The industrial robotics market report also unfolds that the market is expected to strike a double-digit CAGR of 14% across the evaluation period 2016 to 2022
Industrial robotics is programmable automated machines used in industries for performing repetitive tasks while reducing human labor. The global industrial robotics market, in an assessment offered by Market Research Future (MRFR), is projected to earn revenues worth USD 81 Bn by 2022. The technology is likely to witness rapid advancements in the forthcoming years which is expected to dominate the growth pattern of the market over the next few years.
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With the advancements in technology, the applications of robotics are also anticipated to witness a drastic rise. This, in turn, is prognosticated to influence the expansion of the industrial robotics market greatly over the forecast period. Also, the advent of the industrial revolution (industry 4.0) has opened avenues of growth for the market participants. It is expected to emerge as one of the primary driving factors of the market in the nearby future.
The rising adoption of technologies such as IIoT, cloud services, etc. is likely to favor the growth of the industrial robotics market over the next couple of years. Also, the expansion of the manufacturing industry is anticipated to boost adoption of the technology, thus contributing to the development of the market in the foreseeable future.
ABB Ltd. (Switzerland), Kuka AG (Germany), Denso Corporation (Japan), Kawasaki Heavy Industries Ltd. (Japan), Yaskawa Electric Corporation (Japan), Bosch GmbH (Germany), Fanuc Corporation (Japan), Rockwell Automation, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), and Toshiba Corporation (Japan) are some of the major participants of the global industrial robotics market studied in the share analysis included in the report. Technological innovations are likely to play a crucial role in intensifying the competition in the market over the next couple of years. Rising investments in research & development are poised to help the key players in strengthening their market positions in the years to come. In addition, new players are expected to enter the competitive landscape of the industrial robotics market, while existing ones are anticipated to invest in regional expansion. These factors ensure that the market is likely to remain competitive over the next few years. Growth strategies that are likely to be employed by the major market participants are collaborations, product development, partnerships, mergers & acquisitions, agreements, etc.
The segmental analysis of the global industrial robotics market covers different types, which are cartesian, SCARA, articulated, delta, 6-axis robots, redundant, dual-arm, and parallel among others.
The segments of the industrial robotics market, based on application, identified in this report are material handling, assembling, palletizing, welding, and painting, among others.
The end-user segments of the global industrial robotics market studied in this assessment are food & beverage, automotive, electronics, entertainment, rubber & plastic, and pharmaceuticals, among others.
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This MRFR report covers an exhaustive study of the global industrial robotics market on regional and country-level basis. The key regions identified in this study are North America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC). Asia Pacific has been assessed to hold the maximum share of the global market in the years to come. Japan is likely to lead the growth of the regional segment over the evaluation period. China and India are also expected to support the expansion of the industrial robotics market in the region. Europe is prognosticated to maintain its standing at the second spot during the review period. The region has been witnessing the rapid deployment of robotics in the industrial sector. This, in turn, is anticipated to boost the revenue growth of the regional segment for the next few years.
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