Albany, NY -- (SBWIRE) -- 10/27/2016 -- Global industrial robotics market is segmented into articulated robots, selective compliant assembly robot arm (SCARA robots), cylindrical robots, and Cartesian robots. Of these, articulated robots held the dominant share in the revenue generated in the industrial robotics market in 2013. SCARA robots and cylindrical robots held minor shares in the global industrial robotics market in 2013, but are likely to exhibit rapid growth in demand in the coming years due to the wide range of the industries in which they are being adopted.

Industrial robots are used for a wide variety of functions, including milling, cutting and processing, materials handling, assembling and disassembling, soldering and welding, and painting and dispensing. Materials handling is the leading application of industrial robots due to the ease it provides in comparison to the use of human laborers. Materials handling accounted for more than 33% of the global industrial robotics market in 2013 and is expected to remain similarly dominant in the coming years.

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By application, the automotive industry is the key contributor to the global industrial robotics industry and accounted for more than 25% of the global industrial robotics market in 2013. "While the automotive industry will remain the undisputed leading consumer of industrial robotic systems, food and beverages, metalworking, and precision and optics are also likely to witness consistent growth in their use of industrial robots over the coming years," noted TMR's lead analyst.

Rising Demand for Automation to Remain Key Driver for Industrial Robotics Market

The prime driver for the global industrial robotics market is the rising demand for automation in various industries as a long-term means to reduce labor costs and enhance the quality of the finished product. As a result, even SMEs have started to adopt industrial robotic solutions on a large scale, which is likely to remain a key driver for the industrial robotics industry in the coming years, as widespread adoption will help the industry achieve a pricing structure compatible with the financial dynamics of smaller companies.

The rising importance of Asia Pacific countries such as China, India, Australia, Japan, and Taiwan in the field of research into industrial robotics is also likely to be vital for the global industrial robotics market in the coming years. The rapid industrialization in developing economies in Asia Pacific could lead to a steady revenue generation opportunity for the industrial robotics industry in the coming years. As a result, many leading players in the industrial robotics market are attempting to collaborate with players in the Asia Pacific market or establish a foothold in the highly lucrative region themselves. Asia Pacific accounted for a majority share in the global industrial robotics market in 2013.

The global industrial robotics market is moderately consolidated and dominated by players such as KUKA Robotics Corporation, Mitsubishi Electric Corporation, Epson America Inc., Kawasaki Heavy Industries Ltd., Denso Corporation, Daihen Corporation, Nachi Robotic Systems Inc., Universal Robots, Panasonic Corporation, and Yaskawa Motoman Robotics.

The competitive landscape of the global industrial robotics market is shaped by the high initial investment required for product development. This has created a significant entry barrier that is likely to become harder to cover as the technological progress in the industry continues unabated in the coming years. As a result, while the threat from new entrants remains low, internal competition in the global industrial robotics market is likely to be intense.