Industrial Robotics Market by Type, Application, Industry and Geography - Global Forecast to 2024

New York, Oct. 10, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Robotics Market by Type, Application, Industry and Geography - Global Forecast to 2024" - https://www.reportlinker.com/p05012871/?utm_source=GNW
7 billion in 2019 and is projected to reach USD 75.6 billion by 2024; it is expected to grow at a CAGR of 9.2% during the forecast period. A shortage of skilled labor, especially in developed countries, is driving the further use of automation, and the growing popularity of collaborative robots is driving the industrial robotics market. This is also driving the need for collaborative robots across all industry segments; ranging from established industries such as automotive, as well as small and medium enterprises (SMEs). Thus, manufacturers are turning to automation to drive down manufacturing costs and to keep their cost advantage in the market. Automation in the electronics industry presents an excellent growth opportunity for both traditional and collaborative industrial robots in the coming years, especially in the APAC region where manufacturers are looking to automate their production processes further.

Collaborative industrial robots market to grow at higher CAGR during the forecast period
Collaborative robots can be programmed offline by hand guidance.The ease of use and low cost of deployment compared to traditional industrial robots is attracting small businesses engaged in low volume production who have limited investment capital.

Their flexibility to easily adapt to different tasks makes them appealing to many industries and enable faster return on investment (ROI).
Collaborative industrial robots are gaining traction not only in SMEs but are replacing traditional industrial robots in a few cases. Rising wages, shortage of skilled workers, and tighter margins pushing SMEs to automate and the ease of deployment of collaborative robots is contributing to its huge growth. Most of the new and emerging players in the marketspace are focusing on collaborative robots

Market for food and beverages industry to grow at the highest CAGR from 2019 to 2024
As food manufacturing gets increasingly complex, both industrial and collaborative robots are being used for both primary and secondary processing applications such as handling, sorting, packaging, and palletizing.As manufacturers aim to become more competitive and look into automation for higher productivity, the market for robots in this industry is expected to grow at a faster rate.

Also, due to increasing food safety regulations, manufacturers are looking further into automating various steps of their production process.
Advancements in the end effectors such as soft grippers and specialized vacuum grippers are enabling operations such as handling irregular shaped objects such as food and vegetables, automated cutting of various meat items and dispensing for confectionaries. Many industrial robot manufacturers now offer food-grade certificates and IP67 rated robots for use on the food industry, which is also helping to facilitate the market growth further.

The market in APAC to grow at highest CAGR during the forecast period
Before 2018, the market in APAC was growing at the fastest rate.However, 2018 saw a decrease in sales on industrial robots due to countries like China seeing a fall in demand in the automotive sector and the adverse effects of the US-China trade war.

However, the market in APAC is still expected to grow at the highest CAGR during 2019–2024. Although major countries contributing to the APAC market, such as China experienced a slowdown in growth in 2018, their market share is still significant.
On the other hand, 2018 has witnessed the penetration and sales of industrial robots in developing APAC countries such as India and Taiwan.The electrical and electronics industry is an important driver for industrial robots in APAC, owing to rising demand for electronic products around the world.

Components like computer chips, battery, and displays that are small and sensitive need to be handled with high speed and high precision. APAC also houses a major number of strong global players in the industrial robotics market.
Apart from APAC, growth of industrial robots in Europe has remained steady through the years.In Europe, industrial robots are not only relevant for large enterprises, but smaller enterprises as well.

Germany remains the largest market in Europe for industrial robots. Government initiatives like Industrie 4.0 and the penetration of IoT and AI are expected to boost robot sales in the coming years.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the industrial robotics market. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 40%, Tier 2 – 40%, and Tier 3 – 20%
• By Designation: C-level Executives – 40%, Directors – 30%, and Others – 30%
• By Region: North America –40, APAC– 30%, Europe – 20%, and RoW – 10%

The report profiles key players in the industrial robotics market with their respective market ranking analysis. Prominent players profiled in this report are ABB (Switzerland), YASKAWA (Japan), FANUC (Japan), KUKA (Germany), Mitsubishi Electric (Japan), Kawasaki Heavy Industries (Japan), DENSO (Japan), NACHI-FUJIKOSHI (Japan), EPSON (Japan), Dürr (Germany), Universal Robots (Denmark), Omron Adept (US), b+m Surface Systems (Germany), Stäubli (Switzerland), Comau (Italy), Yamaha (Japan), IGM (Austria), ST Robotics (US), Franka Emika (Germany), CMA Robotics (Italy), Delta Electronics (Taiwan), Rethink Robotics (Germany), Techman Robots (Taiwan), Precise Automation (US), and Siasun (China).

Research Coverage:
This research report categorizes the global industrial robotics market based on type, application, industry, and geography.The report describes the major drivers, restraints, challenges, and opportunities pertaining to the industrial robotics market and forecasts the same till 2024.

Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the industrial robotics ecosystem. It also includes pricing information about the key segments and various products offered.

Key Benefits of Buying the Report

The report would help leaders/new entrants in this market in the following ways:
1. This report segments the industrial robotics market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
4. The analysis of the top 25 companies, based on the strength of the product portfolio as well as the business strategy, will help stakeholders visualize the market positioning of these key players.
5. Major technological trends that will shape the market in the coming years has also been covered in this report.
Read the full report: https://www.reportlinker.com/p05012871/?utm_source=GNW

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