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Industrial Robot Market Size, Share, Trends, Growth Opportunities, Key Players and Demand by 2023
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Several advantages of industrial robot functionalities are leading to its increased adoption in automotive, electronic, electrical, and healthcare industries. The benefits of industrial robots include increased production, improving workplace health and safety, improved quality, manufacturing flexibility and cost reduction. The manufacturers of various industries prefer to use industrial robot solutions to involve less manpower for hazardous work.
Many industries are provided with customized robots to meet their exclusive specifications. The automotive industry was the largest end user of the global industrial robot market in 2015, whereas the market is expected to grow at the fastest rate in electronics and electrical industry, during the forecast period. The local vendors in the automotive industry are aiming to remain competitive by innovating and developing new collaborative industrial robots.
Industrial robots are reshaping the manufacturing industries. Increasing demand for low cost industrial robots, which are capable of collaborating humans, would create ample growth opportunities in the global industrial robot market. The use of industrial robot helps industry in reducing variable cost, meeting growing demand of mass production, and increasing the competitiveness of companies.
Geographically, Asia pacific was the largest market for industrial robot in 2015. The industrial robot market is also expected to witness the fastest growth in Asia-Pacific during the forecast period, due to increasing adoption of industrial robots by small and medium scale manufacturers. Japan was the largest industrial robot market in Asia-Pacific as well as globally, followed by China in 2015. During the forecast period, continued increase of robot installations is expected in major Asian markets such as India, China, South Korea, and Japan. Also, continued growth is expected in industrial robot markets of North America and Europe. During the forecast period, the robot installations are estimated to increase in many developing nations, which are moving towards automation for gaining productivity, efficiency and higher industrial growth.
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The key players in the global industrial robot market are ABB Ltd., FANUC Corp., YASKAWA Electric Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Electric Corporation, Kuka AG, Panasonic Welding Systems Co. Ltd., Toshiba Machine Co. Ltd. and Omron Corporation.
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