Industrial robotics market expected to reach US$41.17 billion by 2020
October 20, 2014 by Manufacturing AUTOMATION
Oct. 20, 2014 – According to a new report by Allied Market Research, the global industrial robotics market is expected to grow at a compound annual growth rate (CAGR) of 5.4 per cent from 2013 to 2020, reaching a market size of US$41.17 billion in 2020. The market was valued at $26.78 billion in 2012. Rapid growth in automation demands, coupled with the reduction of duties on refurbished goods in the Asia Pacific region, has fueled the growth of this market.
The report, “Industrial Robotics Market (Products, Functions, Applications and Geography) – Global Analysis, Industry Growth, Trends, Size, Share, Opportunities and Forecast – 2013-2020”, states that industrial robotics is expected to be used in alternative application areas in growing markets.
According to the report, nanorobotics is gaining importance in the field of industrial robotics in health care and other niche markets. Nanorobots help in mixing the right compound as per instructions and result in decreasing lead time, which in turn helps the company to meet the demand of these medicines from the consumer, the report states.
Among major robot types (i.e., articulated robots, cylindrical robots, SCARA robots and cartesian robots), articulated robots is the largest segment, accounting for $12.97 billion in 2012. However, cylindrical robots and other types of robots, such as customized and refurbished robots, are expected to grow at a significant pace in the coming years due to their increasing demand in industrial sectors in Asia Pacific region. Cylindrical and other types of robots are estimated to grow at a CAGR of 6.5 and 7.5 per cent, respectively, over the forecasted period.
Based on industries served, the market is segmented into automotive industry, electrical and electronics, chemical, rubber and plastics, machinery, metals industry, food and beverages, precision and optics, etc. Among these, the automotive industry segment dominated the market in 2012 at $7.37 billion. However, the segment is expected to witness low growth moving forward, owing to a slow down in the automotive industry. The food and beverages segment is expected to witness the highest growth rate of 6.9 per cent. Moreover, the rising need and customized solutions to make the process faster, especially in unexplored regions such as Brazil, Argentina and South Africa, are expected to drive the growth in the food and beverages industry.
In terms of functions performed by such robots, the market is segmented into soldering and welding, materials handling, assembling and disassembling, painting and dispensing, cutting and processing, milling and others,. Materials handling is the largest segment by function in the industrial robotics market.
In 2012, Asia Pacific was the largest revenue generator, accounting for 49.45 per cent of the total market share. The dominance of Asia Pacific is attributed to growth in number of countries, such as China, India, Japan, Taiwan and Australia, among others, investing heavily in research and development infrastructure developments. Rapid growth in automation demands coupled with reduction of duties on refurbished goods has also fueled growth in the industrial robotics market. Similarly, North America and Europe collectively accounted for over one-third of the market share, as these regions have been continually focusing on research and development and have been using industrial robotics for the same.
View the full report here.