Albany, NY , Feb. 01, 2016 (GLOBE NEWSWIRE) -- The global industrial robotics market is projected to exhibit a CAGR of 6.20% within a forecast period of 2014 to 2020. The market is expected to reach US$44.4 bn by the end of 2020, after being recorded at US$28.9 bn in 2013.Transparency Market Research has released a new research report on the semiconductor and electronics industry. The report, provides detailed forecasts for each segment of the global industrial robotics market and therefore creates an accurate and segmented market evaluation. The report is available for sale on the company website.
According to the report, the major driver for the global industrial robotics market is the high level of adoption of industrial robotics in small and medium enterprises. Another growth factor for this market is the rising cost of labor and the reducing costs of electronics and robotics in terms of installation and maintenance. The report states that the global industrial robotics market can provide a larger benefit to companies in the longer run in terms of business expansion strategies and growth in other regions.
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One of the major restraining factors acting on the global industrial robotics market is the stagnation of manufacturing processes, along with the lack of investments due to the high capitals required. This is expected to hamper the global industrial robotics market to a noticeable degree in the coming years. The report divides the global industrial robotics market based on function, industry, and type. It also provides a detailed view of the market from a geographical perspective.
According to the report, the global industrial robotics market was dominated by the materials handling segment on the basis of functions. The market was collectively led by food and beverages, precisions and optics, and metals in terms of end-use industry. In terms of type, the global industrial robotics market is segmented into articulated robots, Cartesian, SCARA, and cylindrical.
Asia Pacific led the global industrial robotics market in 2013 in terms of revenue, owing to the extensive focus on research and development activities shown by the nations of Australia, China, India, and Japan.The report states that a major chunk of the demand from the global industrial robotics market over the coming years will arise from Asia Pacific’s medium and small-scale enterprises. This is expected to help boost the market for robotic applications as a whole in the near future.
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North America shows a steady growth rate, bolstered mostly by the promising development trends in Mexico in the field of industrial robotics.The key players in the global industrial robotics market are Denso Corporation, FANUC Ltd., KUKA Robotics Corporation, Nachi Robotic Systems Inc., Panasonic Corporation, Universal Robots, and Yaskawa Motoman Robotics.
Key segments of the Global Industrial Robotics Market
Industrial Robotics Market: By geography
Rest of the World
Industrial Robotics Market: By types
Industrial Robotics Market: By industry
Electrical & Electronics
Chemical, Rubber & Plastics
Food & Beverages
Precision & Optics
Industrial Robotics Market: By function
Milling, Cutting and Processing
Soldering and Welding
Painting and Dispensing
Assembling & Disassembling
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Source:Transparency Market Research