Global Industrial Robotics Market Will Reach USD 62.19 Billion By 2024: Zion Market Research

According to the report, global industrial robotics market was valued at approximately USD 33.16 billion in 2017 and is expected to generate revenue of around USD 62.19 billion by the end of 2024, growing at a CAGR of around 9.40% between 2018 and 2024.

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New York, NY, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Industrial Robotics Market by Type (Traditional Industrial Robots [Articulated Robots, SCARA Robots, Parallel Robots, Cartesian Robots, and Others], Collaborative Industrial Robots) and by Application (Automotive, Electrical and Electronics, Metals and Machinery, Plastics, Rubber and Chemicals, Food and Beverages, Pharmaceuticals and Cosmetics, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024”. According to the report, global industrial robotics market was valued at approximately USD 33.16 billion in 2017 and is expected to generate revenue of around USD 62.19 billion by the end of 2024, growing at a CAGR of around 9.40% between 2018 and 2024. 

Robots are majorly used for carrying out the tasks that are repetitive, hazardous, and complex. They help in enhancing productivity and decrease operational costs for manufacturers. This, in turn, is expected to increase the demand for industrial robotics market in the years ahead. Industrial robots refer to the programmed devices that perform functions based on defined algorithms. Industrial robots can be mobile mounted at fixed positions for factory applications. They are used as transportation devices in manufacturing firms. Lightweight industrial robots find myriad applications across small-scale industries and the automotive sector. These factors are predicted to drive industry growth over the forecast period.  

Browse through 49 Tables & 19 Figures spread over 110 Pages and in-depth TOC on “Global Industrial Robotics Market Size & Share 2017 Analysis: Industry Type, Trends, Growth Report and Forecast to 2024”.

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Technological advancements are making manufacturing industry smarter in terms of effectiveness which decreases defects, turnaround time, and wastes. Moreover, rising automation in order to meet production demand is expected to drive industry growth in the coming years. The industrial robots are used to achieve automation in the manufacturing processes. They are used in order to overcome the limitations of traditional labor work in industries and improve the capability of operators. Installation of industrial robots helps firms gain a competitive advantage by making business processes more dynamic. ISO 8373 standards have been defined for industrial robots. These robots are defined as “automatically controlled, reprogrammable, and multipurpose manipulator programmable in three or more axes”. Currently, industrial robots are gradually being installed in various industries that include electronics, food and packaging, automobiles, and others. 
 
The industrial robotics market is segmented on the basis of type into collaborative industrial robots and traditional industrial robots. Traditional industrial robots are further segmented into SCARA robots, articulated robots, cartesian robots, parallel robots, and others. The articulated robots held the highest revenue share in 2017. The growth can be attributed to increasing demand for articulated robots from packaging and healthcare industries.

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Based on application, industrial robotics market has been divided into automotive, electrical and electronics, metals and machinery, plastics, rubber and chemicals, food and beverages, pharmaceuticals and cosmetics, and others. The automotive segment contributed the highest market share in 2017. The growth is attributed to the development of automotive robotics. The food and beverage segment is predicted to grow at the highest growth rate over the forecast period. Increasing demand for packaged food and fast food is expected to drive segment growth.

North America industrial robotics market accounted for a substantial revenue share in 2017. Rising adoption of automation and robotics technology in the region is the major factor which is expected to drive industrial robotics market growth in the North American region. Moreover, the presence of major manufacturers and rising investment of companies for deploying industrial robots will further drive industry growth in the region. In addition, Mexico is experiencing rapid urbanization and industrialization coupled with rising demand for automation which is expected to drive North America industrial robotics market growth over the forecast period. The purchasing power of people is growing; hence, machine makers, suppliers, and other end-users across the world are investing in Mexico, thereby further enlarging the business scope in North America.

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Europe contributed significantly towards the global industrial robotics market share,  owing to the growing food & beverage and electronics industry. The food and beverage industry is the leading manufacturing sector in Europe and is expected to positively impact industry growth in the coming years.

Asia Pacific industrial robotics market is likely to account for the largest market size during the forecast period. Countries such as Japan, India, and China are likely to contribute majorly towards the regional revenue. The region is the hub for food and beverages, healthcare, and automotive industries which highly demand industrial robots. The large-scale installation of industrial robots in small-scale industries in the Asia Pacific region is predicted to positively impact industry growth. Moreover, rising government initiatives to augment productivity is anticipated to drive industry growth in the region over the forecast period. 

Browse the full "Industrial Robotics Market by Type (Traditional Industrial Robots [Articulated Robots, SCARA Robots, Parallel Robots, Cartesian Robots, and Others], Collaborative Industrial Robots) and by Application (Automotive, Electrical and Electronics, Metals and Machinery, Plastics, Rubber and Chemicals, Food and Beverages, Pharmaceuticals and Cosmetics, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024" report at http://www.zionmarketresearch.com/report/industrial-robotics-market

Latin America industrial robotics market is anticipated to make a substantial growth over the forecast timeframe. The growth can be attributed to the rapidly growing middle-class population, who are expected to be major consumers of electronics goods, personal care goods, and prepared foods. In addition, massive demand for the industrial robots is slated to drive business scope in Latin America over the forecast period. 

The Middle East and Africa industrial robotics market are likely to experience a lucrative growth over the forecast period. In Saudi Arabia, the food processing industry has developed at a substantial growth rate in recent years. In addition, government support for the food processing industry is projected to further drive the growth of the regional market. 

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Some of the key players operating in industrial robotics market include ABB, Toshiba Machine Co., Ltd., YRG, Inc., Omron Adept Technologies, Fanuc Robotics, Panasonic Corporation, DENSO Corporation, EPSON Electronics, KU.K.a AG, and Mitsubishi Electric Corporation. 

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This report segments the global industrial robotics market as follows:

Global Industrial Robotics Market: Type Segment Analysis

  • Traditional Industrial Robots 
    • Articulated Robots
    • SCARA Robots
    • Parallel Robots
    • Cartesian Robots
    • Others 
  • Collaborative Industrial Robots  

Global Industrial Robotics Market: Application Segment Analysis

  • Automotive 
  • Electrical and Electronics 
  • Metals and Machinery 
  • Plastics
  •  Rubber and Chemicals 
  • Food and Beverages 
  • Pharmaceuticals and Cosmetics 
  • Others  

Global Industrial Robotics Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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