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Industrial Robot Market to surpass $34.71 billion by 2024 | Vigorous CAGR 8.9%

Press release   •   Apr 12, 2019 06:06 EDT

Global Industrial Robot Market is expected to reach 34.71 billion in 2024, at a Vigorous CAGR of 8.9%.

Key factors attributing to the growth of the market includes; growing need for automation in non-conventional areas, increasing demand for industrial robots from small and medium enterprises in developing countries, and rising labor wages. Moreover, advancements in artificial intelligence and rapid expansion of automotive industry are further augmenting the development of industrial robots market. Additionally, business expansion initiatives and rising adoption of robotics in manufacturing sector will also provide more opportunities in the industrial robotics market during the forecast period.

The years used for the assessment are as follows:

Historical year : 2014, 2015 and 2016
Base year : 2017
Forecast period : 2018 – 2024

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RESEARCH METHODOLOGY

The research and analysis is based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are:

Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the total industrial robot market and it various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global industrial robot market.
Finalizing the overall size and share for the global industrial robot market

OBJECTIVES:

To classify the global industrial robot market into segments on the basis of Product, wafer size, end-use, and region and analyze their growth prospects individually
To analyze market trends, opportunities, drivers and restraints associated with the global industrial robot market
Profiling key companies operating in the global industrial robot market
To study market response with respect to the mergers and acquisitions in the industry

MARKET SCOPE

The research scope for global industrial robot market is as follows:

By Type
Cartesian Robots
Articulated Robots
Selective Complainant Assembly Robot Arm (SACRA) Robots
Collaborative Robots
Parallel Robots
Others

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By Application:
Milling, Cutting and Processing
Assembling and Disassembling
Painting and Polishing
Material Handling
Soldering and welding
Others

By End-use
Automotive
Electrical and Electronics
Metal and Machinery
Pharmaceuticals & Cosmetics
Chemical Industry
Optical Engineering
Food and Beverages
Others

By Region:
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
Thailand
India
South Korea
Vietnam
Taiwan
Rest of Asia-Pacific
Rest of the World (RoW)
Middle East and Africa
Central and South America (CSA)

FREE ANALYSIS

The global industrial robot market is expected to reach 34.71 billion in 2024, at a CAGR of 8.9%. Key factors attributing to the growth of the market includes growing need for automation in non-conventional areas, increasing demand for industrial robots from small and medium enterprises in developing countries, and rising labor wages. Moreover, advancements in artificial intelligence and rapid expansion of automotive industry are further augmenting the development of industrial robots. However, high installation cost for low volume production applications, and lack of skilled workforce may restrain the market growth to some extent.

Industrial robots are increasingly used in wide range of applications, and in many end-use industries such as automotive, electrical and electronics, food and beverages, manufacturing, metal and machinery, optical engineering and others. The automated functionality allows them to operate in challenging environment. In addition, these robots enhance productivity and offer high profitability while eliminating labor-intensive activities that cause physical strain. Besides keeping workers out of harm’s way, robots also can reduce risks stemming from human error. The integration of technology with automation has resulted in higher production rates, improved quality and improved safety.

Geographically, the global industrial robot market is segmented into North America, Europe, Asia Pacific, and Rest of the world. Asia-Pacific dominated the global industrial robot market in 2017 followed by Europe, owing to the rising adoption of industrial robots from small and medium enterprises, and increasing capital investments in R&D activities coupled with low cost of production in the region. Moreover, presence of emerging economies such as China, India, and Korea is further augmenting the market growth in the region. Also, according to international federation of robotics, the implementation of robots in developing countries has been concentrated in China, and the country is expected to maintain its frontrunner status. Robotic Density also indicates the degree to which APAC has incorporated robots into its development as a replacement for manpower. North America is expected to exhibit steady growth during the forecast period. The growth in the region is primarily due to the presence of many key players operating in the industrial robots market.

Key players operating in the global industrial robot market includes FANUC America Corporation; Yaskawa Electric Corporation; ABB; Kuka AG; Daihen Corporation; Denso Robotics Incorporated; Epson America, Inc.; Kawasaki Heavy Industries Ltd.; Rockwell Automation Inc.; Toshiba Machine Co., Ltd.; and Nachi Robotic Systems, Inc. among others.

Table of Contents

Global Industrial Robot Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024

CHAPTER 1. Market Scope and Methodology

1.1. Research methodology

1.2. Research scope & assumptions

1.3. List of data sources

CHAPTER 2. Executive Summary

2.1. Industrial Robot- Market Snapshot

CHAPTER 3. Industry Analysis

3.1. Market definition

3.2. Market segmentation

3.3. Key findings of the global industrial robot market

3.4. Market opportunities & trends

3.4.1. Rising adoption of industrial automation in end-use industries

3.4.2. Integration of artificial intelligence and internet of things

3.5. Market dynamics

3.5.1. Market driver analysis

3.5.1.1. Increasing demand for industrial robots from small and medium enterprises

3.5.1.2. Rapid expansion of automotive industries

3.5.1.3. Growing need for automation in non-conventional areas

3.5.2. Market restraint analysis

3.5.2.1. High installation cost for low volume production

3.5.2.2. Lack of skilled workforce

3.5.3. Industry Analysis-Porters five forces of analysis

CHAPTER 4. Competitive Outlook

4.1. Competitive analyses

4.2. Competitive factors

4.3. Strategies adopted

CHAPTER 5. Global Industrial Robot Market Size and Forecast (2014 – 2024)

