The global industrial robot market is witnessing significant growth due to its operational capabilities, which are used in various industrial applications. Some of the other factors driving the growth of the global robot market are demand from small and medium scaled enterprises in developing countries, enhanced operational efficiency and reducing manufacturing cost. Small and medium scaled enterprises in developing countries are unable to spend the high labor costs and energy costs, thus they are investing more in industrial robot. Several advantages of industrial robot functionalities are leading to its increased adoption in automotive, electronic, electrical, and healthcare industries. The benefits of industrial robots include increased production, improving workplace health and safety, improved quality, manufacturing flexibility and cost reduction. The manufacturers of various industries prefer to use industrial robot solutions to involve less manpower for hazardous work. Many industries are provided with customized robots to meet their exclusive specifications. The automotive industry was the largest end user of the global industrial robot market in 2015, whereas the market is expected to grow at the fastest rate in electronics and electrical industry, during the forecast period. The local vendors in the automotive industry are aiming to remain competitive by innovating and developing new collaborative industrial robots.
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Industrial robots are reshaping the manufacturing industries. Increasing demand for low cost industrial robots, which are capable of collaborating humans, would create ample growth opportunities in the global industrial robot market. The use of industrial robot helps industry in reducing variable cost, meeting growing demand of mass production, and increasing the competitiveness of companies. However, the major restraints in the industrial robot market are high investment cost, safety concern, necessity to pay high maintenance cost and lack of skilled workforce to work in automated manufacturing units.
An industrial robot is designed to move parts and tools, materials to perform varied tasks in production and manufacturing settings. The industrial robots are widely used for arc welding, painting, ironing, lifting, material handling and assembly applications. The industrial robot technology provides a positive impact on the market with its function to accelerate the speed and efficiency of final output. Industrial robots are considered to be high paying and rewarding jobs and involve various activities such as building, selling, maintaining, installing, marketing, designing, and operating robots.
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The key players in the global industrial robot market are ABB Ltd., FANUC Corp., YASKAWA Electric Corp., Kawasaki Heavy Industries Ltd., Mitsubishi Electric Corporation, Kuka AG, Panasonic Welding Systems Co. Ltd., Toshiba Machine Co. Ltd. and Omron Corporation.
The Global Industrial Robot Market Segmentation
- By Type
- By Component
- Robotic Arm
- End effector
- By Industry
- Electrical and Electronics
- Chemical Rubber and Plastic
- Metal and Machinery
- Food and Beverages
- Optics Industry
- By Geography
- North America
- Rest of the World
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