OYSTER BAY, N.Y., Jan. 11, 2017 /PRNewswire/ -- ABI Research forecasts that industrial robot shipments will exhibit an average year-over-year (YOY) growth rate of 16% by 2021. As industrial robots continue to infiltrate the workforce to increase production efficiencies, this will result in annual revenue exceeding $30 billion in 2020 and nearly $45 billion in 2025.
The automotive sector will remain the leading acquirer of industrial systems, even as it loses share to other growing industry verticals, including the electrical and electronics, rubber, and plastics industries. The food and food packaging, pharmaceutical and cosmetics segments will demonstrate the fastest growth over the next decade.
"The industrial robotic market is driven by the demand for increasing levels of speed, precision, and production flexibility," says Philip Solis, Research Director at ABI Research. "Other demand contributors include the introduction of robotics automations into industries that did not previously benefit from robotic industrial automation or new classes of applications. Governmental and political manufacturing initiatives, such as entrepreneurship and investment programs, as well as public-private partnerships and reshoring efforts, also provide momentum for the sector."
The Asia-Pacific region currently leads in shipments of industrial robots, accounting for approximately 65% of the global market, with China responsible for roughly one-third of worldwide shipments. ABB accounts for nearly one-half of worldwide shipments, with Yaskawa Electric Corporation, Kuka Robotics Corporation, Fanuc Corporation, Kawasaki Precision Machinery Company, Yamaha Robotics, Stäubli International AG, Nachi Fujikoshi Corporation and Epson Robots as other major shipment contributors.
These findings are from ABI Research's Industrial Robotics Market (https://www.abiresearch.com/market-research/product/1025746-industrial-robotics-market/) report.
About ABI Research
ABI Research stands at the forefront of technology market research, providing business leaders with comprehensive research and consulting services to help them implement informed, transformative technology decisions. Founded more than 25 years ago, the company's global team of senior and long-tenured analysts delivers deep market data forecasts, analyses, and teardown services. ABI Research is an industry pioneer, proactively uncovering ground-breaking business cycles and publishing research 18 to 36 months in advance of other organizations. For more information, visit www.abiresearch.com.
SOURCE ABI Research