5.1. Global Industrial Robot Market, By Type (USD Billion)

5.1.1. Cartesian Robots

5.1.2. Articulated Robots

5.1.3. Selective Complainant Assembly Robot Arm (SACRA) Robots

5.1.4. Collaborative Robots

5.1.5. Parallel Robots

5.1.6. Others

5.2. Global Industrial Robot Market, By Application (USD Billion)

5.2.1. Milling, Cutting and Processing

5.2.2. Assembling and Disassembling

5.2.3. Painting and Polishing

5.2.4. Material Handling

5.2.5. Soldering and welding

5.2.6. Others

5.3. Global Industrial Robot Market, By End-Use (USD Billion)

5.3.1. Automotive

5.3.2. Electrical and Electronics

5.3.3. Metal and Machinery

5.3.4. Pharmaceuticals & Cosmetics

5.3.5. Chemical Industry

5.3.6. Optical Engineering

5.3.7. Food and Beverages

5.3.8. Others

CHAPTER 6. Global Industrial Robot Market Size and Forecast, By Geography (2014-2024)

6.1. North America Industrial Robot Market (USD Billion)

6.1.1. North America Industrial Robot Market, By Type (USD Billion)

6.1.2. North America Industrial Robot Market, By Application (USD Billion)

6.1.3. North America Industrial Robot Market, By End-Use (USD Billion)

6.1.4. North America Industrial Robot Market, By Country (USD Billion)

6.1.4.1. US

6.1.4.2. Canada

6.1.4.3. Mexico

6.2. Europe Industrial Robot Market (USD Billion)

6.2.1. Europe Industrial Robot Market, By Type (USD Billion)

6.2.2. Europe Industrial Robot Market, By Application (USD Billion)

6.2.3. Europe Industrial Robot Market, By End-Use (USD Billion)

6.2.4. Europe Industrial Robot Market, By Country (USD Billion)

6.2.4.1. UK

6.2.4.2. Germany

6.2.4.3. France

6.2.4.4. Italy

6.2.4.5. Spain

6.2.4.6. Rest of Europe

6.3. Asia-Pacific Industrial Robot Market (USD Billion)

6.3.1. Asia-Pacific Industrial Robot Market, By Product (USD Billion)

6.3.2. Asia-Pacific Industrial Robot Market, By Application (USD Billion)

6.3.3. Asia-Pacific Industrial Robot Market, By End-Use (USD Billion)

6.3.4. Asia-Pacific Industrial Robot Market, By Country (USD Billion)

6.3.4.1. China

6.3.4.2. Japan

6.3.4.3. Thailand

6.3.4.4. India

6.3.4.5. Vietnam

6.3.4.6. Taiwan

6.3.4.7. South Korea

6.3.4.8. Rest of Asia-Pacific

6.4. Rest of the World (RoW) Industrial Robot Market (USD Billion)

6.4.1. RoW Industrial Robot Market, By Type (USD Billion)

6.4.2. RoW Industrial Robot Market, By Application (USD Billion)

6.4.3. RoW Industrial Robot Market, By End-Use (USD Billion)

6.4.4. RoW Industrial Robot Market, By Country (USD Billion)

6.4.4.1. Middle East and Africa

6.4.4.2. South America

CHAPTER 7. Key Players and Strategic Developments

7.1. FANUC America Corporation

7.1.1. Business Overview

7.1.2. Product and Service Offering

7.1.3. Financial Overview

7.1.4. Strategic Developments

7.2. Yaskawa Electric Corporation

7.2.1. Business Overview

7.2.2. Product and Service Offering

7.2.3. Financial Overview

7.2.4. Strategic Developments

7.3. ABB

7.3.1. Business Overview

7.3.2. Product and Service Offering

7.3.3. Financial Overview

7.3.4. Strategic Developments

7.4. Kuka AG

7.4.1. Business Overview

7.4.2. Product and Service Offering

7.4.3. Financial Overview

7.4.4. Strategic Developments

7.5. Daihen Corporation

7.5.1. Business Overview

7.5.2. Product and Service Offering

7.5.3. Financial Overview

7.5.4. Strategic Developments

7.6. Denso Robotics Incorporated

7.6.1. Business Overview

7.6.2. Product and Service Offering

7.6.3. Financial Overview

7.6.4. Strategic Developments

7.7. Epson America, Inc.

7.7.1. Business Overview

7.7.2. Product and Service Offering

7.7.3. Financial Overview

7.7.4. Strategic Developments

7.8. Kawasaki Heavy Industries Ltd.

7.8.1. Business Overview

7.8.2. Product and Service Offering

7.8.3. Financial Overview

7.8.4. Strategic Developments

7.9. Rockwell Automation Inc.

7.9.1. Business Overview

7.9.2. Product and Service Offering

7.9.3. Financial Overview

7.9.4. Strategic Developments

7.10. Nachi Robotic Systems, Inc.

7.10.1. Business Overview

7.10.2. Product and Service Offering

7.10.3. Financial Overview

7.10.4. Strategic Developments

7.11. Toshiba Machine Co., Ltd.

7.11.1. Business Overview

7.11.2. Product and Service Offering

7.11.3. Financial Overview

7.11.4. Strategic Developments

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