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Global Robotics Market to Reach $53.22B by 2020
April 25, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Global Robotics Market - By Type, Component, Application, Regions - Market Size, Demand Forecasts, Industry Trends and Updates (2014-2020)"report to their offering.
The global robotics market was $25.69 billion in 2014 and is estimated to reach $53.22 billion by 2020, growing at a CAGR of 12.91% for the period.
The global robotics market was dominated by the APAC region in 2014, which is expected to continue for the forecasted period as well. The products generate big revenue in this market due to the high density of automotive companies in the region. The European market increased by 5% in 2014. Supply of robots to the U.S. continued to increase by 8%.
Drivers vs. Constraints:
The adoption of robots across a wide range of industries including manufacturing, defense and security, food and beverage, healthcare, electronics, and automotive has accelerated the growth of the market. The APAC market is expected to rise at a constant rate during the estimation period owing to the increasing demand for automation and rising labor costs.
The approaching need of automation solutions is a major factor that drives this market. Manufacturers are increasingly opting for process automation, due to the rise in labor costs.
Industry Structure and Updates
The SPARC robotics program launched by the EU through an investment of USD 872 million is aimed at producing over 2.35 million jobs in Europe from 2014 to 2020.
ABB, the leading power and automation group, acquired Gomtec GmbH to expand its offering in the field of collaborative robots.
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