Global Industrial Robotics Market Estimated to be Worth Over $15 billion (Hardware market) by 2024

19Columns announces the availability of its latest market analysis on - "The Global Industrial Robotics Market 2015-2024 - Complete Market Research Study", containing over 150 market data figures and info graphics. The overall market, software and hardware included, is estimated to reach $50.7 billion by 2024.

Industrial robotics has been a major influence in improving the efficiency and productivity of manufacturing and non-manufacturing industries alike. Through the past decade, the market has experienced encouraging growth and also found new application verticals. The many advantages associated with robotics and the development in technology has made it a multi-billion dollar market, which is estimated to grow at a CAGR of 4.8% from 2015 to 2024.

Automotive and Electronics industries account for the largest chunk of the market while more recent applications non-manufacturing applications like Agriculture and Construction are expected to show high growth in the next 5 years.

With the increased awareness about industrial robotics and widening product portfolios, small and medium enterprises are a major revenue opportunity for future growth. Also, "Reduction in robot capital costs has spurred sales of industrial robotics to SMEs in new application areas like wind turbine manufacturing, construction crop cultivation and so on," says the Senior Research Analyst at 19Columns. The recently published report also identified human-robot collaboration as a key trend for the next five to seven years.

A number of companies are working on offering collaborative robotic products, where robots and humans can work together. ABB, KUKA and Kawasaki are a few companies that already have co-bot products on the market. Such products are expected to witness growth in the future, as they open up a number of possibilities. The market analysis has also identified other major factors influencing the market ecosystem and growth. According to 19Columns, multi-sensor fusion, machine vision, cognitive and learning systems are a few trends to watch for.

The report covers the industrial robotics market across segments as shown below:

Applications: Automotive, Electrical and electronics, Metal and machinery, Rubber, Plastics and chemicals, Food and beverages, Glass and Ceramics, Paper, Printing and Publishing, Lumber and Wood Products, Fibers, Apparel and Leather under the manufacturing sector. The non-manufacturing sector includes Entertainment, Education, and Research and Development, Construction, Agriculture, Forestry and Fishing, Electricity, Gas and Water supply, the Mining Industry (Digging and Quarrying).

Usage: Material handling operations, Welding & Soldering operations, Dispensing, Processing operations and Assembly and Disassembly, clean room operations in the semiconductor industry and others.

Type: Articulated Robots, Cartesian Robots, Cylindrical robots SCARA robots and others.

Geography: U.S., Canada, Mexico, U.K., France, Switzerland, Brazil, India, China, Japan, South Korea, Indonesia, Taiwan, Malaysia, Germany, Italy, Spain, Slovakia, and South Africa.

In addition to market data on these segments, this report strategically analyses the macro and micro factors affecting the entire industry value chain. Start-up scenario, Value chain analysis, techno-economic analysis, analyst insights for the future, and so on are discussed in detail inside the report.

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At 19Columns, we provide market research services; syndicate research, custom research and subscription services. We publish syndicate reports for markets across major industries like Automation, Automotive, Semiconductor & Electronics, Healthcare, Chemicals and Materials, Sensors & Control, Information and communication technology, and Food & Beverages.

Featured Product

Universal Robots - Collaborative Robot Solutions

Universal Robots - Collaborative Robot Solutions

Universal Robots is a result of many years of intensive research in robotics. The product portfolio includes the UR5 and UR10 models that handle payloads of up to 11.3 lbs. and 22.6 lbs. respectively. The six-axis robot arms weigh as little as 40 lbs. with reach capabilities of up to 51 inches. Repeatability of +/- .004" allows quick precision handling of even microscopically small parts. After initial risk assessment, the collaborative Universal Robots can operate alongside human operators without cumbersome and expensive safety guarding. This makes it simple and easy to move the light-weight robot around the production, addressing the needs of agile manufacturing even within small- and medium sized companies regarding automation as costly and complex. If the robots come into contact with an employee, the built-in force control limits the forces at contact, adhering to the current safety requirements on force and torque limitations. Intuitively programmed by non-technical users, the robot arms go from box to operation in less than an hour, and typically pay for themselves within 195 days. Since the first UR robot entered the market in 2009, the company has seen substantial growth with the robotic arms now being sold in more than 50 countries worldwide.