Industrial Robotics Market Summary & Critical Success Factors (CSFs) Till 2020 “The global industrial robotics Industry was estimated at USD 31.45 billion in 2016 and is expected to reach USD 41.23 billion by 2020. Growing concerns to reduce operational costs by many manufacturing companies is expected to drive the global market growth.� The global Industrial Robotics Industry was estimated at USD 31.45 billion in 2016 and is expected to reach USD 41.23 billion by 2020. Growing concerns to reduce operational costs by many manufacturing companies is expected to drive the global market growth. Industrial robots are designed to control and automate processes including testing, assembly, packaging, welding, product inspection and painting. Human errors can be minimized, thereby increasing the process efficiency and reliability of the machinery. The growth of the market can be majorly attributed to the adoption of automation through robotics that ensures quality production while meeting market demand as well as the growing demand from small- and medium-scale enterprises in developing countries. Rising labor costs in many mature economies including U.S. and UK is estimated to drive the global robotics market. Many heavy machinery manufacturers are expected to replace workforce with automation to reduce hiring costs and increase overall production. Automation involves the installation of advanced technologies and sensors, such as cloud communications and wireless, to monitor and control the entire facility throughout the day. The prerequisite to comply with governmental regulations and to reduce costs has encouraged the use of industrial robots in heavy industries market. For example, the average labor costs in China have been rising by nearly 10% yearly. The use of robots in industries has helped to reduced workers idle time by 80% and save more than 50% of the production cost, leading to significant cost savings. The use of industrial robots for tasks such as welding and sheet handling in heavy industries has also proved the efficiency of the robotic systems in terms reduction in cycle time and raw material wastage. Implementation of robotic in heavy industry sector is expected to increase the operational flexibility of end users for addressing various product requirements. Robots are used to handle repetitive tasks and are also ideal for multitasking. They are usually deployed in accident prone areas in different production lines based on the application type, the global market has been segmented into industrial welding robots, material handling and assembly line robots.
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