Industrial Robotics Market is growing due to Increase in demand for automation and rapid growth in industrialization

According to a new report published by Allied Market Research, titled, Global Industrial Robotics Market by Type, Industry, Function, and Region: Global Opportunity Analysis and Industry Forecasts, 2017-2023, the global industrial robotics market was valued at $37,875 million in 2016, and is projected to reach $70,715 billion by 2023, growing at a CAGR of 9.4% from 2017 to 2023.

The articulated robots segment accounted for $18,350 million in 2016 in the industrial robotics market, owing to increased usage of these robots in the emerging industries such as packaging and healthcare sectors. However, cylindrical robots and other types of robots, such as customized and refurbished robots, are expected to grow at a significant pace in the coming years, owing to their increased demand in the industrial sectors of the Asia-Pacific region. The cylindrical and others segments are estimated to grow at CAGRs of 11.0% and 11.6%, respectively, during the forecast period.

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Small- and medium-scale industries, especially in the emerging countries, such as India, Venezuela, Saudi Arabia, and Qatar, have witnessed considerable interest in new automation technologies. The other factors, such as upgradation of installed systems are expected to drive the global industrial robotics market in the near future, especially in the developed regions. The robotics and artificial intelligence industries have experienced a series of developments such as evolvement of newer algorithms, machine-to-machine communication technologies, and others.

Asia-Pacific is expected to be the fastest growing market, especially in countries such as Japan, Australia, New Zealand, and others. Japan is one of the largest markets for industrial robots in the world. In addition, the demand for industrial robots across major application segments, such as automotive, electrical, and consumer electronics and increase in usage across other sectors are expected to boost the market growth in the coming years. However, in Europe, the industrial robotics market is expected to grow due to the contribution of different countries such as Germany, Italy, France, UK, Spain, and others. In North America, Mexico is expected to present tremendous potential across different application sectors in the coming years.

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The automotive is presently the largest application segment of the global industrial robotics market, followed by the electrical & electronics segment. In the automotive sector, the robots have played a crucial role in the manufacturing process since decades. Reliable high-tech robots and continuous development in the sector have increased the profitability of companies. Electrical and electronic segment is expected to witness robust growth in the coming years, owing to the growing adoption of robots for both personal and commercial applications, and feasibility to produce electronic parts and components through industrial robotics. Moreover, ongoing technological developments in these application segments are expected to expand the application scope of industrial robotics in the untapped sectors.

Asia-Pacific was the largest revenue generator in the global industrial robotics market in 2016, accounting for 49.4% of the total market share. The dominance of Asia-Pacific is attributed to growth in countries such as China, India, Japan, Taiwan, Australia, and others investing heavily in R&D activities and infrastructure development. Rapid growth in automation and reduction in taxes on refurbished goods have fueled the growth of the industrial robotics market. North America and Europe collectively accounted for more than one-third share of the industrial robotics market, as these regions have continuously focused on R&D activities using industrial robotics.

Materials handling is the largest segment by function in the global industrial robotics market. In 2016, this segment accounted for over one-third share of the global industrial robotics market, owing to its increased demand over diversified industries such as packaging and electronics, where the market for robots is in its nascent stage especially in the Asia-Pacific and Latin American regions. This segment is expected to continue this trend during the forecast period. Presently, the soldering & welding segment accounted for over one-fourth share of the global industrial robotics market, owing to their aggrandized usage in applications requiring high precision in the machinery industry. The segment accounts for significant share of the market, owing to its price per unit factor rather than volume.

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Key Findings of the Global Industrial Robotics Market:
Presently, the articulated robot segment dominates the industrial robotics market, and is expected to this trend throughout the forecast period.
Automotive is the largest application segment in the present scenario, and is projected to maintain its dominance throughout the forecast period.
The food & beverages segment is expected to witness fastest growth rate in the near future.
The material handling is the largest segment in the present scenario, and is expected to maintain this trend during the forecast period.
Asia-Pacific is the largest regional market in the world, followed by North America. It is expected to witness robust growth in the near future.

Daihen Corporation, Denso Corporation, Epson America, Inc., Fanuc Ltd, Kawasaki Heavy Industries Ltd., KUKA Robotics Corporation, Mitsubishi Electric Corporation, Nachi Robotic Systems, Inc., Panasonic Corporation, and Universal Robotics are some of the leading market players that occupy a prominent revenue share in the industrial robotics industry.

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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