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 robot system intended to move materials, parts & tools, and to perform a variety of programmed tasks in manufacturing and production unit. Typical applications of robots include assembly, welding, painting, pick and place for printed circuit boards PCB’s, packaging & labeling, product inspection, testing and palletizing together with precision, speed, and high endurance. These robots are proficient of moving on two or more axes. Additionally, they are often used to perform duties that are dangerous or inapt for human workers. Also, they help in material management and offer interfaces.
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The major factors driving the growth of global industrial robotics market are rise in demand for automation activities in the industry, high usage of industrial robotics in the manufacturing industry, evolving robotics & artificial intelligence i.e. (AI) industry, and lessening in custom duties. However, high cost of industrial robotic solutions is the major hindrance for the growth of the market. Furthermore, entrance of new technologies as well as growing competition in the market, and rising 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 time.
The industrial robotics market is majorly segmented as type, industry vertical, function, and geography. The market segmented on the basis of type includes cartesian, articulate, SCARA, cylindrical, and others. By industry vertical, the segmentations comprise automotive, electrical & electronics, machinery, metals, food & beverages, chemical, rubber & plastics, precision & optics, and others. Also, the market segmented by function includes soldering & welding, milling, cutting & processing, materials handling, assembling & disassembling, painting & dispensing, and others.
Based on geographical analysis, industrials robotics market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consist of UK, Germany, France, Italy, and others. Asia-Pacific is segmented into India, China, Japan, South Korea and others while RoW is bifurcated into South America, Middle East, and Africa.
The prominent players working in the market include Mitsubishi Electric Corporation, Epson America, Inc., Denso Corporation, Kawasaki Heavy Industrials Ltd., Universal Robotics, Diahen Corporation, Panasonic Corporation, Yaskawa Electric Corporation, KUKA Robotics Corporation, and Fanuc Ltd. among others.
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The key takeaways from the report:
The report will provide detailed analysis of Global Industrial Robotics Market with respect to major segments such as type, industry vertical, and function
The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Industrial Robotics Market has been included in the report
Profile of the key players in the Global Industrial Robotics Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of Global Industrial Robotics Market:
By Industry Vertical
Electrical & Electronics
Food & Beverages
Chemical, Rubber & Plastic
Precision & Optics
Soldering & Welding
Milling, Cutting & Processing
Assembling & Disassembling
Painting & Dispensing
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