NEW YORK, March 1 , 2016 /PRNewswire/ -- The use of industrial robots is expected to grow exponentially in the future as their use leads to cost reduction, improved quality, increased production, and enhanced workplace health and safety. The global industrial robotics market is expected to reach USD 79.58 billion by 2022, growing at a CAGR of 11.92% between 2016 and 2022. The main drivers of this growth are the adoption of automation to ensure quality production and meet market demand as well as the growing demand from small- and medium-scale enterprises in developing countries. However, the lack of skilled force to work in the automated manufacturing units is one of the main restraints of the industrial robotics market.
"APAC to grow at the highest CAGR during the forecast period"
The industrial robotics market in APAC is segmented into countries such as China, Japan, India, Taiwan, South Korea, and Rest of APAC. Given the availability of labor and low cost of manufacturing, many global players are setting up their manufacturing facilities in countries such as China and India. Moreover, low-cost collaborative industrial robots are gathering much traction from the small- and medium-scale enterprises, which would enable the collaborative industrial robotics market to grow at a prominent rate.
"Sensors market is expected to grow at the highest CAGR among all industrial robotics components"
The controller is the major component of industrial robotics systems; it acts as the brain of robotic system which gives commands to carry out the required task efficiently. The market for the controller component held the largest share in 2015. However, the market for the sensors component is expected to grow at the highest CAGR between 2016 and 2022 owing to the advancement in technologies and implementation of artificial intelligence for making robotic systems smarter.
Breakdown of profile of primary participants:
- By Designation: C level—10%, Director level—40%, Others—50%
- By Region: North America—60%, Europe—25%, APAC—10%, RoW—5%
The opportunity for industrial robots lies in the increase in demand for low-cost robots working collaboratively with humans, which would increase the safety and productivity. The major players in industrial robotics market are ABB Ltd. (Switzerland), KUKA AG (Germany), FANUC Corp. (Japan), Yaskawa Electric Corp. (Japan), and Kawasaki Heavy Industries Ltd. (Japan) among others.
Reasons to Buy the Report:
- This report includes the market statistics pertaining to type, component, vertical, and geography along with their respective market sizes.
- The Porter's five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the global industrial robotics market.
- Major drivers, restraints, challenges, and opportunities for the industrial robotics market have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for markets segmented on the basis of on type, component, vertical, and geography have been conducted to give an overall view of the global industrial robotics market.
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