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Industrial Robotics Market to Reach $44.48B by 2020
July 6, 2015 | PRNewswireEstimated reading time: 2 minutes
A recently released report from Transparency Market Research (TMR) forecasts that the global industrial robotics market will grow at a CAGR of 6.2% between 2014 and 2020. TMR, a market intelligence firm based in the U.S., states that the global industrial robotics market will reach a market value of US$44.48 billion by 2020, growing from US$28.93 million in 2013. The report, titled "Industrial Robotics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020" is available for sale on the website. According to this market research report, factors such as the widespread adoption of robotics in small and medium enterprises and rising labor costs drive the global industrial robotics market. High investment in research and development activities and reduction of duties, especially in the regions of Asia Pacific and Rest of the World, are other main factors that will propel the overall industrial robotics market. Greater use of robotics in manufacturing and strategic business expansion initiatives will create several growth opportunities in the global industrial robotics market in the forecast period.
The TMR report segments the global industrial robotics market on the basis of type, industry, function, and geography. According to type, this market is classified into cylindrical, Selective Compliant Assembly Robot Arm (SCARA), Cartesian, and articulated robots. On the basis of industry, the global industrial robotics market is segmented into precision and optics, food and beverages, metals, machinery, rubber, chemicals and plastics, electrical and electronics, and automotive. Precision and optics, metals, and food and beverages are the three industrial segments that will lead overall demand for industrial robots in the forthcoming years. Based on function, the report segments the global industrial robotics market into milling, cutting and processing, painting and dispensing, assembling and disassembling, materials handling, soldering and welding, and others. In 2013, the materials handling segment held the largest share in the global market.
From the regional perspective, the report categorizes the global industrial robotics market into Asia Pacific, Europe, North America, and Rest of the World. In terms of revenue, the global industrial robotics market was led by Asia Pacific in 2013. The growth of the Asia Pacific industrial robotics market can be attributed to intensive research and development activities in economies such as India, China, Australia, and Japan. It is anticipated that much of the demand for industrial robotics in Asia Pacific will come from small and medium enterprises that will take to robotic applications on a massive scale in the years to come. In North America, Mexico is expected to be a promising market for industrial robotics.
Stagnating industrial manufacturing and postponement of investment owing to high costs of capital will have an adverse impact on the performance of the global industrial robotics market in the forthcoming years. The prominent companies in the global industrial robotics market are Yaskawa Motoman Robotics, Universal Robots, Panasonic Corporation, Nachi Robotic Systems Inc., KUKA Robotics Corporation, FANUC Ltd., and Denso Corporation.
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