Global industrial robotics poised for ‘huge growth’

Study forecasts 15% CAGR through 2020.

Study forecasts 15% CAGR through 2020.

Business consultancy NOVONOUS has estimated that the global industrial robots market will achieve annual CAGR of 15% till 2020.

Material handling robots are the most dominant robots in market revenue share, with major applications in automotive, food and beverage industries. This is followed by welding robots which have major applications in automotive industries.

Geographically, Asia Pacific is the major market for industrial robots with a share of 55% of the global market revenue. The market is dominated by five countries, with China, Japan, Republic of South Korea, USA, and Germany covering almost 70% of the market. According to the report, China is the main growth driver of this market.

According to the report, the major players in the segment are ABB Robotics, KUKA Robotics, Fanuc Corporation, and Yaskawa Motoman Robotics, with 70% of the total global revenue. Other major players include Mitsubishi Electric Co., Kawasaki Heavy Industries and Nachi Robotics.

The industrial robots market has applications in almost all types of industry, with automotive, electrical and electronics industries being the major drivers of growth. The report cites healthcare as another industry which offers good growth opportunity.

Ambarish Kumar Verma, managing director of NOVONOUS Business Consulting Private Limited, said articulated robots are the most widely used robots covering almost 50% share of the total market revenue, followed by Cartesian and SCARA robots. “Collaborative robots are the newly introduced technology in the market which can work in collaboration with humans in near proximity.”

To know more about this newly launched market research report visit “Global Industrial Robots Market (By Type, Applications and Regions) 2016-2020.

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