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Global Industrial Robotics Market to Reach $71 Billion by 2023 - Growing Demand from Small & Medium-scale Enterprises in Developing CountriesDUBLIN, July 21, 2017 /PRNewswire/ -- The "Industrial Robotics Market - Global Forecast to 2023" report has been added to Research and Markets' offering.  The industrial robotics market is expected to grow from USD 38.11 Billion in 2016 to USD 71.72 Billion by 2023, at a CAGR of 9.60% between 2017 and 2023. The increase in investments for automation in various industries, such as automotive; electrical and electronics; and metals and machinery, and the growing demand for industrial robotics systems from small and medium-scale enterprises in developing countries are the key factors driving the market. Among all the major industries where industrial robotics systems are adopted, the industrial robotics market for the metals and machinery industry is expected grow at a significant rate during the forecast period. The growing demand for industrial robots in sectors such as agriculture, packaging, material handling, and machine tools for achieving automatization is the key factor expected to propel the growth of the industrial robotics market for the metals and machinery industry during the forecast period. As of 2016, traditional industrial robots held a major share of the industrial robotics market. However, the market for collaborative robots is expected to grow at the highest CAGR between 2017 and 2023. As collaborative robots are cost-effective and best suited for small and medium-scale manufacturing industries, the adoption rate of collaboratie robots is expected to grow significantly during the forecast period. Articulated robots are expected to hold a major share of the traditional industrial robots market, and the market is expected to grow at a significant rate during the forecast period. With the increased payload capacity, work envelope, reliability, and speed, articulated robots are being adopted for various industrial applications, such as welding, painting, assembly, packaging, palletizing, depalletizing, machine tending, sealing, gluing, cutting, cleaning, deburring, die casting, grinding, polishing, material handling, case packing, pick and place, pre-machining, and press brake tending. The high rate of adoption of articulated robots for a myriad of applications is the key factor driving the articulated robots market. Industrial robots have been on the rise and are set to be one of the fastest-growing areas of the robotics industry. Despite the high rate of adoption of industrial robots in small and medium-scale enterprises, there still exist restraints for the adoption of industrial robots for low-volume production. As industrial robots are designed as per the requirements of the application, it is an inevitable process of modifying or reconfiguring the industrial robots every time the application is changed. The cost of reconfiguration and reinstallation of robots is high for low-volume production. Hence, the high overall installation cost for low-volume production applications is the key factor that hinders the growth of the market. Companies Mentioned
Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 5 Market Overview 6 Industrial Robotics Market, By Type 7 Industrial Robotics Market, By Industry 8 Geographic Analysis 9 Components of Industrial Robotic System (Qualitative) 10 Competitive Landscape 11 Company Profiles 12 Appendix For more information about this report visit https://www.researchandmarkets.com/research/s8rmw9/industrial Media Contact: Research and Markets 
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