Industrial robot market to hit close to $80 B by 2022
- May 23, 2016
You can expect to see more automation and robotics in manufacturing plants by 2022 according to a new report on the use of industrial robots by Markets and Markets.
The global industrial robotics market is expected to reach US $79.58 billion by 2022, growing at a CAGR of 11.92 per cent between 2016 and 2022. The main drivers for this growth are the adoption of automation to ensure quality production and meet market demand, and the growing demand from small- and medium-scale enterprises in developing countries.
The report provides the profile of major companies active in the industrial robotics market and also provides the competitive landscapes of key players, which indicates the growth strategy of this market. The report also includes critical market data and qualitative information for each type along with qualitative analysis such as the Porter’s five force analysis and value chain analysis.
The maximum growth for industrial robotics is expected in the automotive industry, as significant investments are being made by major automotive manufacturing industries in this market. The industrial robotics market in the electrical and electronics industry is expected to grow the highest CAGR between 2016 and 2022 owing to the introduction of new electronic products into the market, the miniaturization of electrical and electronics equipment, and complexity in manufacturing processes.
Articulated robots held the largest market share of all the types of robots in 2015; this market is expected to grow at the highest CAGR during the forecast period. Owing to their structure and operational capabilities, articulated robots are widely used by various industrial applications in the automotive and electrical and electronics industry among others.