WELLESLEY, Mass., Oct. 08, 2018 (GLOBE NEWSWIRE) -- Due to heightened investment in the modernization of production facilities, the global market for industrial robotics is expected to experience significant growth, according to a new report from BCC Research.
In 2018, the global market for industrial robotics was worth $60.0 billion. BCC Research estimates that it will reach a value of $122.4 billion by 2023, indicating a compound annual growth rate (CAGR) of 15.3%, according Industrial Robotics: Global Markets to 2023.
The motor vehicle manufacturing segment accounted for the largest share of the industrial robotics market in 2018 at $22.0 billion. The highest growth is projected to come from the electrical and electronics manufacturing segment, which is forecast to grow at a CAGR of 21.2%. Major factors for this growth include rapidly increasing demand for smart phones, televisions and other electrical and electronic products.
Research Highlights
- Challenges facing this market include reducing prices, along with improving the features, efficiency and operability of the devices.
- Major companies that contribute to the growth of this industry include FANUC Corp., Yaskawa Electric Corp., ABB Group, KUKA AG and Kawasaki Heavy Industries, Ltd.
- The fastest growth in the industrial robotics market is forecast for Eastern Europe, where it is expected to grow at a CAGR of 25.6%, followed by the Asia-Pacific region.
“Establishments in the industrial robotics industry produce and sell robots,” the report notes. “A robot is a machine, programmable by a computer; it may be directed by an external control device or the control may be embedded within the machine; however, robots which have their own control system and are not controlled by the machine are covered in this market.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.