How China is front running in USD 48BN Opportunity in Global Robotics Market in 2028?, unveiled by a report: Ken Research
The robotics market has grown significantly in the past few years with the rise in the number of annual installations in China. China is the largest robot market in the world as per the annual revenue and operational stock.
As per IFR, China registered annual installations of over 168,000 in 2020. The automation penetration in China currently is mainly controlled by foreign robot manufacturers with a total market share of over 70%. With rising fluctuations in the past 8 years, this share has been steady. Robot installation from overseas – largely imported from South Korea, Japan and Europe increased robustly by 23% to around 123,000+ installations (including the units manufactured in China by foreign suppliers). Home grown Chinese robot producers largely serve domestically, holding a market share of 26.5% in 2020 with over 45000+ units sold. Around one-third of the robots are manufactured by Chinese robot suppliers.
According to the research report, Global Robotics Market 2022-2028, Asia pacific will continue to dominate the robotic industry. The noticeable growth drivers are the growth in the electrical and electronics industries and the semiconductor and the chip industries. Major battery producing factories are installing robots to meet the increasing demand for electric and hybrid cars. The global robotics market is anticipated to grow to USD 46 billion by 2028 at an average annual growth of over 11% in next 5 years.
Robots will continue to have pivotal role in boosting expansion of some of the emerging industries in China and aid in developing new industries altogether.
In 2021, industrial robots demand originating from lithium battery has grown by over 130% while from warehouse logistics, it has grown by over 100% and from photovoltaic industries, industrial robot demand has grown 50%+.
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Several leading robotics vendors including ABB Ltd., DENSO Corporation, FANUC Corporation, Kawasaki Heavy Industries Ltd., KUKA AG, Mitsubishi Electric Corporation, Nachi Robotic Systems, Inc., Robert Bosch GmbH, Rockwell Automation, Inc., Siemens AG, Toshiba Corporation, Yaskawa Electric Corporation, etc have grown well and have led over 2 million industrial robot installations in factories around the world.
Yet to see how the growth story in China will pave way for future in Global robotic manufacturing space.
For More Information, Click on the Link Below:-
Global Robotics Market: Ken Research
Related Report:-
Global Robotics Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2025
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