Industrial Robotics Market
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Industrial Robotics market is estimated to grow at a CAGR of 7.12% to reach US$57.024 billion by 2022, increasing from US$40.438 billion in 2017. Growing adoption of automation solutions across end-use industries due to rising labor costs and stringent regulations regarding workers' safety is driving the industrial robotics market growth. Mounting need to make the entire supply chain smooth and flexible to bridge the supply-demand gap is further fuelling the demand for industrial robotics globally. The surging usage of industrial robotics for tasks such as sheet handling and welding in heavy industries has resulted in a reduction in manufacturing cycle time and raw material wastage, thereby positively impacting the demand for industrial robotics solutions.
Industrial Robotics market is segmented by type as cylindrical, SCARA, articulated, Cartesian, and others. Articulated robots are projected to lead the global industrial robotics market throughout the forecast period, with the largest market share, in terms of value, in 2016. These robots are widely used across various industries owing to their structural and operational capabilities. Healthcare and packaging sectors are increasingly deploying articulated robots contributing to the global growth of articulated industrial robotics market.
By End-User Industry
By end-user industry, Global Industrial Robotics market is segmented as automotive, manufacturing, food and beverage, chemical, electronics, and others. The automotive industry is the largest end-user of industrial robotics owing to the adoption of the assembly line in the industry. Food and beverage industry will see a potential growth due to rising demand for processed food and beverage products, especially in developing countries. Electronics will witness the fastest growth due to swelling demand for efficient electronic products, miniaturization of electrical and electronic equipment and growing complexity of the manufacturing processes.
Geographically, APAC region accounted for the largest share of Industrial Robotics market in 2016 and will remain at its position over the end of the projected period, growing at the highest CAGR. This rapid growth is attributed to booming demand for industrial robotics from growing end-use industries in the region. Increasing manufacturing activities in economies such as China and India coupled with favorable government initiatives will further propel the market growth in the coming years.
Prominent key market players in Industrial Robotics market include Adept Technology, ABB, Fanuc, Kawasaki Robotics, Nachi Robotic Systems, Panasonic, and others. These players are adopting various strategies such as new product launch, M&A, partnerships, and business expansion to gain a competitive advantage in the global Industrial Robotics market. Recently in December 2016, Midea, a leading major appliances producer acquired KUKA AG to capitalize on growth opportunities to unlock the full potential of robotics and automation.
In this report, Industrial Robotics market is segmented by type, component, end-user industry, and geography as below:
By End-User Industry
Food and Beverage
Europe Middle East and Africa
Middle East and Africa