Global Industrial Robotics Market To Grow At 12.1% CAGR Between 2020 And 2028
The global industrial robotics market was valued at US$ 18.5 Bn in 2019, growing at a CAGR of 12.1% during the forecast period from 2020 to 2028.. The growth of industrial robots continues at a remarkable pace across the globe.
According to a new market report published by Acute Market Reports, "Global Industrial Robotics Market (By Product Type (Articulated Robots, Linear Robots, Cylindrical Robots, Parallel Robots, SCARA Robots and Others), By Functionality (Soldering and Welding, Material Handling, Assembling & Disassembling, Painting & Dispensing, Milling, Cutting & Processing), By End-use Vertical (Automotive, Electrical & Electronics, Plastics, Rubber and Chemicals, Metals & Machinery, Pharmaceuticals, Food & Beverages, Precision Engineering & Optics, and Others)) Growth, Future Prospects and Competitive Landscape, 2020 - 2028", the global industrial robotics market is expected to witness a growth of 12.1% CAGR during the forecast period from 2020 to 2028.
Product Insights
The global industrial robotics market was valued at US$ 18.5 Bn in 2019, growing at a CAGR of 12.1% during the forecast period from 2020 to 2028.. The growth of industrial robots continues at a remarkable pace across the globe. Key trends such as human-robot collaboration, simplification, and digitalization are expected to certainly shape the future and drive forward the rapid development of industrial robotics. Innovations in technology have enabled industries to use robots for streamlining processes, increase efficiency, and minimize errors. According to the International Federation of Robotics (IFR), more than 465,000 new industrial robots will be installed in several end-use verticals around the world by 2020.
The global industrial robotics market, based on product type was led by articulated robots in 2019. Articulated robots are most commonly used in factories worldwide. They are used for different applications including material handling, material removal, welding, and dispensing. Due to the capabilities of performing a multitude of tasks in industrial operations, there is a widespread demand for articulated robots across the globe. Based on end-use vertical, automotive led the market in 2019 and is likely to continue with its dominance throughout the forecast period from 2020 to 2028. Industrial robots play a vital role in boosting the efficiency, quality, and reliability of automotive plants worldwide. Moreover, advancements in automotive robotics have picked up stride due to the efficiency, safety, and cost-effectiveness it offers. Further, based on geography, Asia Pacific has the strongest market owing to the high presence of electronics and automotive industries. Due to the booming automotive industries and rapid industrialization, the region projected to witness notable growth in the near future. In addition, numerous countries such as India, Thailand, and the Philippines have been working towards growing their manufacturing capabilities to become a probable alternative for global companies looking to shift their manufacturing units out of China. Thereby, with increasing investments towards manufacturing infrastructure in various countries coupled with higher adoption of robotics, Asia Pacific is expected to witness significant growth during the forecast period from 2020 to 2028.
Browse the full report at https://www.acutemarketreports.com/report/industrial-robotics-market
Competitive Insights:
Major players in the industrial robotics market include ABB Ltd., TOSHIBA MACHINE CO., LTD., YRG Inc., FANUC Corporation, Yaskawa Electric Corporation, Omron Adept Technologies, Inc., Panasonic Corporation, DENSO Robotics, Seiko, Epson Corporation, KUKA AG, Mitsubishi Electric Corporation, Staubli International AG, NACHI-FUJIKOSHI CORP., Kawasaki Heavy Industries, Ltd., Comau S.p.A., DAIHEN Corporation, Universal Robots, and CMA Robotics among others.
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