Articulated Robot Market worth 23.51 Billion USD by 2023 | MarketsandMarkets 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 mediumsized 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 AIintegrated 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. https://www.marketsandmarkets.com/Market-Reports/articulated-robot-market-154892451.html 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. About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
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