2023 Industrial Robotics Market Report, Business Opportunities, key players and growth forecasts
The global industrial robot market was valued at $37.875 billion in 2016 and is expected to reach $70.715 billion by 2023, with a compound annual growth rate of 9.4% from 2017 to 2023.
In 2016, the automotive industry dominated the global industrial robot market, contributing $16.63 billion in revenue. However, due to the slowdown in the automotive industry over the past few years, this segment is expected to grow slowly in the near future and grow at a CAGR of 8.9% during the forecast period. Due to the spiraling growth of the food and beverage sector, the food and beverage sector is expected to grow significantly at a CAGR of 11.0% during the forecast period. In addition, the food and beverage industry will be driven by increased demand for custom solutions, especially in undeveloped regions such as Brazil, Argentina and South Africa.
Leading players:
Daiheng Corporation, Denso Corporation, Epson America Corporation, Fanuc Corporation, Kawasaki Heavy Industries Corporation, Kuka Robotics Corporation, Mitsubishi Electric Corporation, Nachi Robotics Systems Corporation, Panasonic Corporation, General Robotics Corporation, etc.
Articulated robots accounted for $18.35 billion of the industrial robot market in 2016, driven by the increased use of these robots in emerging industries such as packaging and healthcare. However, the demand for cylindrical robots and other types of robots, such as custom and refurbished robots, is expected to grow significantly in the coming years due to increasing demand in the industrial sector in the Asia-Pacific region. Cylindrical and other plays are expected to grow at a cagR of 11.0% and 11.6%, respectively, during the forecast period.
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