As per the latest report, Global Industrial Robotics Market predicted to reach USD 70,715 million by 2023, at a growing CAGR of 9.4 percent that is up from USD 37,875 million in 2016. The articulated robots segment, in 2016, valued for USD 18,350 million in the industrial robotics market, due to escalated utilization of robots in the emerging industries like packaging and healthcare sector.
Several sorts of robots considered in the report are articulated robots, SCARA robots, cylindrical robots, Cartesian robots, and others. However, cylindrical robots and other categories of robots like customized and refurbished robots are predicted to rise at a momentous speed in the near future, due to their augmented demand in the industrial sectors of the Asia-Pacific region. The cylindrical and other segments of robots are expected to rise at CAGR of 11 percent and 11.6 percent, in that order, during the predicted period. In 2016, the automotive industry segment led the global industrial robotics market, with a revenue contribution of USD 16,630 million. Though, this segment is anticipated to an eyewitness of indolent growth in the near future, because of low pace in the automotive industry in the past years and will rise at a CAGR of 8.9 percent during the forecast period. In the 2016 global industrial robotics market, the articulated robots segment accounted for the highest share, due to amplified utilization of these robots in the packaging and healthcare sectors of the emerging economies. The cylindrical robots and others segment involving customized and refurbished robots are predicted to reach at a significant speed in the coming years.
Industrial robots are utilized in a variety of industries including automotive, electrical & electronics rubber & plastics, machinery, chemical, metals, precision & optics, food & beverages, and others. The automotive industry is the highest end-user of industrial robots. The growth in the segment is expected to fall, due to a predictable retard in the automotive industry during the forecast period.