Advent of Developing Economies as Open Markets for Industrial Robotic Products to Create Lucrative Opportunities for Manufacturers
Thanks to the emergence of developing economies in Asia Pacific and the Rest of the World as open markets for the leading vendors of industrial robotic products, in a bid to improve their viability on a larger scale, the global industrial robotics market is likely to witness a remarkable rise over the next few years. Supported by the government initiatives in these economies to strengthen their respective manufacturing industries, the worldwide market, which stood at US$28.9 bn in 2013, is projected to expand at a CAGR of 6.20% between 2014 and 2020 and increase to US$44.4 bn by 2020, finds Transparency Market Research (TMR).
In this blog post, researchers at TMR answers some of the important queries about the global industrial robotics market:
What are key trends in the global market for industrial robotics?
Articulated robots, cylindrical robots, selective compliant assembly robot arm (SCARA robots), and cartesian robots have emerged as the key products available in the global industrial robotics market. The demand for articulated robots has been higher than other products and is the scenario is likely to remain so in the near future. cylindrical and SCARA robots, which previously accounted for minor shares in the overall market, are anticipated to witness a significant rise in their demand over the forthcoming years, owing to their increased adoption in a number of industries across the world.
Industrial robots have found a widespread usage in materials handling applications. The segment held a share of more than 33% in the overall demand for industrial robotic products in 2013 and is anticipated to maintain its leading streak in the coming years. Among end users, the automotive industry has surfaced as the key consumer and is projected to maintain its dominance over the next few years.
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Which geographical segment is likely to hold the lead in the coming years?
The worldwide market for industrial robotics stretches across Asia Pacific, North America, Europe, and the Rest of the World. Boosted by the increasing research activities in the field of robotics in economies, such as China, India, Australia, Japan, and Taiwan, the Asia Pacific market for industrial robotics is likely to emerge as the global leader over the next few years.
Along with this, the swift industrialization in emerging countries in Asia Pacific is also anticipated to create lucrative opportunities for the growth of this market in the years to come.
What are the most favored strategies among the leading players?
At the forefront of the global industrial robotics market are KUKA Robotics, Mitsubishi Electric, Kawasaki Heavy Industries Ltd., Epson America Inc., and Denso Corp. These companies primarily depend on product innovation for keeping an edge over their competitors. Advancements in current offerings and expansion in product lines are also being adopted aggressively for greater visibility in the global market.