Industrial Robotics Market to Reach $41 Billion, Globally, by 2020 - Allied Market Research
PORTLAND, Oregon and PUNE, India, April 5, 2017 /PRNewswire/ --
Industrial Robotics Market was valued at $27 million in 2012, and is projected to reach $41 billion by 2020, growing at a CAGR of 5.4% from 2013 to 2020. The articulated robots segment accounted for $13 billion in 2012 in the industrial robotics market, owing to increased usage of these robots in the emerging industries such as packaging and healthcare sectors.
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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 6.5% and 7.5%, respectively, during the forecast period.
The automotive industry segment dominated the global industrial robotics market in 2012, with a revenue contribution of $7 billion. However, this segment is expected to witness sluggish growth in the near future, owing to slowdown in the automotive industry in the past years and grow at a CAGR of 4.9% during the forecast period. The food & beverages segment is expected to grow at a significant CAGR of 6.9% during the forecast period, owing to spiraling growth of the food & beverages industry. Moreover, increase in need for customized solutions to make the process faster especially in the untapped regions, such as Brazil, Argentina, and South Africa, is expected to drive the food & beverages industry.
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Materials handling is the largest segment by function in the global market. In 2012, this segment accounted for over one-third share of the global 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.
According to Seapee Bajaj, Lead Analyst, Constructions & Manufacturing, Allied Market Research, "Asia-Pacific was the largest revenue generator in the global market in 2015, 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 market, as these regions have continuously focused on R&D activities using industrial robotics."
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Key Findings of the Industrial Robotics Market Study
- 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.
The key players operating in the industrial robotics industry are 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.
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