Industrial robotics market to reach $44.48 billion by 2020

Transparency Market Research (TMR), a market intelligence firm based in the U.S., has released a report forecasting the global industrial robotics market will reach a market value of $44.48 billion by 2020, growing from $29 billion in 2013.

TMR estimates the market will grow at a CAGR of 6.2% between 2014 and 2020, in a report titled “Industrial Robotics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”

According to the report, factors such as the widespread adoption of robotics in small and medium enterprises and rising labor costs drive the global industrial robotics market. High investment in research and development activities and reduction of duties, especially in the Asian Pacific, are other main factors that will propel the overall industrial robotics market. Greater use of robotics in manufacturing and strategic business expansion initiatives will create several growth opportunities in the global industrial robotics market in the forecast period.

The TMR report segments the global industrial robotics market on the basis of type, industry, function, and geography. According to type, this market is classified into cylindrical, Selective Compliant Assembly Robot Arm (SCARA), Cartesian, and articulated robots. On the basis of industry, the global industrial robotics market is segmented into precision and optics, food and beverages, metals, machinery, rubber, chemicals and plastics, electrical and electronics, and automotive. Precision and optics, metals, and food and beverages are the three industrial segments that will lead overall demand for industrial robots in the coming years. Based on function, the report segments the global industrial robotics market into milling, cutting and processing, painting and dispensing, assembling and disassembling, materials handling, soldering and welding, and others. In 2013, the materials handling segment held the largest share in the global market.

From the regional perspective, the report categorizes the global industrial robotics market into Asia Pacific, Europe, North America, and Rest of the World. In terms of revenue, the global industrial robotics market was led by Asia Pacific in 2013. In North America, Mexico is expected to be a promising market for industrial robotics.

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Stagnating industrial manufacturing and postponement of investment owing to high costs of capital will have an adverse impact on the performance of the global industrial robotics market in the coming years. According to the report, the prominent companies in the global industrial robotics market are Yaskawa Motoman Robotics, Universal Robots, Panasonic Corporation, Nachi Robotic Systems Inc., KUKA Robotics Corporation, FANUC Ltd., and Denso Corporation.