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.
High usage of industrial robotics in the manufacturing industry, rise in demand for automation activities in various industries, evolving robotics & artificial intelligence (AI) industry, and reduction in custom duties are the major characteristics fueling the growth of global industrial robotics market. However, high cost of industrial robotics solutions may decline the growth of the market. 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 forecasted period.
Type, industry vertical, function, and geography are the primary classification of the global industrial robotics market. The market classified on the basis of type includes articulate, SCARA, cartesian, cylindrical, and others. 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. By industry vertical, the market is further classified into automotive, machinery, metals, electrical & electronics, food & beverages, chemical, rubber & plastics, precision & optics, and others. Here, automotive dominated the industry segment and food & beverage is to grow at fastest CAGR during the forecast period.
The market bifurcated by function comprise soldering & welding, materials handling, painting & dispensing, assembling & dissembling, milling, cutting & processing, and others. Where, material handling is the largest segment by function due to its increasing demand over diversified industries such as packaging, electronics, where the market for robot is still at nascent stage.
Based on geographical analysis, North America, Europe, Asia-Pacific, and Rest of the World (RoW) are considered as the major segments in the global industrials robotics market. Asia-Pacific dominated the market in 2016, with the largest share of 51.6%. The dominance of Asia-Pacific is attributed to growth in number of countries such as China, Japan, India, Taiwan and Australia among others, due to heavy investment in research & development and infrastructural developments. While, North America accounted for the second largest market share with 22.3% in 2016. In terms of growth Asia-Pacific is expected to grow at the fastest CAGR, during the forecasted period 2016-2024, driven by rapid growth in automation demands coupled with reduction of duties on refurbished goods.
The prominent players operating in the market include Epson America, Inc., Kawasaki Heavy Industrials Ltd., Denso Corporation, Diahen Corporation, Mitsubishi Electric Corporation, Panasonic Corporation, Yaskawa Electric Corporation, KUKA Robotics Corporation, and Fanuc Ltd, Universal Robotics, among others.