SAN FRANCISCO, June 11, 2018 /PRNewswire/ --
The global industrial robotics market size is anticipated to reach USD 41.23 billion by 2020, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.0% during the forecast period. Rapid expansion of the automotive industry worldwide and growing adoption of robotics in the non-automotive industry including food & beverage, chemicals, rubber & plastics, and electronics/electrical are stoking the growth of the market.
Companies implementing industrial robots are increasingly realizing substantial financial benefits, which is leading to a surge in installation of robots in contemporary manufacturing plants. Integration of robots with production processes help boost productivity, minimizes overheads, offers a high degree of flexibility, increases quality, and reduces waste to a large extent as compared to outcome of manual labor, which consequently propels the market.
Industrial robots have been responsible for the formation of a new ecosystem characterized by lucrative, rewarding, and high-paying jobs. Venture capitalists have opened up to funding companies designing and manufacturing industrial robots. Advancements in artificial intelligence and development of sophisticated sensors are projected to augment the development of self-programming robots.
Browse full research report with TOC on "Industrial Robotics Market Size, Share & Trends Analysis Report By Application (Automotive, Food, Chemical, Rubber & Plastics, Electrical/Electronics, Heavy Machinery), By Region, And Segment Forecasts, 2012 - 2020" at: https://www.grandviewresearch.com/industry-analysis/industrial-robotics-market
Further Key Findings From the Report Suggest:
- By 2020, the automotive segment is expected to account for the largest revenue share of approximately 40.0%, which can be attributed to the fact that robots play a vital role in the assembly of vehicles
- The metal/heavy machinery segment was valued at nearly USD 3.0 billion in 2016. Robots are extensively used in the sector on account of high degree of precision demanded coupled with difficult nature of tasks involved
- With a revenue of close to USD 16 million in 2016, the Asia Pacific region dominated the industry. Japan and South Korea are expected to continue being dominant country markets in the region
- Robot industries in Asian countries such as China, Korea, and Taiwan are supported by their respective governments through programs addressing R&D funding, tax incentives, loans, and investment in skills
- Some of the key players in the market are ABB; Omron Adept Technologies, Inc.; Mitsubishi Electric Corporation; YRG, Inc.; Toshiba Machine Co., Ltd.; and Panasonic Corporation.
Browse related reports by Grand View Research:
- Circuit Breaker and Fuse Market - The global circuit breaker and fuse market size was valued at USD 13.58 billion in 2016. The market is expected to flourish owing to increasing need for upgradation to efficient networks along with renewable energy connectivity.
- Embedded Non-volatile Memory (eNVM) Market - The global embedded non-volatile memory market size was valued at USD 129.9 million in 2014. The market growth is attributed to the increasing penetration of IoT-based devices and services in the developing countries.
- Hyper-Converged Infrastructure (HCI) Market - The global hyper-converged infrastructure market size was valued at USD 1.07 billion in 2015. Hyper-converged infrastructure is a software-centric architecture that integrates storage, compute, virtualization, and networking resources in a commodity hardware box supported by a single vendor.
- Field Programmable Gate Array (FPGA) Market - The global FPGA market size was estimated at USD 6.36 billion in 2015. Growing applications in military & aerospace, consumer electronics, and the automotive industry is a critical factor supporting their growth in newer segments and are presumed to drive the industry over the coming years.
Grand View Research has segmented the industrial robotics market report into application and region.
- Industrial Robotics Application Outlook (Revenue, USD Million, 2014 - 2020)
- Metal/Heavy Machinery
- Chemical, Rubber, & Plastics
- Industrial Robotics Regional Outlook (Revenue, USD Million, 2014 - 2020)
- North America
- Asia Pacific
- Rest of World
Explore the BI enabled intuitive market research database, The Grand Library, by Grand View Research, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
SOURCE Grand View Research, Inc.