Industrial robotics market worth US$72B by 2023: report
July 14, 2017 by Manufacturing AUTOMATION
Jul. 14, 2017 – The industrial robotics market is expected to be worth US$71.72 billion by 2023, growing at a CAGR of 9.60 per cent, according to a new MarketsandMarkets report.
Titled Industrial Robotics Market by Type (Articulated, Cartesian, SCARA, Parallel, Collaborative Robots), Industry (Automotive, Electrical & Electronics, Metals & Machinery, Pharmaceuticals & Cosmetics), and Geography – Global Forecast to 2023, the main market drivers are increasing investments for automation in various industries and the growing demand from small and medium-scale enterprises (SMEs) in developing countries.
MarketsandMarkets finds that articulated robots held a major share of the industrial robots market in 2016. As such, the traditional industrial robots market for articulated robots is expected to grow at the highest CAGR between 2017 and 2023. The report notes that the structure and operational capabilities of articulated robots make them “highly adaptable for various industrial applications, such as pick and place, palletizing, painting, and welding. This is expected to fuel the growth of the traditional industrial robots market for articulated robots.”
Specifically, the report notes that there will be a “significant” rise in the market for the metals and machinery industry between the forecast period, as there is expected to be increased adoption of industrial robots for applications such as drilling, casting, welding, forging, bending, stamping, grinding, plasma cutting, and laser cutting.
APAC is predicted to hold the largest market share between 2017 and 2023, says MarketsandMarkets, noting that low cost of production will enable various manufacturers to set up their manufacturing units in APAC, especially in China, Korea, and India.