According to the market research report "Industrial Robotics Market by Type (Articulated, Cartesian, SCARA, Parallel, Collaborative Robots), Industry (Automotive, Electrical & Electronics, Metals & Machinery, Pharmaceuticals & Cosmetics), and Geography - Global Forecast to 2023", the market is expected to be worth USD 71.72 Billion by 2023, growing at a CAGR of 9.60% during the forecast period. Main drivers for the industrial robotics market are increasing investments for automation in various industries and the growing demand from small and medium-scale enterprises (SMEs) in developing countries.
Articulated robots expected to lead traditional industrial robots market between 2017 and 2023
Articulated robots held a major share of the industrial robots market in 2016. The traditional industrial robots market for articulated robots is expected to grow at the highest CAGR between 2017 and 2023. The structure and operational capabilities of articulated robots make them highly adoptable for various industrial applications, such as pick and place, palletizing, painting, and welding. This is expected to fuel the growth of the traditional industrial robots market for articulated robots.
Market for metals and machinery industry expected to grow at highest CAGR between 2017 and 2023
There would be a significant rise in the market for the metals and machinery industry between 2017 and 2023. The growth of the industrial robotics market for the metals and machinery industry is attributed to the expected growth in the adoption of industrial robots for applications such as drilling, casting, welding, forging, bending, stamping, grinding, plasma cutting, and laser cutting in the metals and machinery industry.
APAC expected to capture largest share of industrial robotics market during forecast period
APAC is expected to hold the largest market share between 2017 and 2023. The low cost of production, enabling various manufacturers to set up their manufacturing units in APAC, especially in countries such as China, Korea, and India, is the key factor driving the market for industrial robotic systems in APAC.
The current market is dominated by players such as FANUC Corporation (Japan), ABB Ltd. (Switzerland), Yaskawa Electric Corporation (Japan), Kawasaki Heavy Industries Ltd. (Japan), KUKA AG (Germany), and DENSO CORPORATION (Japan), among others.
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