Global Industrial Robotics Market Estimated to be Worth Over $15 billion by 2024

PHILADELPHIA, PA -- Industrial robotics has been a major influence in improving the efficiency and productivity of manufacturing and non-manufacturing industries alike. Through the past decade, the market has experienced encouraging growth and also found new application verticals. The many advantages associated with robotics and the development in technology has made it a multi-billion dollar market, which is estimated to grow at a CAGR of 4.8% from 2015 to 2024.

Automotive and Electronics industries account for the largest chunk of the market while more recent applications non-manufacturing applications like Agriculture and Construction are expected to show high growth in the next 5 years.

With the increased awareness about industrial robotics and widening product portfolios, small and medium enterprises are a major revenue opportunity for future growth. Also, "Reduction in robot capital costs has spurred sales of industrial robotics to SMEs in new application areas like wind turbine manufacturing, construction crop cultivation and so on," says the Senior Research Analyst at 19Columns. The recently published report also identified human-robot collaboration as a key trend for the next five to seven years.

A number of companies are working on offering collaborative robotic products, where robots and humans can work together. ABB, KUKA and Kawasaki are a few companies that already have co-bot products on the market. Such products are expected to witness growth in the future, as they open up a number of possibilities. The market analysis has also identified other major factors influencing the market ecosystem and growth. According to 19Columns, multi-sensor fusion, machine vision, cognitive and learning systems are a few trends to watch for.

The report covers the industrial robotics market across segments as shown below:

Applications: Automotive, Electrical and electronics, Metal and machinery, Rubber, Plastics and chemicals, Food and beverages, Glass and Ceramics, Paper, Printing and Publishing, Lumber and Wood Products, Fibers, Apparel and Leather under the manufacturing sector. The non-manufacturing sector includes Entertainment, Education, and Research and Development, Construction, Agriculture, Forestry and Fishing, Electricity, Gas and Water supply, the Mining Industry (Digging and Quarrying).

Usage: Material handling operations, Welding & Soldering operations, Dispensing, Processing operations and Assembly and Disassembly, clean room operations in the semiconductor industry and others.

Type: Articulated Robots, Cartesian Robots, Cylindrical robots SCARA robots and others.

Geography: U.S., Canada, Mexico, U.K., France, Switzerland, Brazil, India, China, Japan, South Korea, Indonesia, Taiwan, Malaysia, Germany, Italy, Spain, Slovakia, and South Africa.

In addition to market data on these segments, this report strategically analyses the macro and micro factors affecting the entire industry value chain. Start-up scenario, Value chain analysis, techno-economic analysis, analyst insights for the future, and so on are discussed in detail inside the report.

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