01-11-2019 07:44 PM CET - IT, New Media & Software

Robotics Market is expected to register a CAGR of 24.52% over the forecast period of 2018-2023| Dominant Players - ABB LTD., YASKAWA ELECTRIC CORPORATION, DENSO CORPORATION, FANUC CORPORATION, KUKA ROBOTICS, KAWASAKI ROBOTICS, TOSHIBA CORPORATION, PANASON

Press release from: Market Prognosis
Market Analysis:

Asia-Pacific to witness considerable growth

In North America, due to the demand and adoption of robotic technologies, the automotive robotics market is proliferating. However, due to rapid industrialization and booming automotive industries, Asia-Pacific is expected to witness considerable growth over the forecast period.

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Robots play a crucial role in industrial automation, with many core operations in industries being managed by robots. Organizations are adopting robotics, to automate their processes, deliver high-quality products, expand their manufacturing capabilities, provide better customer service, and efficiently manage their operations. Owing to the rising advantages of smart factory systems, the market has been witnessing significant demand over the past decade. The growing penetration of IoT and investments in robotics have been the major contributors to the growth of the market. Industrial robotics is the largest segment for market.

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Market Segments:
Robotics Market is segmented by:
1. Type: Industrial, Service
2. End User: Automotive, Agriculture, Electronics, Logistics, Military and Defense, Medical and Healthcare, Other End Users
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market

• January 2018 - Futura Automation LLC announced the addition of a new product line, Applied Robotics. Applied Robotics Inc. is a global provider of robotic end-of-arm tooling and connectivity products and is expected to increase the capability and presence of Futura Automation, in the North American robotics sector.
• November 2017 - ABB and Kawasaki announced collaborative robot automation cooperation, to focus on u2018cobots’ and the creation of common industry approaches for safety, programming, and communications.

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