Industrial Robotics Industry to Reach USD 41.23 Billion by 2020
by Susan Hill Business ConsultantThe global industrial robotics industry size is anticipated to
reach USD 41.23 billion by 2020, according to a new report by Grand View
Research, Inc., expanding at a CAGR of 7.0% during the forecast period. Rapid
expansion of the automotive industry worldwide and growing adoption of robotics
in the non-automotive industry including food & beverage, chemicals, rubber
& plastics, and electronics/electrical are stoking the growth of the
market.
Companies implementing industrial robots are increasingly realizing
substantial financial benefits, which is leading to a surge in installation of
robots in contemporary manufacturing plants. Integration of robots with
production processes help boost productivity, minimizes overheads, offers a
high degree of flexibility, increases quality, and reduces waste to a large
extent as compared to outcome of manual labor, which consequently propels the
market.
Industrial robots have been responsible for the formation of a new
ecosystem characterized by lucrative, rewarding, and high-paying jobs. Venture
capitalists have opened up to funding companies designing and manufacturing
industrial robots. Advancements in artificial
intelligence and development of sophisticated sensors are projected to
augment the development of self-programming robots.
Further Key Findings from the Report Suggest:
- By 2020, the automotive segment is expected to account for the
largest revenue share of approximately 40.0%, which can be attributed to
the fact that robots play a vital role in the assembly of vehicles
- The metal/heavy machinery segment was valued at nearly USD 3.0
billion in 2016. Robots are extensively used in the sector on account of
high degree of precision demanded coupled with difficult nature of tasks
involved
- With a revenue of close to USD 16 million in 2016, the Asia Pacific
region dominated the industry. Japan and South Korea are expected to
continue being dominant country markets in the region
- Robot industries in Asian countries such as China, Korea, and Taiwan
are supported by their respective governments through programs addressing
R&D funding, tax incentives, loans, and investment in skills
- Some of the key players in the industrial robotics market are ABB;
Omron Adept Technologies, Inc.; Mitsubishi Electric Corporation; YRG,
Inc.; Toshiba Machine Co., Ltd.; and Panasonic Corporation.
Access full
research report on global industrial robotics industry:
www.grandviewresearch.com/industry-analysis/industrial-robotics-market
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Created on Apr 13th 2020 03:09. Viewed 321 times.