corporation, a Japan based manufacturer for industrial robots are the market leader with a wide range of product portfolio and are constantly implementing market strategies to sustain their position in the global market. Recently, Fanuc partnered with technology giant CISCO to embed the latter’s technology in their industrial robots to mitigate any sort of breakdown and maintain their operational efficiency. Fanuc industrial robots would be powered with CISCO embedded technology that would help these devices to communicate properly before any sort of malfunctioning.
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