According to the new report titled “Global Industrial Robotics Market by Application and Geography - Industry Outlook 2020”, there has been incessant rise in automation in virtually every industry. As a result of this, the market is expected to manifest exponential growth rates due to inherent benefits of higher productivity, quality, costs, etc. associated with use of robotics in various manufacturing settings.
The report “Global Industrial Robotics Market by Application and Geography - Industry Outlook 2020” provides an in-depth analysis of global industrial robotics market which is estimated to be valued at US$ 30.99 billion in the year 2016 and projected to reach US$ 44.00 billion by 2020, growing at a CAGR of 9.16% in the period 2016-20. The report focuses on analysis and forecasting of various verticals of industrial robotics market such as Automotive, Electrical/electronics, Metal and Rubber & Plastics industry. Geographical analysis of major regions encompassing key markets in the respective region is also provided in the report. It includes China and Japan in Asia Pacific, the US in Americas and Germany in Europe.
Growth of the industry is fuelled by surge in demand for robotics from automotive industry, reduction of labour cost associated with automation and rise in demand from developing and emerging nations. However, factors such as high costs involved in development and adoption of robotic technology, lower level of manual dexterity provided by robots and poor macroeconomic and industry conditions are restraining the growth industrial robotics market. Furthermore, Yaskawa Electric, Fanuc Corporation, KUKA AG and ABB Group are profiled herein based on attributes such as business overview, product segments, financial and business strategies.