Articulated Robot Market Worth 23.51 Billion USD by 2023
PUNE, India, May 31, 2018 /PRNewswire/ --
According to the new market research report "Articulated Robot Market by Payload (Up to 16.00 kg, 16.01-60.00 kg), Function (Handling, Welding, Dispensing, Assembly), Industry (Automotive, Electrical & Electronics, Metal & Machinery, Food & Beverages), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 10.92 Billion in 2018 to USD 23.51 Billion by 2023, at a CAGR of 16.58% during the forecast period. The growth of the articulated robot market is driven by factors such as increasing growing investments for automation in various industries and growing demand from SMEs in developing countries.
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Robots with payload carrying capacity of up to 16.00 kg to capture largest share of articulated robot market in 2018
Robots with payload carrying capacity of up to 16.00 kg are expected to hold the largest share of the articulated robot market in 2018 owing to increased payload capacity, work envelope, reliability, and speed, articulated robots are used in several applications, including welding, painting, assembly, packaging, palletizing, depalletizing, machine tending, sealing, gluing, cutting, cleaning, deburring, die casting, grinding, polishing, material handling, case packing, pick and place, pre-machining, and press brake tending.
Articulated robot market for metal and machinery industry to grow at high rate during forecast period
The metals and machinery industry has been among the versatile industries for automation solutions. It performs several functions ranging from small details to higher performance in complex tasks. With growing demand for machines in industries, such as agriculture, packaging, and manufacturing, for various applications, the articulated robot market for the metals and machinery industry is expected to grow at a high rate during the forecast period.
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APAC to hold largest share of articulated robot market during forecast period
Among the 4 regions considered (North America, Europe, APAC, and RoW) in the report, APAC is expected to hold the largest share of the articulated robot market during the forecast period (2018-2023). Adoption of articulated robots by countries such as China, India, Japan, and South Korea for a myriad of industrial applications contribute to the growth of the articulated robot market in APAC. Also, the low cost of production enables various manufacturers to set up their manufacturing units in APAC.
The articulated robot market is currently dominated by players such as FANUC (Japan), ABB (Switzerland), Yaskawa (Japan), KUKA (Germany), and Mitsubishi (Japan). CMA Robotics S.p.A. (Italy), Anhui Efort Intelligent Equipment (China), Precise Automation, Inc. (US), and F&P Robotics AG (Switzerland) are some of the emerging players in the articulated robot market.
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