Robotics is big disruptive technology with continuously increasing demand for both industrial and service robotics. These are used in a wide variety of tasks like assembling in electronic & automobile sectors, plastic parts, machining of metals and handling of all kinds of production capabilities, etc. However, automotive has emerged as the massive customer for industrial robotics due to the cost saving offered by the technology.
The global Industrial Robotics market is 30.15 billion USD in 2014 and is forecasted to reach 45.88 billion USD by 2020 at a CAGR of 6.18% for the period.
Growth by Region
The industrial robotics market is dominated by countries including Japan, U.S., Germany, South Korea and China. As per the International Federation of Robotics’ (IFR) statistics, Japan is the dominating the market in the world followed by China. Asia Pacific industrial robotics market accounted for over 50% of the global revenue. China is likely to be the leading demand generator for the industrial robots in the next five years
Drivers vs. Constraints
The market for industrial robots is growing due to the increasing demand of high quality work, rising wages, increased production, and automation of the production lines. Earlier, the usage of robots were bounded in performing a variety of repetitive tasks but as of now the robots are also being used in many industries such as warehouses, hospitals, food industry, electric vehicles, photovoltaic, laboratories, pharmacy industry and many more which is regularly driving the demand for advanced robots.
Industry Structure and Updates
The SPARC robotics project launched by the EU through an investment of USD 870 million is aimed at creating over 2.35 million jobs in Europe from 2014 to 2020.
ABB, the leading power and automation group, announced it acquired Gomtec GmbH to expand its offering in the field of collaborative robots.