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
expected to reach 548,566 units by 2023, at a CAGR of 17.49% during the
forecast period. Major drivers for articulated robot market are increasing
adoption of automation and growing demand from small and medium-sized
enterprises (SMEs) in developing countries.
The
rising awareness about the benefits, such as complete automatization and more
return on investment, provided by robots has encouraged countries worldwide to
invest more in the development of AI-integrated robots. For instance, in 2017,
China announced its plans to invest USD 150 billion in the development of
AI-integrated cars and robots by 2030. Such investments are expected to propel
the growth of articulated robot market worldwide in the next 2–3 years.
Further, the players in the articulated robot market are focusing on
integrating technologies such as the Internet of Things (IoT) and artificial
intelligence (AI) into articulated robot systems. For instance, FANUC
Corporation collaborated with Cisco Systems, Inc. (US), Rockwell Automation
Inc. (US), and Preferred Networks, Inc. (Japan) to develop and deploy the FANUC
Intelligent Edge Link and Drive (FIELD) system. The inculcation of such
technologies with articulated robots is expected to propel the growth of the
articulated robot market in the future.
The
articulated robot market for processing function is expected to grow at a
significant rate between 2018 and 2023. The growing adoption of articulated
robots in food & beverages, plastics, rubber, and chemicals 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. Hence, along with handling function, the players may consider
catering to this function for gathering higher revenues and strengthening their
position in the articulated robot market.
The
market for the metals and machinery industry is expected to grow at the highest
CAGR during the forecast period. There has been a consistent rise in the number
of companies in the agriculture, packaging, material handling, and machine
tools sectors worldwide, especially in APAC countries such as China and India.
As articulated robots enable complete automatization of the factories or the
production plants, this rise in the number of companies in agriculture,
packaging, material handling, and machine tools sectors creates potential
opportunities for players catering to the metals and machinery industry in
APAC.
The
players in the articulated market can gain a competitive edge by focusing on
the expansion of business in APAC countries such as China, Japan, South Korea,
Taiwan, and India. The low cost of production can help various manufacturers to
set up their manufacturing units in APAC during the next 5 years. Further,
automating the manufacturing plant capabilities is a key trend observed in
APAC, which may boost the demand for articulated robots in APAC in the near
future.
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