The global industrial robotics market size in 2018 was ~US$ 17 Bn. The industrial robotics market is expected to grow at a CAGR of ~17% during the forecast period of 2019-2029. Increasing demand for articulated robots for applications such as assembly, welding, and packaging has been recently driving the sales of industrial robots. East Asia is likely to account for half of the revenue shares in the industrial robotics industry by the end of 2029. East Asia, attributing to the rising automotive production will continue to be a prominent regional market for industrial robotic manufacturers.
The automotive industry is expected to remain prominent end-use industry to invest in, for industrial robotics market players. The automotive industry has witnessed significant growth over the recent past. Noteworthy application potential of industrial robotics has been identified in handling operations, welding, and assembly/disassembly.
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A new market research report by Future Market Insights on the industrial robotics market includes global industry analysis 2014–2018 and opportunity assessment 2019–2029. The report investigates the industrial robotics market and provides critical insights for the forecast period of 2019-2029.
As per the findings of the report, the global industrial robotics market is projected to indicate substantial growth over the forecast period due to multiple driving factors such as adoption of Internet of Things (IoT) in industries and growing digitalization of manufacturing industry across geographies.
The global industrial robotics market was valued at ~US$ 17 Bn in 2018 and is estimated to increase at a CAGR of ~18% between the forecast periods of 2019 and 2029. This growth is driven by the increasing applications of industrial robotics in the automotive industry, electrical/electronics industry, and auxiliary industry, among others.
East Asia is estimated to hold significant market share in terms of value in the global industrial robotics market. However, the South Asia market is projected to project lucrative growth in the global industrial robotics market over the forecast period of 2019-2029. This growth is propelled by the rapid growth in the factory automation rate in countries of South Asia and East Asia such as China, India, and Vietnam, among others. The economic condition of these countries have been evolving positively.
Furthermore, macroeconomic factors such as growing population, rapid industrialization, and urbanization, are some of the factors driving the growth of the industrial robotics market. The automotive industry in East Asia has gained a considerably positive momentum over the past years, which has increased the adoption SCARA robots and articulated robots in the manufacturing process and is estimated to indicate the rewarding growth of industrial robotics market in the East Asia region.
Automotive Industry to Remain Key End-use Industry of Industrial Robotics
The global market of industrial robotics has been segmented on the basis of different types of industrial robots, their multiple applications, end use industries, and regions such as North America, South Asia, Europe, East Asia, and the Rest of the World.
By product type, the articulated robots segment is estimated to hold a significant share of the global industrial robotics market in terms of value. This has mainly resulted from the rising productivity in manufacturing processes and improving quality of products. On the basis of end use, the automotive industry is estimated to hold substantial market share of the industrial robotics market in terms of value. This is driven by digitalization of manufacturing processes. Moreover, it is expected that the application of industrial robotics in the electrical/electronics industry will be prominent throughout the forecast period.
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On the basis of application, the handling operations segment is projected to consume majority share of the global industrial robotics market value. Also, the welding segment is estimated to project lucrative growth in the industrial robotics market over the forecast period.
Industrial Robotics Market Key Segment
By Product Type
SCARA Robots Delta Robots Cartesian Robots/ Gantry Robots Articulated Robots Collaborative Robots (limited segments) Dual-arm Robots
By End Use
Automotive Industry Electrical/Electronics Industry Rubber & Plastics Industry Metal & Machinery Food & Beverages Plastic & Auxiliary Chemical Products Auxiliary Industries Bulk Commodities & Materials
By Application
Assembly/Disassembly Clean Room Dispensing Handling Operations Processing/Cutting Welding Painting & Coating General Applications
By Region
North America Europe South Asia East Asia Rest of the World
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Industrial Robotics Market: Vendor Insights
The report indicates some of the prominent market players, who are recognized as leaders in the global industrial robotics market. These key market players in the global industrial robotics market are Yaskawa Electric Corporation, FANUC Corporation, Kawasaki Heavy Industries Ltd, Kuka AG, Mitsubishi Electric, Teradyne Inc. (Universal Robots), ABB Ltd., Yamaha Motor Co., Ltd., Hirata, Corporation, and Denso Wave Incorporated, among others.
The global industrial robotics market is significantly consolidated with some players holding prominent shares of the market.
For additional insights on the industrial robotics landscape, write to the analyst at press@futuremarketinsights.com