The global industrial
robotics market 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.
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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
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• 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 market are ABB; Omron Adept Technologies, Inc.; Mitsubishi Electric
Corporation; YRG, Inc.; Toshiba Machine Co., Ltd.; and Panasonic Corporation.
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