The "Industrial Robotics - Global Market Outlook (2017-2026)" report has been added to ResearchAndMarkets.com's offering.
Global Industrial Robotics market accounted for $35.59 billion in 2017 and is expected to reach $97.41 billion by 2026 growing at a CAGR of 11.8% during the forecast period.
Increase in investments for automation in industries, increase in demand for low-cost industrial robots and growing demand from SMEs in developing countries are the key driving factors for the market growth. However, high overall installation cost for low-volume production applications are some of the factors hindering the market growth.
Industrial robots refers to a programmed device that performs its functions based on defined algorithms and can be re-programmed in more than one axis. Industrial robots can be either mobile mounted at fixed positions which can be utilized for factory applications. These are used as transportation devices in manufacturing industries. Light weight industrial robots are speculated to expand their scope in automotive and small scale industry at a more extensive level.
Based on Category, the Articulated Robots segment accounted for considerable market share during the forecast period. An articulated robot is a robotic arm that uses rotary joints to execute correct movements regularly and gradually. They give the manufacturer added versatility, thus making them attractive. An articulated robot can improve the company's productivity through better accuracy and speed, indirectly enhancing quality of the product being produced. With the ability to perform a multitude of tasks in industrial operations, articulated robots have witnessed extensive acceptance over the years, with the robots dominating the current landscape. Numerous industries are more deploying these robots to automate processes, adding to the demand for these systems.
Geographically, Asia Pacific is likely to hold the largest market share. The low cost of production, enabling a variety of manufacturers to set up their manufacturing units in APAC, particularly in countries such as China, Korea, and India, is the key factor driving the market in APAC.
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