Industrial Robotics Market Growing at a CAGR of 9.60% During 2017 to 2023 - ReportsnReports
20 Jul, 2017, 02:30 BST
PUNE, India, July 20, 2017 /PRNewswire/ --
Industrial robotics market is expected to grow from $38.11 billion to $71.72 billion, at a CAGR of 9.60% from 2017 to 2023. Market for collaborative robots and SCARA robots expected to grow at highest CAGR with market Led by APAC Region during forecast period.
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"Industrial robotics market projected to grow at a significant rate between 2017 and 2023"
The industrial robotics market is expected to grow from USD 38.11 billion in 2016 to USD 71.72 billion by 2023, at a CAGR of 9.60% during the forecast period. The increase in investments for automation in various industries, such as automotive; electrical and electronics; and metals and machinery, and the growing demand for industrial robots from small and medium-scale enterprises in developing countries are the key factors driving the market. However, high overall installation cost for low-volume production applications is the key factor restraining the growth of the industrial robotics market.
Major players in the industrial robotics market are ABB Ltd. (Switzerland), KUKA AG (Germany), Mitsubishi Electric Corp. (Japan), FANUC Corporation (Japan), Kawasaki Heavy Industries Ltd. (Japan), Yaskawa Electric Corporation (Japan), Seiko Epson Corporation (Japan), Stäubli International AG (Switzerland), NACHI-FUJIKOSHI CORP. (Japan), DENSO CORPORATION (Japan), Comau SpA (Italy), DAIHEN Corporation (Japan), Omron Adept Technologies, Inc. (US), Universal Robots A/S (Denmark), and CMA ROBOTICS SPA (Italy).
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"Market for collaborative robots expected to grow at highest CAGR during forecast period"
Traditional industrial robots held a major share of the industrial robotics market in 2016. However, the market for collaborative robots is expected to grow at the highest CAGR between 2017 and 2023. As collaborative robots are cost-effective and best suited for small and medium-scale manufacturing industries, the adoption rate of collaborative robots is expected to grow significantly during the forecast period.
Key Target Audience for This Research Report:
- Original equipment manufacturers (OEMs)
- OEM technology solution providers
- Research institutes
- Market research and consulting firms
- Forums, alliances, and associations
- Technology investors
- Governments and financial institutions
- Analysts and strategic business planners
- End users who want to know more about the technology and the latest technological developments in the industry
"Market for SCARA robots to grow at a significant rate between 2017 and 2023"
The traditional industrial robots market for SCARA robots is expected to grow at a significant rate during the forecast period. Considering the benefits offered by SCARA robots, such as high accuracy even for high-speed applications, such as pick and place, palletization, and assembly, and better price-to-performance ratio than Cartesian and parallel robots, the rate of adoption of SCARA robots is expected to grow significantly for high-speed applications during the forecast period.
"APAC held largest share of industrial robotics market in 2016"
Out of the 4 major regions considered, APAC held the largest share of the industrial robotics market in 2016.The national plans such as "Made in China 2025" and "Make in India" by developing countries in APAC and the high rate of adoption of industrial robots to achieve factory automation are the main factors driving the industrial robotics market in the APAC region.
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Breakdown of profiles of primary participants: By Company Type: Tier 1 =35%, Tier 2 = 45%, and Tier 3 = 20%, By Designation: C-level Executives = 35%, Directors= 25%, and Others = 40%, By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
Research Coverage: This report segments the industrial robotics market on the basis of type, industry, and geography. Depending on the type, the industrial robotics market is segmented into traditional industrial robots and collaborative robots. Depending on various types of robots, traditional industrial robots are sub segmented into articulated robots, Cartesian robots, SCARA robots, parallel robots, and others (such as cylindrical robots and spherical robots (polar)).
Depending on the adoption of industrial robots by various industries, the industrial robotics market is segmented into automotive; electrical and electronics; plastics, rubber, and chemicals; metals and machinery; food and beverages; precision engineering and optics; pharmaceuticals and cosmetics; and others (oil and gas; paper and printing; foundry and forging; ceramics and stone; construction; textiles and clothing; supply chain management; and wood). Lastly, the global industrial robotics market is segmented into 4regions-north America, Europe, APAC, and RoW.
The report would help the market leaders/new entrants in this market in the following ways:
- This report segments the industrial robotics market comprehensively and provides the closest approximations of the overall market size and that of the sub segments across different verticals and regions.
- The report helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, market share analysis, and analysis of the top 25 companies on the basis of the products offered and business strategies adopted by them in the industrial robotics market.
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