Business Robots Market - Forecasts from 2018 to 2023
Business robots market is expected to witness robust growth over the forecast period on account of growing focus toward industry automation as well as high speed innovation. The diversity in labour market owing to changing demographics further contributes to the adoption of robots in businesses. For instance, the rapidly aging population in China is cumulating country’s labour cost. Other drivers include rapid industrialization, growing investment and continuous R&D. Favourable government initiates, especially in developing countries, and surge in demand from SMEs is expected to augment the market growth in years ahead. However, high implementation cost restrains end users with limited capital to adopt this technology.
By End-User, manufacturing segment accounted for high market share in 2017 and is also expected to hold a notable position by the end of projected period. This growth is largely driven by high share of automotive sector. The increase in investments for product modernization by major car producing countries contributes to the growth of automotive segment for business robots market. Moreover, high competition in major car market further pushed for investments. The metal industry is expecting a high growth over the projected period owing to the growing adoption of robotics for applications like welding, painting, casting, cutting and others.
Geographically, APAC dominates the business robots market in 2017 and is also expected to hold a notable position by the end of forecasted period. This growth is largely driving by large scale adoption of factory automation in China and Japan. The rising labour cost owing to aging population, especially in China, Japan and South Korea, further drive the market growth. Other drivers include growing adoption of new technology, rapid industrialization and high speed innovations. The government initiatives and supports also contribute to the regional market growth. For instance, in the last quarter of 2016, South Korea’s Ministry of Trade, Industry, and Energy promises to provide support to local robotics firms through several different ways. The strategies adopted by the Ministry are the development of smart factories and the use of more service robots in the public sectors in order to increase the South Korea robot demand.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the business robots value chain. Last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the business robots market.
Major industry players profiled as part of the report are FANUC Corporation, ABB, Nachi Robotic Systems Inc., Yaskawa America, Inc., and DENSO Robotics.
Business robots market has been analyzed through following segments:
By End User
Food and Beverage
Electrical and Electronics
Middle East and Africa