Industrial Robotics Market for Electrical and Electronics segment is Growing at a High Rate by 2024| Leading Players are ABB, DENSO, Epson America, Kawasaki Heavy Industries, Mitsubishi Electric US, Panasonic Welding Systems, Universal Robots A/S, Yamaha

The global industrial robotics market is set to attain significant popularity across a diverse set of business domains over the forthcoming years. While unraveling the market dynamics of the overall industrial robotics industry, it is quite imperative to take note of a few reliable studies that highlight the prospective growth of this business space. A recently published study by the National Bureau of Economics Research and scholars from MIT and Boston University states that the swift escalation in research and development activities has led to the massive manufacturing of industrial robots.

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The high growth of the industrial sector is largely facilitated by government initiatives promoting the use of locally manufactured goods and equipment. For instance, the Make in India strategy was initiated to increase the manufacturing share in India's GDP to 25% by 2022 while simultaneously promoting the adoption of regionally manufactured products such as food & beverages and electronics as opposed to foreign brands amongst the general population.

The Major Key Players in the Market are as follows:

• ABB
• DENSO
• Epson America Inc.
• FANUC CORPORATION
• Kawasaki Heavy Industries, Ltd.
• KUKA AG
• Mitsubishi Electric US, Inc.
• Nachi-Fujikoshi
• OTC DAIHEN, Inc.
• Panasonic Welding Systems Co. Ltd.
• Rethink Robotics
• Stäubli AG
• Universal Robots A/S
• Yamaha Motor Co., Ltd.
• Yaskawa Electric Corporation

The high adoption of automation technology is projected to aid in the growth of the industrial robotics market. The usage of these technologies can aid in the reduction of the development time and the exorbitant variable costs such as labor and electricity prices. In regions including Western Europe and North America, the labor costs are very high, over USD 38 hourly wage in Germany.

The segmentation of the industrial robotics market by product indicates that collaborative robots are expected to have the highest growth rate over the forecast timeframe. These have a large work envelope and high usage as they allow employees to work alongside and are priced significantly lower as compared to its counterparts. Additionally, the adoption of the collaborative industrial robotics market decreases human idle time by 85% and substantially boosts the efficiency of the overall manufacturing process.

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The end-use segmentation of the industrial robotics market indicates that the electrical and electronics segment will account for a high growth. The increase in the disposable income and the economic prosperity stemming from the industrial boom across various regions, primarily in South-East Asia, are contributing to the high proliferation of these devices.

Competitive advantage and reduced per-hour cost as compared to human results will augment the North America industrial robotics market growth. Major players are developing affordable, and compact energy-efficient solutions to access a wider customer base. The rise of outsourced manufacturing activities and the increase in SMEs in the Asia Pacific region are contributing to the high industry demand of the in the region.

In this regard, one of the trends that remains to be seen in industrial robotics industry is the demand-price relationship for these robots, particularly in the emerging economies. All in all, the profitability scope seems humongous for the industrial robotics market in the coming years, with a target global share of USD 80 billion by 2024.

Industrial robotics market players comprise Fanuc Corporation, OTC Daihen, Inc., Epson America, Inc., ABB Group Ltd., KUKA AG, Nachi Fujikoshi Corp., and Kawasaki Heavy Industries

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