October 08, 2018
WELLESLEY, Mass., Oct 08, 2018 – Due to heightened investment in the modernization of production facilities, the global market for industrial robotics is expected to experience significant growth, according to a new report from BCC Research.
In 2018, the global market for industrial robotics was worth $60.0 billion. BCC Research estimates that it will reach a value of $122.4 billion by 2023, indicating a compound annual growth rate (CAGR) of 15.3%, according Industrial Robotics: Global Markets to 2023.
The motor vehicle manufacturing segment accounted for the largest share of the industrial robotics market in 2018 at $22.0 billion. The highest growth is projected to come from the electrical and electronics manufacturing segment, which is forecast to grow at a CAGR of 21.2%. Major factors for this growth include rapidly increasing demand for smart phones, televisions and other electrical and electronic products.
“Establishments in the industrial robotics industry produce and sell robots,” the report notes. “A robot is a machine, programmable by a computer; it may be directed by an external control device or the control may be embedded within the machine; however, robots which have their own control system and are not controlled by the machine are covered in this market.”
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Industrial Robotics: Global Markets to 2023( ENG019A )
Publish Date: Sep 2018
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