Industrial Robotics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $77.7 Billion by 2024 from $38.2 Billion in 2016, growing at a CAGR of 9.3% from 2016 to 2024

Global Industrial Robotics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $77.7 Billion by 2024 from $38.2 Billion in 2016, growing at a CAGR of 9.3% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 9.9% and 9.2%, respectively, during the forecast period.

Rise in demand for automation activities across the industries will lead the demand of industrial robotics
Key drivers of global industrial robotics market are high usage of industrial robotics in the manufacturing industry, evolving robotics & artificial intelligence (AI) industry, rise in demand for automation activities in various industries and reduction in custom duties. Though, high cost of industrial robotics solutions may hamper the growth of the industrial robotics industry. Furthermore, arrival of new technologies in addition to increasing competition in the market, and growing demand for automation in non-conventional sectors, such as micro-electronics are expected to equally influence the overall growth of the market in the upcoming years.

Market Segmentations
Global industrial robotics market analysis has been classified into type, industry vertical, function, and geography. Type segment comprises SCARA, cartesian, cylindrical, articulate, and other types. Industry vertical includes precision & optics, automotive, metals, machinery, chemical, rubber & plastics, food & beverages, and other industry verticals. Materials handling, painting & dispensing, soldering & welding, cutting & processing, milling, and assembling & dissembling, among others are covered under the function segment. Key regions covered in the market are North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America includes United States, Canada, and Mexico. U.K., and Germany, among others are included in the Europe.

Articulated robots accounted the highest market share in 2016
Articulated robots dominated the type segment with highest market share in 2016, and expected to remain the largest over the forecast period 2016 -2024. The market is driven by increasing usage of these robots currently in emerging industries such as packaging and healthcare sectors.

Large investment in infrastructural developments by emerging countries in Asia-Pacific
Asia-Pacific is attributed to grow at a fastest CAGR from 2016 to 2024, owning to heavy investment in research & development, and infrastructural developments in countries like China, India, and Japan. The region also accounted the highest market share in 2016 and expected to remain the leading region during forecast period 2016 - 2024.

Competitive Analysis
Major players operating in the market are Epson America, Inc., Denso Corporation, Kawasaki Heavy Industrials Ltd., Panasonic Corporation, Daihen Corporation, Mitsubishi Electric Corporation, Fanuc Ltd, KUKA Robotics Corporation, Yaskawa Electric Corporation, and Universal Robotics, among others.
Scope of Global Industrial Robotics Market
By Type
• Articulated
• Cartesian
• SCARA
• Cylindrical
• Others
By Industry Vertical
• Automotive
• Electrical & Electronics
• Chemical, Rubber & Plastics
• Machinery
• Metals
• Food & Beverages
• Precision & Optics
• Others
By Function
• Soldering & Welding
• Materials Handling
• Assembling & Disassembling
• Painting & Dispensing
• Milling, Cutting & Processing
• Others
Geographical Segments:
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Italy
o Others
• Asia Pacific
o China
o India
o Japan
o South Korea
o Others
• RoW
o South America
o Middle East
o Africa