Industrial Robotics Market - Fastest Growth During the Forecast Period
The global industrial robotics market was valued at USD 28.93 billion in 2013, growing at a CAGR of 6.2% from 2014 to 2020. ISO 8373 defines an industrial robot as an automatically reprogrammable, controlled, multipurpose manipulator programmable in three or more axes. It may either be fixed or mobile, as per its required use in industrial automation processes. There are different types of industrial robots which include cylindrical robots, articulated robots, Cartesian robots and SCARA robots among others.
All these types of robots offer unique features and advantages, and are hence used majorly in a number of industry verticals namely, electrical & electronics industry, automotive industry, machinery industry, chemical, rubber & plastics industry, metals industry, precision & optics industry and food & beverages industry among other types of industries.
These robots carry out a number of functions namely, materials handling, soldering and welding, assembling & disassembling, milling, cutting and processing, and painting and dispensing among other types of functions, in all the above mentioned industry verticals globally.
Articulated robots led the global market revenue share by types in 2013, followed by Cartesian robots. The other types of robots which include SCARA robots and cylindrical robots among others are also expected to witness significant growth owing to the increasing usage of industrial robotics across varied industry verticals, over the forecast period 2014 to 2020.
The global industrial robotics market was dominated by the automotive industry segment which accounted for over one-fourth of the market revenue share in the year 2013. However, this sector is experiencing reduced growth compared to previous years due to slowdown in industrial production. Metals, foods & beverages, and precision & optics were the most attractive segments in the year 2013 and are analyzed to grow at the fastest pace compared to other industry verticals.
The global industrial robotics market revenue share by functions was dominated by the materials handling segment which accounted for over one-third of the global share in the year 2013 and is also analyzed to continue its dominance over the forecast period 2014 to 2020. Rising demand among varied industry verticals such as packaging, consumer electronics and electrical in the APAC and RoW regions are expected to further propel the industrial robotics market in this segment.
In 2013, soldering and welding function was another major segment which accounted for over one-fourth of the global industrial robotics market owing to high end usage in machinery industry, where precision and accuracy are key factors.
Asia Pacific led the global industrial robotics market revenue share in the year 2013, accounting for over half of the global market revenue share. The region is analyzed to dominate the market over the forecast period 2014 to 2020 owing to the immense research and development infrastructure growth in countries such as Japan, Australia, China and India. Moreover, the adoption of robotics in small and medium enterprises (SME's) is further expected to bolster the industrial robotics market in the Asia Pacific region.
North America and Europe trailed Asia Pacific by accounting for over 20% of the global market revenue share in the year 2013. In North America, Mexico is expected to offer tremendous potential across varied application sectors in the coming years.