BURNABY, Canada, April 6, 2015 /PRNewswire/ --
Increasing labor cost, rising focus on efficient production and process automation, coupled with growing demand for better quality products to drive global industrial robotics market
According to a recently released TechSci Research report, "Global Industrial Robotics Market Forecast & Opportunities, 2020", global market for industrial robotics is projected to reach USD46 billion by 2020. Growing adoption of industrial robots across various industries including automotive, electrical/electronics, food and beverage, among others, is the key factor driving the market for industrial robotics. Consequently, industrial robot shipments in chemical, rubber & plastics, and metal & machinery industries have been witnessing robust growth over the last five years, with the trend expected to continue in coming years as well.
Global industrial robotics market is dominated by Asia and Europe, with China, Japan, Republic of Korea, Germany, France, Italy and the United Kingdom being the key markets. These two regions are expected to cumulatively account for three-fourths of global market in volume terms by 2020. Increase in labor and manufacturing costs is compelling manufacturers to shift their manufacturing facilities to cost effective destinations. Asia, being a cost effective and demand driven region, has consequently emerged as a manufacturing hub and is forecast to maintain its dominance in the market over the next five years.
China is the most prominent market for industrial robotics, with a significant demand chunk emanating from automotive industry. In 2013, China surpassed Japan in industrial robots shipments to emerge as the largest industrial robotics market across the globe. Major players in global industrial robotics market include ABB Ltd., KUKA Aktiengesellschaft, Denso Wave Inc., FANUC Corporation, Kawasaki Heavy Industries, Ltd. and Mitsubishi Electric Corporation.
"Launch of low cost, light weight and energy efficient robots is expected to surge demand for industrial robotics from healthcare, pharmaceutical and food industries in the coming years. Moreover, development of collaborative robots is anticipated to increase penetration of industrial robots in SMEs, further driving growth in the market.", said Mr. Karan Chechi, Research Director with TechSci Research a research based global management consulting firm.
"Global Industrial Robotics Market Forecast & Opportunities, 2020" has analyzed the future growth potential of industrial robotics market across the globe. The report provides statistics and information on market structure, size, share and consumer behavior. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends, along with essential drivers, challenges and opportunities in global industrial robotics market.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research