According to a new market report published by Transparency Market Research "Industrial Robotics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," the global industrial robotics market was valued at USD 28.93 billion in 2013, growing at a CAGR of 6.2% from 2014 to 2020 and is estimated to reach USD 44.48 billion in 2020.
The rising demand for industrial robots across different industry verticals, regions and applications is propelling the industrial robotics market during the forecast period 2014 to 2020. In addition, reduction of duties and increased investments on research and development infrastructure specifically across the APAC and RoW regions is expected to bolster the industrial robotics market over the forecast period 2014 to 2020. Access to new industry verticals such as instrumentation, healthcare, and electronics coupled with penetration of robotics within labor intensive economies is further analyzed to drive the industrial robotics market. Moreover, adoption of robotics in small and medium enterprises (SME's) ensures growth of the market and thus the market is analyzed to grow at a CAGR of 6.2% over the forecast period 2014 to 2020.
Articulated robots led the global market revenue share by accounting for 48.35% in the year 2013, followed by Cartesian robots which accounted for 20.31% in the same year. The other types of robots which include SCARA robots and cylindrical robots are also expected to witness significant growth owing to the increasing usage of industrial robotics across varied industry verticals, over the forecast period 2014 to 2020.
The global industrial robotics market was dominated by the automotive industry segment which accounted for 27.39% of the market revenue share in the year 2013. Metals, foods & beverages, and precision & optics were the most attractive segments in the year 2013 and are analyzed to grow at the fastest pace compared to other industry verticals on account of massive growth in these industries across the globe.
The global industrial robotics market revenue share by functions was dominated by the materials handling segment which accounted for 33.28% of the global share in the year 2013. This segment is slated to continue its dominance over the forecast period 2014 to 2020. In 2013, soldering and welding was another major segment which accounted for 26.35% of the global industrial robotics market revenue share owing to high end usage in machinery industry, where precision and accuracy are key factors.
Globally, Asia Pacific is analyzed to be fastest growing market, growing at a CAGR of 7.6% over the forecast period, due to the research and development infrastructure growth in countries such as Japan, Australia, China and India. Countries such as Italy, Germany, France, and the U.K in Europe, and Mexico in North America are expected to offer high potential across varied application sectors wherein industrial robots would be used primarily in the coming years. Thus, the market for industrial robotics is expected to witness healthy growth across varied industry verticals and regions.
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