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“Articulated robot market expected to grow at significant rate between 2018 and 2023”
The articulated robot market is expected to grow from USD 10.92 billion in 2018 to USD 23.51 billion by 2023, at a CAGR of 16.58% during the forecast period; the market is expected to register a shipment of 245,012 units in 2018 and is projected to reach 548,566 units by 2023, at a CAGR of 17.49% during the forecast period. Major drivers for the articulated robot market are increasing adoption of automation and growing demand from small and medium-sized enterprises (SMEs) in developing countries. However, one of the major factors restraining the growth of the articulated robot market is the high overall cost of installation for low-volume production applications.
“Articulated robot market for robots with payload carrying capacity of 16.01–60.00 kg to grow at high rate between 2018 and 2023”
The articulated robot market for robots with payload carrying capacity of 16.01–60.00 kg is expected to grow at a significant rate between 2018 and 2023. The robots with payload carrying capacity of 16.01–60.00 kg are mainly adopted in the automotive industry for arc welding, spot welding, and painting applications, especially for compact 3- and 4-wheelers. Further, the growing demand for electric vehicles worldwide is the key factor that is expected to propel the growth of the market for articulated robots with payload carrying capacity of 16.01–60.00 kg.
“Handling function to hold largest share of articulated robot market in 2018”
Owing to the high rate of adoption of articulated robots in the automotive industry for handling heavy automotive parts and in the metal and machinery industry for handling heavy metal sheets and components, the handling function is expected to hold the largest share of the articulated robot market in 2018. However, the market for processing function is expected to grow at the highest CAGR during the forecast period.
“Articulated robot market in APAC to grow at highest rate during forecast period”
APAC is expected to hold the largest share of the articulated robot market in 2018 and is also expected to grow at the highest CAGR during the forecast period. The countries such as China, Japan, South Korea, and India are the key contributors to this growth. The articulated robots have been adopted in these countries for a myriad of industrial applications. However, Europe is expected to hold the second-largest share of the articulated robot market in 2018. The presence of a few top robot manufacturers, such as ABB (Switzerland) and KUKA (Germany), and also the presence of integrators, such as TRAPO AG (Germany), Toolmotion GmbH (Germany), and NIMAK GmbH (Germany), help the manufacturing as well as general industries to adopt articulated robots for achieving complete automatization. Also, the high rate of technological developments in the automotive industry is the key factor driving the growth of the market in Europe.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 = 35%, Tier 2 = 45%, and Tier 3 = 20%
- By Designation: C-level Executives = 40%, Directors = 25%, and Others = 40%
- By Region: North America = 25%, Europe = 20%, APAC = 40%, and RoW = 15%
ABB (Switzerland), KUKA (Germany), Mitsubishi Electric (Japan), Fanuc (Japan), Kawasaki Heavy Industries (Japan), Denso (Japan), Omron Adept Technologies (US), Nachi-Fujikoshi (Japan), Yaskawa (Japan), and Seiko Epson (Japan) are some of the major companies dominating the articulated robot market.
Articulated robots refer to industrial robots that are automatically controlled, reprogrammable, and multipurpose manipulator (robotic arm) and can be adopted for industrial automation applications. The articulated robot market has been segmented on the basis of payload, function, industry, and geography. Depending on the payload carrying capacity, the market has been segmented into up to 16.00 kg, 16.01–60.00 kg, 60.01–225.00 kg, and more than 225.00 kg. Depending on the functions performed by the articulated robots, the market has been segmented into handling, welding, dispensing, assembly, processing, and others. The articulated robot market has been segmented on the basis of industry into automotive; electrical and electronics; chemicals, rubber, and plastics; metals and machinery; food & beverages; precision engineering and optics; pharmaceuticals and cosmetics; and others (oil & gas; paper and printing; foundry and forging; ceramics and stone; construction; textiles and clothing; supply chain management; and wood). The report also forecasts the size and volume of the articulated robot market in 4 main regions?North America, Europe, APAC, and RoW.
The report would help leaders/new entrants in this market in the following ways:
- This report segments the articulated robot market comprehensively and provides the closest approximations of the overall market size and volume and that of the subsegments across different industries, functions, and regions.
- The report helps stakeholders understand the pulse of the market and provides them the information on key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
- The competitive landscape section includes competitor ecosystem, and product launches, partnerships, and mergers & acquisitions carried out in the articulated robot market.