Research Offers 6-Year Forecast on Industrial Robotics Market
The new technological developments are making manufacturingindustry smarter in terms of efficiency with minimizing defect, waste and downtime. In order to overcome the limitations of traditional labour work in industries and enhance the capability of operators, industrial robotics has been evolved. Installation of industrial robots also helps to gain competitive advantage by making business process more dynamic. As defined by ISO 8373 standards the industrial robot is “an automatically controlled, reprogrammable, multipurpose manipulator programmable in three or more axes”. Today, the Industrial robots are increasingly being installed in various industry such as food and packaging, automobile, electronics etc.
The global industrial robotics market is experiencing the robust growth with numerous untapped opportunity. In 2013, the global industrial robotics market registered around 12% to 15% year on year growth which is expected to grow at same pace for the forecast period. The factors driving the growth of global industrial robotics market are growing automation to meet production demand, need for meeting the technology standard set by government and industry associations and, increasing production capacity to anticipate the future demand. The use of industrial robotics helps to achieve automation in manufacturing process which is the major trend in global industrial robotics market.
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The industrial robotics market is segmented on the basis industry which are automotive industry, chemical, rubber and plastics industry, electrical & electronics industry metal and machinery industry, pharmaceutical industry,food and beverages industry, and construction industry, among others. The global industrial robotics market dominates in automotive industry followed by electrical and electronics industry, food and beverages industry, pharmaceutical industry respectively. Growing demand for vehicles across the globe is the major factor to drive demand in automotive industry segment of the global industrial robotics market. The growth in demand of industrial robotics in the electrical and electronics industry segment of the global industrial robotics market is likely to spur by various factors such as growing demand for consumer electronics products, increasing number of mobile shipments, etc.
On the basis of geographical regions the global industrial robotics market is segmented into seven key regions which are North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan and Middle East & Africa. As of 2013, Asia pacific region dominated the global industrial robotics market in terms of revenue followed by America and Europe. The Asia pacific segment of industrial robotics segmented is expected to maintain its dominance due to developing countries like China and India where automation in manufacturing is pacing up, additionally the penetration of installation of industrial robots has increased in small scale industries.
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Global industrial robotic market is segmented on the basis of applications which are welding robots, material handling robots, assembling and disassembling robots, packaging and palletizing robots, measurement, inspection and testing robots, painting robots, cutting, grinding and deburring robots among others.The global industrial robotics market is expected to grow two fold with a CAGR about of 5% to 8 % for the forecast period.
The global industrial robotics market is expected to grow at a moderate pace during the forecast period. Key drivers of the global industrial robotics market include significant growth in non-automotiveapplications for industrial robots, increase productivity in industries with low manufacturing cost, reduction of duties and refurbished goods followed by rising demand for automation with higher labour cost.
Key challenges for global industrial robotics market include stagnation of industrial manufacturing process followed by higher manufacturing cost and uncertainty.Major players in the global industrial robotics market include FANUC Corporation, Yaskawa Electric Corporation, Kuka AG, Kawasaki Heavy Industries Ltd, Denso Wave Incorporated, Mitsubishi Electric, ABB Ltd, Toshiba Machine, American Robot Corporationand Universal Robots.Growth in the global industrial robotics market is estimated to grow significantly as every industry in trying to be more and more efficient by automating their processes robotically. The unique ability of robots to perform numerous steps without human intervention and adapt to different conditions along with up gradation of technology is showcasing a promising future for industrial robotics market.
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