Surge in labour charges worldwide, which in turn has enforced manufacturers to replace human labour with machines, is one of the major demand drivers for industrial robots, says an Allied Market Research report.
The global industrial robotics market, valued at $ 37.875 billion in 2016, is projected to reach $70.715 billion by 2023, growing at a CAGR of 9.4% from 2017 to 2023, according to a report of Allied Market Research.
The articulated robots segment – which accounted for the maximum share in the global industrial robotics market - accounted for $18.35 billion in 2016, owing to increased usage of these robots in the emerging industries such as packaging and healthcare sectors. However, cylindrical robots and other types of robots, such as customised and refurbished robots, are expected to grow at a significant pace in the coming years, owing to their increased demand in the industrial sectors of the Asia-Pacific region. The cylindrical and others segments are estimated to grow at CAGRs of 11% and 11.6%, respectively, during 2017-2023.
The industrial robotics market is segmented based on function into soldering & welding, materials handling, assembling & disassembling, painting & dispensing, milling, cutting, & processing function, and others. In the functions segment, materials handling sub-segment contributed the highest revenue in the global industrial robotics market. The Asia-Pacific region generated the highest revenue in the global industrial robotics market in 2016.
Demand drivers
Global industrial robotics market is driven by factors such as surge in labor charges worldwide, which in turn has enforced manufacturers to replace human labor with machines. Asia and Europe are the key growth regions of the world, with leading players, namely ABB, Fanuc, KUKA, Kawasaki, and the Yaskawa Electric Corporation being based out in the region.
This story is from the December 2017 edition of Industrial Products Finder.
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This story is from the December 2017 edition of Industrial Products Finder.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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