The articulated robot market (excluding
the prices of peripherals, software, and system engineering) was valued at USD
9.36 billion in 2017 and is expected to reach USD 23.51 billion by 2023, at a
CAGR of 16.58% during the forecast period. The articulated robot market
(including the prices of peripherals, software, and system engineering) was
valued at USD 20.83 billion in 2017 and is expected to reach USD 52.29 billion
by 2023, at a CAGR of 16.58%. In terms of volume, the articulated robot market
registered a shipment of 208,080 units in 2017 and is expected to reach 548,566
units by 2023, at a CAGR of 17.49% between 2018 and 2023. Increasing
investments for automation in industries and growing demand from SMEs in
developing countries are some of the key factors driving the growth of 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. This research study considers
articulated robots with a degree of freedom (DOF) or axes more than 3
Articulated
robots with a payload capacity of up to 16.00 kg to hold largest share of
articulated robot market in 2018
Owing to a wide variety of applications such
as arc welding and spot welding in the automotive industry, articulated robots
with payload carrying capacity of up to 16.00 kg are expected to hold the
largest share of the articulated robot market in 2018. However, the growing
demand for electric vehicles worldwide is the key factor driving the growth of
the market for articulated robots with payload carrying capacity of 16.01–60.00
kg.
Handling
function to hold the 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. The growing adoption of articulated
robots in the food & beverages, plastics, rubber, and chemical industries
for automatization of the processing task is the key factor expected to propel
the growth of the articulated robot market for processing function during the
forecast period.
APAC
to account for the largest market size during the forecast period
APAC is expected to dominate the articulated
robot market during the forecast period. The key driver for this market is the
low cost of labor and low cost of production, which encourages various
manufacturers to set up their manufacturing units in APAC, especially in
countries such as China, South Korea, and India. Also, automating the
manufacturing plant capabilities is another key trend adopted by manufacturers,
which has increased the demand for articulated robots in APAC. The value chain
pertaining to the articulated robot market comprises phases such as planning
and revising fund, R&D, manufacturing, assembly, distribution, and
after-sales services.
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