Published By : 20 Jan 2016 | Published By : QYRESEARCH
The global industrial robotics market is currently progressing at a CAGR of 6.2% between 2014 and 2020. This is a rather optimistic growth rate for a market that has already experienced extremely high levels of development and growth in the past two decades. Back in the nineties, automation was quite the buzzword in major industries, as players slowly began to appreciate the benefits of having industrial robotics helping the manufacturing process. The market was already valued at US$28.93 bn in 2013 and is expected to reach US$44.48 bn. This shows that the global industrial robotics market is still running full steam ahead. But what is the reason for its latest surge in growth? Simply put, it is all the small and medium scale industries around the world.
North America and Europe are not showing as significant a growth rate in the global industrial robotics market as the other regions are, especially Asia Pacific. This region is currently experiencing a high level of industrialization. This, coupled with increasing spending power and the rising costs of labor, have pushed manufacturers and enterprises to employ robotics to get the job done. Previously this was true only for large-scale enterprises as the exceptionally high costs of installation were manageable only by them. However, the advancements in technology have created ample opportunities for small and medium scale enterprises to use their own versions of industrial robotics. This has created a massive rise in demand in the global industrial robotics market from multiple developing economies around the world, most particularly India, China, Japan, and Australia.
It is indeed a great time to be a part of the global industrial robotics market. The International Federation of Robotics have stated high rates of growth between 2010 and 2014. They also predicted that there could be an increase in overall robotic installations in the world by 15% in 205 alone. The IFR also states that there could be an introduction of 1.3 mn new robots into the global industries between 2015 and 2018. This is further emboldened by the recent record set by FANUC Corporation, when they achieved a sale of over 400,000 units, which not only speaks volumes of the position the company is in, but also of the global industrial robotics market in general.