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Published on: Tuesday, Tue, 17 Jul 2018 ● 2 Min Read
Industrial robotics market is expected to grow from $38.11 billion to $71.72 billion, at a CAGR of 9.60% from 2017 to 2023, according to a report released by ReportsnReports. Market for collaborative robots and SCARA robots expected to grow at highest CAGR with market Led by APAC Region during forecast period.
The increase in investments for automation in various industries, such as automotive; electrical and electronics; and metals and machinery, and the growing demand for industrial robots from small and medium-scale enterprises in developing countries are the key factors driving the market. However, high overall installation cost for low-volume production applications is the key factor restraining the growth of the industrial robotics market.
Major players in the industrial robotics market are ABB Ltd (Switzerland), KUKA AG (Germany), Mitsubishi Electric Corp. (Japan), FANUC Corporation (Japan), Kawasaki Heavy Industries Ltd (Japan), Yaskawa Electric Corporation (Japan), Seiko Epson Corporation (Japan), Stäubli International AG (Switzerland), NACHI-FUJIKOSHI CORP. (Japan), DENSO CORPORATION (Japan), Comau SpA (Italy), DAIHEN Corporation (Japan), Omron Adept Technologies, Inc. (US), Universal Robots A/S (Denmark), and CMA ROBOTICS SPA (Italy). Traditional industrial robots held a major share of the industrial robotics market in 2016. However, the market for collaborative robots is expected to grow at the highest CAGR between 2017 and 2023. As collaborative robots are cost-effective and best suited for small and medium-scale manufacturing industries, the adoption rate of collaborative robots is expected to grow significantly during the forecast period.
Key Target Audience for This Research Report: • Original equipment manufacturers (OEMs) • OEM technology solution providers • Research institutes • Market research and consulting firms • Forums, alliances, and associations • Technology investors • Governments and financial institutions • Analysts and strategic business planners, and • End users who want to know more about the technology and the latest technological developments in the industry.
Out of the 4 major regions considered, APAC held the largest share of the industrial robotics market in 2016.The national plans such as "Made in China 2025" and "Make in India" by developing countries in APAC and the high rate of adoption of industrial robots to achieve factory automation are the main factors driving the industrial robotics market in the APAC region.
