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Global industrial robotics market to reach $41bn by 2020

US, August 25, 2015

The global industrial robotics market is expected to grow at a compound annual growth rate (CAGR) of 5.4 per cent till 2020, reaching a market size of $41.17 billion in 2020, according to a new report by Allied Market Research.

Allied Market Research, a global market research company, has released its new report titled the ‘Industrial Robotics Market (Products, Functions, Applications and Geography) - Global Analysis, Industry Growth, Trends, Size, Share, Opportunities and Forecast - 2013 – 2020’.

The market was valued at $26.78 billion in 2012, but the rapid growth in automation demands, coupled with reduction of duties on refurbished goods in Asia Pacific region has fuelled the growth of this market.

Industrial robotics is expected to be used in alternative application areas in growing markets, said the study.

The key area such as electronics, which is still growing at an increasing rate, has witnessed penetration of industrial robotics in a significant manner, it added.

Another key application that industrial robotics might find penetration is healthcare. Nanorobotics is gaining importance in the field of industrial robotics. It is gaining momentum in health care and other niche markets.

Nanorobots help in mixing the right compound as per instructions and result in decreasing lead time, which in turn helps the company to meet the demand of these medicines from the consumer, it said.

Among major robot types i.e. articulated robots, cylindrical robots, SCARA robots, and Cartesian robots; articulated robots is the largest segment, accounting for $12.97 billion in 2012, owing to increasing usage of these robots currently in emerging industries such as packaging and healthcare sectors.

However, cylindrical robots and other types of robots such as customised and refurbished robots are expected to grow at significant pace in the coming years due to their increasing demand in industrial sectors in Asia Pacific region.

Cylindrical and other types of robots are estimated to grow at a CAGR of 6.5 per cent and 7.5 per cent, respectively, over the forecasted period.

Based on industries served, the market is segmented into automotive industry, electrical and electronics, chemical, rubber and plastics, machinery, metals industry, food and beverages, precision and optics, and others, added the study. – TradeArabia News Service




Tags: market | 2020 |

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