The global industrial robotics market was valued at US$17 billion in 2018 and is estimated to increase at a CAGR of 18 percent between 2019 and 2029, according to a new report from Future Market Insights. This growth is driven by the increasing applications in the automotive, electrical/electronics, and auxiliary industries, and the adoption of Internet of Things (IoT) and growing digitalisation of manufacturing industries across geographies.
East Asia is estimated to hold significant market share in terms of value in the global industrial robotics market. However, the South Asia market is projected to achieve lucrative growth, propelled by the rapid increase in the factory automation implementations in China, India, and Vietnam, amongst others. The economic conditions of these countries have been evolving positively. Furthermore, macroeconomic factors such as growing population, rapid industrialisation, and urbanisation, are some of the factors driving the growth of the market.
The automotive industry in East Asia has gained a considerably positive momentum over the past years, which has increased the adoption SCARA robots and articulated robots in the manufacturing process and is estimated to indicate the rewarding growth of industrial robotics market in the East Asia region.
Industrial Robotics by Segment
By product type, the articulated robots segment is estimated to hold a significant share of the market in terms of value. This has mainly resulted from the rising productivity in manufacturing processes and improving quality of products. On the basis of end use, the automotive industry is estimated to hold substantial market share of the industrial robotics market in terms of value. This is driven by digitalisation of manufacturing processes. Moreover, it is expected that the application of industrial robotics in the electrical/electronics industry will be prominent throughout the forecast period.
On the basis of application, the handling operations segment is projected to consume majority share of the global industrial robotics market value. Also, the welding segment is estimated to project lucrative growth in the industrial robotics market over the forecast period.
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