Global Industrial Robotics Market to Reach $41.18B by 2020
June 10, 2016 | PRNewswireEstimated reading time: 1 minute
Robotics is big disruptive technology with continuously increasing demand for both industrial and service robotics. These are used in a wide variety of tasks like assembling in electronic & automobile sectors, plastic parts, machining of metals and handling of all kinds of production capabilities, etc. However, automotive has emerged as the massive customer `for industrial robotics due to the cost saving offered by the technology.
Supply – Demand Scenario:
The global industrial robotics market was 28.22 billion USD in 2014 and is forecasted to reach 41.18 billion USD by 2020 at a CAGR of 6.5% for the period.
Growth by Region:
The industrial robotics market is dominated by countries including Japan,U.S., Germany, South Korea and China. As per the International Federation of Robotics' (IFR) statistics, Japan is the dominating the market in the world followed by China. Asia Pacific industrial robotics market accounted for over 50% of the global revenue. China is likely to be the leading demand generator for the industrial robots in the next five years
Drivers vs. Constraints:
The market for industrial robots is growing due to the increasing demand of high quality work, rising wages, increased production, and automation of the production lines. Earlier, the usage of robots were bounded in performing a variety of repetitive tasks but as of now the robots are also being used in many industries such as warehouses, hospitals, food industry, electric vehicles, photovoltaic, laboratories, pharmacy industry and many more which is regularly driving the demand for advanced robots.
Industry Structure and Updates:
The SPARC robotics project launched by the EU through an investment of USD 870 million is aimed at creating over 2.35 million jobs in Europe from 2014 to 2020.
ABB, the leading power and automation group, announced it acquired Gomtec GmbH to expand its offering in the field of collaborative robots.
Suggested Items
A Potpourri of Design PD Classes
05/14/2024 |What is invention without innovation? What is innovation without capability? Kelly Dack addresses these questions and more in this review of the Professional Development courses at IPC APEX EXPO, including the flex course lead by "Flexperts" Mark Finstad and Nick Koop.
Viscom’s Approach to Inline X-Ray
05/14/2024 | Barry Matties, I-Connect007In this interview, Viscom President Ed Moll and CEO Jesper Lykke discuss the importance of inline X-rays for real-time data and board inspection. They also discuss AI integration, customer inquiries, and ROI considerations. Also, as Ed moves into semi-retirement, he reflects on his long career, recent developments, and the evolving X-ray industry. He shares his insights on career opportunities for emerging engineers in the industry.
SEMI Applauds U.S. CHIPS Act Award for Polar Semiconductor Facility in Minnesota
05/14/2024 | SEMISEMI, the industry association serving the global semiconductor and electronics design and manufacturing supply chain, applauded the United States Department of Commerce’s announcement of a Preliminary Memorandum of Terms for an award under the CHIPS and Science Act to support the expansion and modernization of Polar Semiconductor’s fab in Minnesota.
Siemens Partners with Microsoft to Deliver AI-enhanced Solutions for Resilient Product Lifecycle Management with Azure
05/14/2024 | PRNewswireSiemens Digital Industries Software announced an expansion of its partnership with Microsoft to make the Siemens Xcelerator as a Service portfolio of industry software available through Microsoft's cloud and AI platform Azure and integrating it with generative AI and Copilot features.
Real Time with… IPC APEX EXPO 2024: The Success and Future of IPS's Vertical Technology
05/13/2024 | Real Time with...IPC APEX EXPOMike Brask reports on his experience at the show, telling us about the buzz surrounding the vertical technology offerings at IPS, and its benefits. He highlights their customer-centric approach, future growth strategies, and the challenges in workforce management. The conversation also touches upon their recruitment strategies and expresses optimism for the industry's future.