Global Industrial Robotics Market is expected to grow from US$ 16,847.6 million in 2017 to US$ 48,166.9 million by 2025 at a CAGR of 14.2% between 2018 and 2025.
The major players operating in the global industrial robotics market includes ABB Ltd., Kawasaki Heavy Industries, Ltd., Yaskawa Electric Corporation, Fanuc Corporation, Kuka AG, Mitsubishi Electric Corporation, Denso Corporation, Comau SpA, Nachi-Fujikoshi Corp. and Universal Robots A/S among others.
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APAC is one of the prominent regions in industrial robotics market which is contributing highest revenue globally due to rapidly growing manufacturing sector of the region and increasing competition demanding for better productivity and efficiency. Rapidly growing economies in Asia-Pacific (APAC) with significant growth manufacturing will pave the path for increasing adoption and propel the market for industrial robotics.
Also, the APAC region is expected to grow with highest CAGR during the forecast period, with China contributing the major share. Furthermore, Europe region is also experiencing a significant growth attributed to the presence of significant automotive manufacturing industry. Also, the U.S. and Mexico are witnessing significant growth in adoption of industrial robotics.
The report focuses on an in-depth segmentation of this market based by types, function and industry. The geographic segmentation of the report covers five major regions including; North Americas, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SA). The regional market has been further bifurcated by respective countries. By industry segment, automotive sector accounted for the largest share of the industrial robotics market in 2017; whereas APAC region is expected to grow at the highest CAGR during the forecast period.
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The market for industrial robotics is at its growing phase in certain countries and at infant stage in some developing countries. The market is further expected to flourish with increasing government support for automation in industries including, industrial robotics across the globe. One of the key factor propelling the market growth for industrial robotics is constantly aging population of several countries worldwide resulting in increasing labor costs. As per WHO, approximately 2 Bn people globally are anticipated to be more than 60 years old by 2050, which is over triple of what it was in 2000. Diminishing fertility rates and longer lifespans are the major factors contributing to this growth. Further, increasing support from governments is also bolstering the growth of the market.
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