According to the latest market research "Industrial Robotics Market by Type (Articulated, Cartesian, SCARA, Cylindrical, Parallel, Collaborative Robots), Component (Controller, Robotic Arm, End Effector, Sensors, Drive), Vertical and Geography - Analysis & Forecast to 2022", the industrial robotics market is expected to grow at CAGR of 11.92% between 2016 and 2022 and reach USD 79.58 Billion by 2022.
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The report includes an in-depth analysis of the market segmented on the basis of type, component, industry and geography. The growth of the market is majorly attributed to the adoption of automation to ensure quality production while meeting market demand as well as the growing demand from small- and medium-scale enterprises in developing countries.
The use of industrial robots is expected to grow exponentially in the future as their use leads to cost reduction, improved quality, increased production, and improved workplace health and safety. The global industrial robotics market is expected to reach USD 79.58 Billion by 2022, growing at a CAGR of 11.92% 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 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.
In terms of the different geographic regions, APAC (Asia-Pacific) held the largest share of the industrial robotics market, and it is expected to grow at the highest CAGR between 2016 and 2022. With the adoption of robotics systems by the small- and medium-scale enterprises the demand for collaborative industrial robots has increased prominently in countries such as India, Japan, South Korea, and China. China is the largest market for industrial robots, and also the fastest-growing market worldwide.
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The major players in the industrial robotics market are FANUC Corp. (Japan), Yaskawa Electric Corp. (Japan), ABB Ltd. (Switzerland), KUKA AG (Germany), and Kawasaki Heavy Industries Ltd. (Japan) among others. KUKA Mobile robotics IIWA robot has features such as autonomous navigation, flexibility and maneuverability, utmost precision, and simple operator control. FANUC Corp. (Japan) has a consistent focus on research and development to maintain its competitive edge. In 2015, it introduced new products such as CR-35iA the world's first highly portable collaborative robot capable of carrying an object as heavy as 35 kilograms.
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