Industrial Robots Market to grow from a market value of USD 41.86 billion in 2017 to a USD 73.51 billion by 2023| Dominant Players - ABB LTD, DENSO CORPORATION, FANUC CORPORATION, KUKA ROBOTICS, KAWASAKI ROBOTICS, TOSHIBA CORPORATION, others

Market Analysis:

North America to Have the Largest Market Share
North America is the largest market for smart solutions, with a major share held by the United States. The industrial sector in this region has recovered considerably after the recent recession, to regain its earlier growth levels. Moreover, increased focus on workplace safety has also been a major factor driving adoption of industrial robots.

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Industrial robots play a crucial role in industry automation, with many core operations in industries being managed by robots. The market has been witnessing huge demand over the past decade, owing to the rising consumption advantages of smart factory systems. Growing penetration of the IoT and investments in robotics have been major contributors to the growth of the market. Innovations in technology have enabled industries to use robots to streamline many processes, increase efficiency, and eliminate errors. Some of the major factors driving the market include rising demand for high-quality products, need for energy conservation, and growing focus on workplace safety. In terms of end-user demand, the automotive industry emerged as the largest segment, followed by the electronics, metal and chemical segments.

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Market Segments:
Industrial Robots Market is segmented by:
1. Type: Articulated Robots, Linear Robots, Cylindrical Robots, Parallel Robots, Scara Robots, Others
2. End-user Industry: Automotive, Chemical & Manufacturing, Construction, Electrical & Electronics, Food & Beverages, Machinery & Metal, Pharmaceutical, Others (Rubber, Optics)
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• November 2017 - Kawasaki collaborated with ABB for robot automation cooperation.
• July 2017 - ABB acquired B&R (Bernecker + Rainer Industrie-Elektronik GmbH.
• April 2017 - IBM and ABB announced a strategic collaboration that brings together ABB’s industry-leading digital offering, ABB Ability, with IBM Watson Internet of Things cognitive capabilities, to unlock new value for customers in utilities, industry, transport, and infrastructure.

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