According to a new market report published by Credence Research, Inc., “Global Industrial Robotics Market (By Product Type (Articulated Robots, Linear Robots, Cylindrical Robots, Parallel Robots, SCARA Robots and Others), By Functionality (Soldering and Welding, Material Handling, Assembling & Disassembling, Painting & Dispensing, Milling, Cutting & Processing), By End-use Vertical (Automotive, Electrical & Electronics, Plastics, Rubber and Chemicals, Metals & Machinery, Pharmaceuticals, Food & Beverages, Precision Engineering & Optics and Others)) – Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global industrial market is expected to witness a growth of 8.3% CAGR during the forecast period from 2018 to 2026.
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The global industrial robotics market was valued at US$ 32.9 Bn in 2017, growing at a CAGR of 8.3% during the forecast period from 2018 to 2026. The growth of industrial robots continues at a remarkable pace across the globe. Key trends such as human-robot collaboration, simplification and digitalization is expected to certainly shape the future and drive forward rapid development of industrial robotics. Innovations in technology have enabled industries to use robots for streamlining processes, increase efficiency and minimize errors. According to International Federation of Robotics (IFR), more than 1.4 Bn new industrial robots will be installed in several end-use verticals around the world by 2019.
The global industrial robotics market, based on product type was led by articulated robots in 2017. Articulated robots are most commonly used in factories worldwide. They are used for different applications including material handling, material removal, welding and dispensing. Due to the capabilities of performing multitude of tasks in industrial operations, there is a widespread demand for articulated robots across the globe.
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Based on end-use vertical, automotive led the market in 2017 and is likely to continue with its dominance throughout the forecast period from 2018 to 2026. Industrial robots play a vital role in boosting the efficiency, quality and reliability at automotive plants worldwide. Moreover, advancements in automotive robotics has picked up stride due to the efficiency, safety and cost-effectiveness it offers.
Further, based on geography, Asia Pacific has the strongest market owing to the high presence of electronics and automotive industries. Due to the booming automotive industries and rapid industrialization, the region projected to witness notable growth in the near future.
Major players in the industrial robotics market include ABB Ltd., TOSHIBA MACHINE CO., LTD., YRG Inc., FANUC Corporation, Yaskawa Electric Corporation, Omron Adept Technologies, Inc., Panasonic Corporation, DENSO Robotics, Seiko, Epson Corporation, KUKA AG, Mitsubishi Electric Corporation, Staubli International AG, NACHI-FUJIKOSHI CORP., Kawasaki Heavy Industries, Ltd., Comau S.p.A., DAIHEN Corporation, Universal Robots, and CMA Robotics among others.
Credence Research Inc