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Global Industrial Robotics Market Poised to Grow at 6.2% CAGR

From 2014 through 2020, the global industrial robotics market is poised to grow at a CAGR of 6.2% to stand at US$44.48 billion in 2020, says a latest market report by Transparency Market Research. The study titled ‘Industrial Robotics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020’ states that the global industrial robotics market was worth US$28.93 billion in 2013.

The healthy growth rate of the global industrial robots market is credited to a high demand for automation from a myriad of industry verticals and geographical regions.

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The APAC and Rest of the World regions hold promising prospects for the growth of the industrial robotics market owing to intensified investments and R&D initiatives. Industrial robotics technologies have made successful inroads into new and lucrative sectors such as electronics, healthcare, and instrumentation. Moreover, industrial robotics are becoming a preferred replacement for manual labor, giving a further impetus to this market. According to report, the growing adoption of industrial robotics in SMEs will lead the market to steady growth over the forecast period.

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By type, the industrial robotics studies the market as: Articulated, Cartesian, cylindrical, SCARA and others. By industries where industrial robotics are used, the market is segmented as: Automotive, chemicals, rubber and plastics, electrical and electronics, machinery, metals, F&B, precision optics, and others. The largest revenue share, by type, was held by articulated robots at 48.35% in 2013. By industry, automotives accounted for the highest share, contributing 27.39% of revenue share in 2013. Going ahead, the most attractive and rapidly growing segments will be F&B, precision and optics, and metals. Regionally, APAC will see rapid growth at a 7.6% CAGR through 2020.

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