Industrial robots have gained considerable demand owing to advancements in artificial intelligence and enhancement of sophisticated sensors. Numerous industrial robots with integrated touch and vision are expected to improve efficiency and speed for new delivery and production systems. Industrial robots market have built new ecosystems comprising rewarding and high-paying jobs via activities such as building, designing, selling, marketing, operating, maintaining, and installing robots.
Rising Cost of Labor to Propel Industrial Robots Market
A number of factors such as the increasing adoption of robotics within medium- and small-sized enterprises and the increasing costs of labor will fuel the market for industrial robots. In addition, the increasing investments in research and development particularly in countries in Asia Pacific and Rest of the World have also augmented the market for industrial robots. The rising usage of robots within strategic business expansion initiatives and manufacturing will raise numerous growth opportunities within the market for industrial robots in the coming years. On the other hand, factors such as investments being postponed owing to high capital costs and stagnation within industrial manufacturing are amongst the chief factors inhibiting the growth of the market.
Articulated Robots Led the Market in 2013
On the basis of type, the industrial robots market is segmented into articulated, Cartesian, cylindrical, SCARA, and others. Amongst these, on the basis of revenue, articulated robots dominated the market in 2013; this segment was trailed by Cartesian robots. Cylindrical and SCARA robots are also predicted to experience exponential growth due to the rising usage of industrial robots across numerous industry verticals in the forthcoming years.
In terms of industry, the market is segmented into automotive, electrical and electronics, chemical, rubber, and plastics, machinery, metals, food and beverages, precision and optics, and others. Amongst these, in 2013, on the basis of revenue, the automotive industry segment led the industrial robots market and constituted more than one-fourth of the market. However, this segment is witnessing a low growth rate in comparison to its growth rates in the previous years owing to stagnation in industrial production. On the other hand, the segments of metals and precision and optics emerged as the most lucrative in the same year and are expected to develop at the swiftest growth rates in comparison to other industry verticals.
Asia Pacific Industrial Robots Market Emerged as the Largest in 2013
Geographically, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, on the basis of revenue, in 2013, Asia Pacific dominated the market and represented more than half of the market. It is predicted that this region will continue to dominate the market in the coming years owing to the development of the research and development infrastructure in countries such as China, Australia, and Japan. Europe and North America followed Asia Pacific and constituted a revenue share of more than 20% in the market in the same year.
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The prime players operating in the market for industrial robots are Denso Corporation, KUKA Robotics Corporation, FANUC Ltd., and Yaskawa Motoman Robotics, among others