The global industrial robotics market is expected to reach a market size of $41.17bn by 2020, according to a new report by Allied Market Research.
The report indicates the robotics market, which was valued at $26.78bn in 2012, will continue to grow at a Compound Annual Growth Rate (CAGR) of 5.4% annually for the forecast period of 2013 – 2020.
In 2013, global robot sales increased by 12% to 178,312 units for the year – with China the largest market with 20% of global sales.
The Asia Pacific is forecast to be the fastest growing region with a CAGR of 6.8% from 2014 – 2020.
This further growth will add to the Asia Pacific standing as the largest revenue generator for the robotics industry which accounted for 49.45% of the total market share in 2012.
The report – Industrial Robotics Market (Products, Functions, Applications and Geography) – Global Analysis, Industry Growth, Trends, Size, Share, Opportunities and Forecast 2013 – 2020 – highlights that the key industry of electronics, which had a market share of 20% in 2013, has witnessed a significant penetration of industrial robotics as products.
Industrial robotics may also find penetration in the healthcare industry, with nanorobotics gaining a key influence in the field of industrial robotics as well as finding a place in health care and other niche markets.
Nanorobots could 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.
Among the major robot types such as nanorobots, cylindrical robots and Cartesian robots; articulated robots is the largest segment accounting for $12.97bn in 2012.
Articulated robots are the largest segment due to the increasing usage of their model in emerging industries such as packaging and healthcare.
The automotive industry will look to continue to capitalise on the growth of the industrial robotics market despite the slowdown of overall production.
The automotive industry is the most important customer for industrial robots – having dominated the market in 2012 with purchases of $7.37bn.
The metal and machinery industry is also set to continue to be another big customer, with a share of 9% of the total supply in 2013.
The rubber and plastics industry is additionally set to be one of the biggest customers of industrial robotics during its forecast growth period, having had a 7% share of the total supply in 2013.
Of industries served by the industrial robotics market, food and beverages is expected to witness the highest growth rate of 6.9% over the forecast period of 2013 – 2020.