The industrial robot market size accounted for around USD 140 Billion in 2018, growing at a CAGR of 6.2% during the forecast period. The advanced developments are turning manufacturing industries more smart as far as effectiveness is concerned by limiting the downtime, waste, and defects.
Industrial Robot Market
The industrial robot market size accounted for around USD 140 Billion in 2018, growing at a CAGR of 6.2% during the forecast period. The advanced developments are turning manufacturing industries smarter as far as effectiveness is concerned about limiting downtime, waste, and defects. The advent of industrial robots has provided an upper hand to businesses by making the business process to be more robust and fast.
Industrial robots help in increasing the efficiency of large volume production, particularly in the manufacturing of electronic gadgets and vehicles. The high expenditures pertaining to employing labor, together with the related disadvantages such as a surge in wages annually, health and safety insurances and compensations, and benefits packages, are the main considerations fuelling the expansion towards the popularity of industrial robots, thus fueling the growth of the industrial robotics market in the forecast period.
The usage of industrial robots offers a high return on investment to the manufacturers who are supporting the ever-increasing demand for industrial robotics in the global market. The operational expenses associated with these machines are considerably high and can be especially exorbitant to the organizations that purchase them in bulk. These costs get significantly increased by installation and training expenses and also due to the repeating costs for support and maintenance issues. Such great expenses sometimes become exceptionally impractical to companies having an extremely restricted spending plan.
The Asia Pacific is expected to be the fastest growing market owing to the increase in research and development undertakings in countries such as India, China, Australia, and Japan. The rising adoption and growing popularity of industrial robots in small and medium organizations are likely to support the industrial robotics market growth in the Asia Pacific region. Moreover, the growing interest in industrial robots across the world in various application sectors, for instance automotive, electrical, and consumer electronics is anticipated to propel the growth of the industrial robot market within the forecast period.
Some of the key players operating in the global industrial robot include companies such as Denso Corporation, Fanuc Ltd., KUKA Robotics Corporation, Nachi Robotic Systems Inc., Universal Robotics, Daihen Corporation, Epson America Inc., Kawasaki Heavy Industries Ltd., Mitsubishi Electric Corporation, Panasonic Corporation, and Yaskawa Electric Corporation.
Global Industrial Robot Market: Type Segment Analysis
Global Industrial Robot Market: Function Segment Analysis
Global Industrial Robot Market: End-Use Industry Segment Analysis
Global Industrial Robot Market: Regional Segment Analysis