MarketsandMarkets reports the global industrial robotics market is predicted to grow at a combined annual growth rate (CAGR) of 11.92 percent between 2016 and 2022, reaching a total value of USD$79.58 billion.
The 134-page research report is lengthily titled, “Industrial Robotics Market by Type (Articulated, Cartesian, SCARA, Cylindrical, Parallel), Application (Automotive, Electrical and Electronics, and Metal and Machinery), Component (Controller, Sensors, Drive), and Geography – Analysis & Forecast to 2022.”
The report largely attributes the market’s growth to the adoption of automation used to ensure quality production while meeting market demand, including growing enterprises in developing countries.
The articulated robot market held the major share of the market in 2015, and is expected to continue growing at the fastest pace over the next six years. Articulated robots have strong applications in the automotive, electrical and electronics industries.
The Asia-Pacific (APAC) market dominated revenue generation in 2015, and is expected to grow at the highest CAGR between 2016-2022 when compared to other regions. This growth is due to increasing demand for collaborative robots from small- to medium-size enterprises in China, Japan, South Korea and India.
The market for industrial robots in the electrical and electronics industry is also expected to grow at a high rate, thanks to the introduction of new electronic products into the market, the miniaturization of electrical and electronic equipment and the complexity in manufacturing processes.
Major automotive manufacturing companies are investing heavily in the APAC region, which is also attracting new players toward the industrial robotics market.
Major players to watch in the industrial robot world listed in the report include:
- ABB Ltd. (Switzerland)
- FANUC Corp. (Japan)
- Kawasaki Heavy Industries Ltd. (Japan)
- KUKA AG (Germany)
- Yaskawa Electric Corp. (Japan)
Additionally, the report describes the drivers, restraints, opportunities and challenges for the growth of the industrial robotics market, with Porter's five forces analysis and descriptions of each of these forces and its respective impact on the global industrial robotics market.
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