Home > Industrial robotics market expected to reach $41.17 billion globally by 2020

Industrial robotics market expected to reach $41.17 billion globally by 2020

Editorial

A new report by Allied Market Research indicates that the global industrial robotics market may reach a market size of $41.17 billion in 2020.

Allied Market Research’s report, titled ‘Industrial Robotics Market (Products, Functions, Applications and Geography) - Global Analysis, Industry Growth, Trends, Size, Share, Opportunities and Forecast - 2013 – 2020’ reveals that the global industrial robotics market is expected to grow at a CAGR of 5.4% during the forecast period from 2013 to 2020, reaching a market size of $41.17 billion in 2020. The market was valued at $26.78 billion in 2012.

Rapid growth in automation demands, coupled with reduction of duties on refurbished goods in the Asia Pacific region has fuelled the growth of this market.

Electronics, which is still growing at an increasing rate, has witnessed penetration of industrial robotics in a significant manner. Healthcare is another key application that industrial robotics might find penetration in, as is nanorobotics, which is gaining importance in the field of industrial robotics for end applications in healthcare and other niche markets.

Among major robot types such as articulated robots, cylindrical robots, SCARA robots and Cartesian robots, articulated robots form the largest segment, accounting for $12.97 billion in 2012, thanks to their increasing usage in emerging industries such as packaging and healthcare sectors. However, cylindrical robots and other types of robots such as customised and refurbished robots are expected to grow at a significant pace in the coming years due to their increasing demand in industrial sectors in the Asia Pacific region. These robots are estimated to grow at a CAGR of 6.5% and 7.5%, respectively, over the forecasted period.

Based on industries served, the industrial robotics market is segmented into automotive, electrical & electronics, chemical, rubber & plastics, machinery, metals industry, food & beverages, and precision & optics, among many industries. Among these, the automotive segment dominated the market in 2012 at $7.37 billion though the current slowdown is expected to impact growth. The food and beverages segment is expected to witness the highest growth rate of 6.9% over the forecast period. Growth in this segment will also be spurred by the rising need for customised solutions to speed up processes, especially in unexplored regions such as Brazil, Argentina and South Africa.

On the basis of functions performed by such robots, the market is segmented into soldering and welding, materials handling, assembling and disassembling, painting and dispensing, cutting and processing, and milling, among others. Materials handling is the largest segment by function in the industrial robotics market.

In 2012, Asia Pacific was the largest revenue generator accounting for 49.45% of the total market share. The dominance of Asia Pacific is attributed to growth in a number of countries such as China, India, Japan, Taiwan and Australia among others investing heavily in research and development infrastructure developments. Similarly, North America and Europe collectively accounted for over one-third of the market share, as these regions have been continually focusing on research and development using industrial robotics.

Newsletter sign-up

The latest products and news delivered to your inbox