Browse 149 market data Tables and 60 Figures spread through 208 Pages and in-depth TOC on "Industrial Robotics Market - Global Forecast to 2024"
Northrook, IL -- (SBWIRE) -- 04/20/2020 -- The industrial robotics market size (including the prices of peripherals, software, and system engineering) to grow from USD 48.7 billion in 2019 to USD 75.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period.
Technological advancements and decreasing costs are making industrial robots more affordable to SMEs and are enabling seamless integration and programming. Shortage of labor and increasing manufacturing requirements is driving the need and acceptance for automation. Rising penetration of collaborative robots in various industries is another factor driving the market. The objective of the report is to define, describe, and forecast the market size based on type, payload, application, industry, and region.
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Traditional industrial robots to hold a larger market share in 2019
Traditional industrial robots or manufacturing robots such as articulated robots, delta robots, and Cartesian robots have been in the market for more than 50 years. In comparison, collaborative robots have only started to gain market share during the last decade. The automotive, electronics, and metal industries account for the major clients for the deployment of traditional industrial robots due to their high volume of production. As long as these industries continue to thrive, traditional industrial robots will hold a majority share of the market. Collaborative robots, simply do not have the speed, accuracy, reach, and payload capacity when compared to traditional industrial robots and, therefore, are not the optimal choice in many cases.
Industrial robotics market for processing application to grow at highest CAGR during the forecast period
As less number of workers are inclined to perform hazardous jobs in processing such as grinding and milling, manufacturers are looking into automation. With advances in software, force/torque sensors, and end-effectors, manufacturers are heavily automating these tasks using robots. Repetitive and strenuous tasks such as surface polishing can be automated for consistent results. Advances in features such as wear and tear compensation of tools are enabling easier programming and deployment of robots for such tasks. Automation in processing applications will significantly minimize the exposure to harmful particulates such as metal dust to factory workers.
Industrial robotics market in APAC is expected to maintain the highest share during 2019–2024
Although APAC held the largest share in 2018, it lost its share to other regions compared to the previous year. A decrease in sales of industrial robots in countries like China due to the falling demand from the automotive sector and the effects of the US-China trade war is mainly responsible for the slowdown. As a result, major industrial robot manufacturers posted a lower than expected growth and revenue for the year ending 2018. However, APAC remains a significant market for industrial robots and is expected to hold the largest share during the forecast period.
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Key Market Players
ABB (Switzerland), YASKAWA (Japan), FANUC (Japan), KUKA (Germany), Mitsubishi Electric (Japan), Kawasaki Heavy Industries (Japan), DENSO (Japan), NACHI-FUJIKOSHI (Japan), EPSON (Japan), Dürr (Germany), Universal Robots (Denmark), Omron Adept (US), b+m Surface Systems (Germany).
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