Global material handling robotics market is projected to witness a rapid growth during the forecast period. The growing demand for material handling robots in various applications such as packaging, pick and place, and palletizing/de-palletizing is aiding the market growth. The ease of work management and the significant cost reduction offered by these robots is expected to boost the growth of the material handling robotics market.
The global Material Handling Robots Market is projected to reach USD 31 billion at a CAGR of over 10% by the end of the forecast period 2017-2023.
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The global Material Handling Robotics Market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the material handling robotics market in the Asia Pacific is expected to witness a significant growth and hold the largest market share during the forecast period. China, India, and South Korea are anticipated to drive the growth of the material handling robotics market owing to the presence of a large number of established key players such as DAIHEN Corporation (Japan), Denso Wave (Japan), Epson Robotics (Japan), in this region.
Due to the high adoption of material handling robotics in the automotive sector and factors such as strongest growth potential and the presence of major manufacturing hub. Emerging economies from developing nation such as China and Southeast Asian countries are expected to be the main driving factor for the growth of the market., in the region, the market is likely to show an immense growth in the coming future.
In the global material handling robotics market Analysis, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing adoption of low labor cost coupled with the reduced transportation cost also contributed to the regional growth of the market and emerging economies and technological advancement in the material handling robotics in the region.
Market Research Analysis:
North America is estimated to account for the second position in the material handling robotics market, whereas, the Asia Pacific market is projected to acquire the highest share during the forecast period. The North American market is witnessing a rapid growth due to technological advancements and increasing demand for industrial robots from different industrial verticals in this region. The U.S. holds the majority of the market share both in terms of revenue and adoption of advanced solutions.
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