Automotive industrial robot market forecast to reach $8 billion within four years
Industrial robots are in high demand in the automotive sector, and a research company is saying the market will grow to beyond $8 billion by 2021.
In the report published by MarketsandMarkets, the market was estimated to be $5.07 billion in 2016, and is projected to grow to $8.44 billion by 2021, at a growth rate of 10.74 per cent.
The full title of the study is Automotive Robotics Market by Type (Articulated, Cartesian, SCARA, Cylindrical), Component (Controller, Robotic Arm, End Effector, Sensors, Drive), Application (Welding, Painting, Cutting, Material Handling), and Region – Global Forecast to 2021.
The company says automotive robotics is still in a growing phase. Additionally, increasing industrial plans such as Industry 4.0 of Germany, and Made in China 2025 of China, is likely to trigger further growth in the automotive robotics market.
Moreover, increased focus on automation, to mitigate the risk arising from increasing labor costs, can provide a strong impetus to the demand for automotive robotics market.
The articulated robot segment is estimated to account for the largest share in the automotive robotics market.
The articulated robot is more widely present in the market as compared to Cartesian, cylindrical, SCARA (Selective Compliance Assembly Robot Arm/ Selective Compliance Articulated Robot Arm) robots due to its higher degree of freedom that provides a manufacturer a larger work envelope and can be used for multiple applications.
Development in advanced technologies and consistent growth in demand for automated solutions is a contributing factor for growth in the robotics controller market, says the report.
In terms of regions, Asia-Pacific market is projected to have the largest market share in automotive robotics controller market by 2021.
The region is projected to be primarily driven by increasing demand for sophisticated motion control technology.
Furthermore, in developed countries and regions, such as the US and Europe, the focus on further enhancing cost competitiveness amongst all major automotive manufacturers is expected to result in growing demand for advanced controllers in the automotive industry.
