Industrial Robots Market Size & Forecast Report, 2022
6th
December 2018 - The
Global Industrial Robot Market is subject to witness a substantial growth due
to the increasing adoption of automation and modernization for industrial
processes, and growing focus towards high-end productivity, growing number of large-scale
production lines, especially for the manufacturing of vehicles and electronic
devices. Industrial robots provide numerous advantages such as cost efficiency,
higher rate of operation, size limitation and superior quality coupled with
higher productivity.
These factors are expected to boost the growth of industrial robots
market over the forecast period. Additionally, enhanced manufacturing
efficiency and flexibility to carry out complex industrial operations are
propelling market growth, in the recent years. Increasing awareness among
manufactures about benefits associated with early adoption of industrial robots
are predicted to expand market reach in the upcoming years. Globally, the
industrial robots market is predicted to grow at CAGR of 7.07% in the forecast
period, providing numerous opportunities for market players to invest in
research and development of the industrial robots market.
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The industrial robots or service robots are widely used across different
segments of the market. The International Federation of Robotics (IFR) defines
the industrial robot as machine that performs semi or fully automated tasks and
functions to provide necessary comfort and welfare for humans. Industrial
robots are categorized into engineering robots and scientific robots.
Industrial robotic is considered as one of the groundbreaking technologies in
present times as it holds ability to provide abundant opportunities for
high-scale productivity potential in manufacturing processes.
Introduction of advanced safety protocols for industrial robots to carry
out various operational procedure allows manufactures to achieve desired
efficiency and performance capability. Additionally, implementing advanced
safety measures provide longer shelf life for the industrial robot. These
factors are expected to fuel market demand for industrial robots in the
upcoming years. The recent technological advancement in the modernization of
manufacturing sector coupled with development of the novel technologies such as
gripping techniques and kinematics to enhance performance level of industrial
robot are anticipated foster market growth in the near future.
Development of Robot as a service, also called as robotics-as-service
(RaaS), which is a web-based cloud computing system that enables the flawless
integration of robotic and embedded tools into web-based cloud systems, is
projected to stimulate market demand for industrial robots in the upcoming
years. Robot as a service (RaaS) consists of various services for performing
numerous functionalities, such as service directory and service client, these
service-based systems are called as service-oriented architecture (SOA).
The market is broadly categorized into multiple segments based on
end-user application such as chemical sector, rubber industry, and plastics
industry, automobile sector, electronic industry, heavy machinery sector, and
food industry. The automobile sector is considered as one of the fastest
growing segment in the industrial robots market with substantial revue generation
in the last couple of years.
Growing popularity of the automobile segment is attributed to
cost-effectiveness, job efficiency, and safety. Packaged food segment has also
going to witness massive growth, in the recent years, owing to the soaring demand
for packaged food and fast food products.
The market is divided by region as North America, Europe, Asia-Pacific,
Latin America and Africa. North America has shown major growth in recent years
owing to the rise in the implementation of latest technologies in manufacturing
sector, and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the industrial
robots market with massive growth in forecast period. Countries such as India,
China, South Korea and Japan are leading the Asia-Pacific market with strong
economic growth, rapid industrialization, rising in the domestic manufacturing
activities, and significant investment by leading industry players considering
potential growth opportunities in the region.
The key players in the industrial robot market are YRG, Incorporations,
ABB Robotics, Inc., Toshiba Machine Ltd., Panasonic Co., Omron Adept
Technologies, Inc., Fanuc Co., DENSO Co., Mitsubishi Electric Co., EPSON
Electronics GmbH, and KUKA AG.
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