Industrial Robotics Market Worth $75.6 Billion by 2024 - Exclusive Report by MarketsandMarkets(TM)

CHICAGO, Oct. 2, 2019 /PRNewswire/ -- According to the new market research report "Industrial Robotics Market by Type (Articulated Robots, Collaborative Robots), Application (Handling, Processing, Dispensing), Industry (Automotive, Electrical & Electronics, Metals & Machinery, Food & Beverages) and Geography - Global Forecast to 2024", published by MarketsandMarkets(TM), the Industrial Robotics Market is expected to grow from USD 48.7 billion in 2019 to USD 75.6 billion by 2024; it is expected to grow at a CAGR of 9.2% during the forecast period. An increase in automation due to a decline in skilled labor and the growing popularity of collaborative robots is driving the industrial robotics industry.

Ask for PDF Brochure:

Manufacturers are turning to automation in response to an increasing shortage of skilled workers in the manufacturing sector. There is also a growing demand for collaborative robots across all industry segments; ranging from established industries such as automotive, as well as small and medium enterprises (SMEs). Automation in the electronics industry presents an excellent growth opportunity for industrial robots in the coming years, especially in the APAC region where manufacturers are looking to automate their production processes further to maintain their cost advantage.

Traditional industrial robots to dominate the industrial robotics market compared to collaborative industrial robots in 2019

Traditional industrial robots have been around for much longer as compared to collaborative robots which, in comparison, has only gained traction in the last decade. The automotive, electronics, and metal industries account for the major share for the use of traditional industrial robots as their production process imperatively needs to be heavily automated. As long as these major industries continue to thrive, traditional industrial robots will dominate the market. Collaborative robots, although safe, simply do not have the speed, accuracy, reach, and payload capacity when compared to traditional industrial robots.

Handling application to dominate the industrial robotics market during the forecast period

Handling activities such as pick & place, palletizing, packaging, and loading & unloading are common and applicable to most industries, and therefore has the largest market share. For instance, pick & place is used for manipulating large and heavy objects in the automotive sector, whereas, in the electrical & electronics industry, small and delicate parts are handled. The scenario for use may be different, but the application remains the same, i.e., pick and place. Special robots for palletizing robots are deployed, which not only can handle large payloads but also manipulate them smoothly to avoid damage.

APAC to hold the largest share of the industrial robotics market by 2024

APAC is expected to hold the largest share of the industrial robotics industry in 2019 and is also projected to have the highest market share in 2024 by a small margin. Although China witnessed a decline in growth in 2018, it is still expected to remain a significant market for APAC. The electrical & electronics industry is the most important driver for industrial robots in APAC owing to rising demand for electronic products around the world. Components like computer chips, battery, and displays that are small and sensitive need to be handled with high speed and high precision. In developing countries, automation has not yet reached maturity, which represents an opportunity for growth of industrial robots.

Browse in-depth TOC on "Industrial Robotics Market"

135 - Tables
60 - Figures
208 - Pages

Request Sample Pages of the Report:

Major vendors in the industrial robotics market include ABB (Switzerland), Yaskawa (Japan), FANUC (Japan), KUKA (Germany), Mitsubishi Electric (Japan), Kawasaki Heavy Industries (Japan), DENSO (Japan), NACHI-FUJIKOSHI (Japan), EPSON (Japan), and Dürr (Germany). Apart from these, Franka Emika (Germany) and Techman Robots (Taiwan) are a few of the emerging companies in the industrial robotics industry.

Please Explore Relevant Reports:

Robot End-Effector Market by Type (Welding Guns, Grippers, Suction Cups, Tool Changers), Applications (Handling, Assembly, Welding), Industry (Automotive, Electrical & Electronics, Food & Beverages, E-Commerce), and Geography - Global Forecast to 2024

Collaborative Robot Market by Payload Capacity (Up to 5 Kg, Between 5 and 10 Kg, Above 10 Kg), Industry (Automotive, Electronics, Metals & Machining, Plastics & Polymers, Food & Beverages, Healthcare), Application, and Geography - Global Forecast to 2025

About MarketsandMarkets(TM)

MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets(TM) are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets(TM) now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets(TM) is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Shelly Singh
MarketsandMarkets(TM) INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Research Insight:
Visit Our Web Site:
Content Source :

View original content:

SOURCE MarketsandMarkets