Industrial robotics market growth expected to remain strong
- Industrial robot market growth is expected to grow at a CAGR of 18% from 2019 to 2029 thanks to robotics being increasingly used in the automotive and electronics industry according to a report by Future Market Insights.
- While the automotive industry remains the main driver for industrial robot growth, other industries are discovering how robots can help them in certain applications. This is especially true as robots get smaller and less expensive.
A market research report by Future Market Insights on the industrial robotics market includes a global industry analysis for 2014–2018 and an opportunity assessment for 2019 to 2029. The global industrial robotics market is projected to indicate substantial growth over the forecast period due to multiple driving factors such as the adoption of the Internet of Things (IoT) in industries and the growing digitalization of the manufacturing industry across geographies.
The global industrial robotics market was valued at $17 billion in 2018 and is estimated to increase at a CAGR of around 18% between the forecast periods of 2019 and 2029. This growth is driven by the increasing applications of industrial robotics in the automotive industry, electrical/electronics industry and auxiliary industries
East Asia is estimated to hold a significant market share in terms of value in the global industrial robotics market. However, the South Asia market is projected to project lucrative growth in the global industrial robotics market over the forecast period of 2019 to 2029. This growth is propelled by the rapid growth in the factory automation rate in countries of South Asia and East Asia such as China, India, and Vietnam, among others. The economic condition of these countries has been evolving positively.
Macroeconomic factors such as growing population, rapid industrialization and urbanization are some of the factors driving the industrial robotics market’s growth. The automotive industry in east Asia has gained considerably positive momentum over the past years, which has increased the adoption of SCARA robots and articulated robots in the manufacturing process and is estimated to indicate the rewarding growth of the industrial robotics market in East Asia region.
Automotive industry to remain key driver of robotics’ growth
The global market of industrial robotics has been segmented based on different types of industrial robots, their multiple applications, end-use industries, and regions such as North America, South Asia, Europe, East Asia, and the Rest of the World.
By product type, the articulated robots segment is estimated to hold a significant share of the global industrial robotics market in terms of value. This has mainly resulted from the rising productivity in manufacturing processes and improving the quality of products. Based on end users, the automotive industry is estimated to hold a substantial market share of the industrial robotics market in terms of value. This is driven by the digitalization of manufacturing processes. Moreover, it is expected that the application of industrial robotics in the electrical/electronics industry will be prominent throughout the forecast period.
Based on application, the handling operations segment is projected to consume the majority share of the global industrial robotics market value. In addition, the welding segment is estimated to project lucrative growth in the industrial robotics market over the forecast period.
– Future Market Insights is a CFE Media and Technology content partner.
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