According to a report, “Industrial Robotics Market Size, Share & Trends Analysis Report By Application (Automotive, Food, Chemical, Rubber & Plastics, Electrical/Electronics, Heavy Machinery), By Region, And Segment Forecasts, 2012 – 2020″,published by Grand View Research, Inc.,The global industrial robotics market size is anticipated to reach USD 41.23 billion by 2020, Expanding at a CAGR of 7.0% during the forecast period. Rapid expansion of the automotive industry worldwide and growing adoption of robotics in the non-automotive industry including food & beverage, chemicals, rubber & plastics, and electronics/electrical are stoking the growth of the market.
Companies implementing industrial robots are increasingly realizing substantial financial benefits, which is leading to a surge in installation of robots in contemporary manufacturing plants. Integration of robots with production processes help boost productivity, minimizes overheads, offers a high degree of flexibility, increases quality, and reduces waste to a large extent as compared to outcome of manual labor, which consequently propels the market.
Key Takeaways from the report:
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By 2020, the automotive segment is expected to account for the largest revenue share of approximately 40.0%, which can be attributed to the fact that robots play a vital role in the assembly of vehicles
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The metal/heavy machinery segment was valued at nearly USD 3.0 billion in 2016. Robots are extensively used in the sector on account of high degree of precision demanded coupled with difficult nature of tasks involved
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With a revenue of close to USD 16 million in 2016, the Asia Pacific region dominated the industry. Japan and South Korea are expected to continue being dominant country markets in the region
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Robot industries in Asian countries such as China, Korea, and Taiwan are supported by their respective governments through programs addressing R&D funding, tax incentives, loans, and investment in skills
Industrial robots have been responsible for the formation of a new ecosystem characterized by lucrative, rewarding, and high-paying jobs. Venture capitalists have opened up to funding companies designing and manufacturing industrial robots. Advancements in artificial intelligence and development of sophisticated sensors are projected to augment the development of self-programming robots.
Application Highlights
By application, the market is segmented into chemical, rubber, and plastics, automotive, electrical/electronic, metal/heavy machinery, and food. In 2016, the automotive segment accounted for the largest revenue share, contributing to nearly 45.0% of the global market. Moreover, development of automotive robotics has picked up pace due to the cost-effectiveness, job efficiency, and safety.
The food segment is likely to exhibit the highest CAGR over the forecast period. However, due to various government regulations and food safety standards, the demand witnessed for industrial robotics in the initial years was low in the sector. Nevertheless, with the surging demand for packaged food and fast food, their demand is expected to increase.
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Regional Outlook
Some of the key contributing countries in the industrial robotics market are Germany, China, Japan, the U.S., and South Korea. The Asia Pacific region dominated the market with a revenue share of over 52.0% in 2016 and is anticipated to continue its dominance throughout the forecast period. The region also had the maximum number of units shipped in 2016, which stood at around 151 thousand units. It is projected to register a substantial CAGR over the forecast period.
Major industrial robot manufacturing hubs in Asia Pacific include China, Japan, Korea, and Taiwan. Japan and South Korea are at the forefront of the regional market in terms of installation of industrial robots. Rapid growth of the market in these countries can be primarily attributed to booming electronics industry.
Leading Market Players
Some of the key players in the market are ABB; Omron Adept Technologies, Inc.; Mitsubishi Electric Corporation; YRG, Inc.; Toshiba Machine Co., Ltd.; and Panasonic Corporation.
Grand View Research has segmented the industrial robotics market report into application and region.
Industrial Robotics Application Outlook (Revenue, USD Million, 2014 – 2020)
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Automotive
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Electrical/Electronics
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Metal/Heavy Machinery
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Chemical, Rubber, & Plastics
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Food
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Others
Industrial Robotics Regional Outlook (Revenue, USD Million, 2014 – 2020)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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Italy
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Spain
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U.K.
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France
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Asia Pacific
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China
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Japan
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Korea
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Taiwan
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Rest of World
Browse Related Report:
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- Service Robotics Market – The need to combat rising labor costs in developed nations and growing instances of assisted living are expected to give impetus to the global service robotics market
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