Source: Deep Learning on Medium
Defining The Industrial Robot Industry and All It Entails
The global industrial robotics market size is anticipated to reach USD 41.23 billion by 2020, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.0% during the forecast period. Rapid expansion of the automotive industry worldwide and growing adoption of robotics in the non-automotive industry including food & beverage, chemicals, rubber & plastics, and electronics/electrical are stoking the growth of the market.
Companies implementing industrial robots are increasingly realizing substantial financial benefits, which is leading to a surge in installation of robots in contemporary manufacturing plants. Integration of robots with production processes help boost productivity, minimizes overheads, offers a high degree of flexibility, increases quality, and reduces waste to a large extent as compared to outcome of manual labor, which consequently propels the market.
Industrial robots have been responsible for the formation of a new ecosystem characterized by lucrative, rewarding, and high-paying jobs. Venture capitalists have opened up to funding companies designing and manufacturing industrial robots. Advancements in artificial intelligence and development of sophisticated sensors are projected to augment the development of self-programming robots.
Further Key Findings from the Report Suggest:
- By 2020, the automotive segment is expected to account for the largest revenue share of approximately 40.0%, which can be attributed to the fact that robots play a vital role in the assembly of vehicles
- The metal/heavy machinery segment was valued at nearly USD 3.0 billion in 2016. Robots are extensively used in the sector on account of high degree of precision demanded coupled with difficult nature of tasks involved
- With a revenue of close to USD 16 million in 2016, the Asia Pacific region dominated the industry. Japan and South Korea are expected to continue being dominant country markets in the region
- Robot industries in Asian countries such as China, Korea, and Taiwan are supported by their respective governments through programs addressing R&D funding, tax incentives, loans, and investment in skills
- Some of the key players in the industrial robotics market are ABB; Omron Adept Technologies, Inc.; Mitsubishi Electric Corporation; YRG, Inc.; Toshiba Machine Co., Ltd.; and Panasonic Corporation.