The market is expected to garner $29.5 billion by 2020, registering a CAGR of 9.12% during the period 2015-2020. The growing requirement of automation in the Asia-Pacific region, especially in the manufacturing sector has fostered the growth of robotics technology in the region. The Asia-Pacific robotics technology market is also driven by the high presence of automotive and electronics industries in this region.
Robots are increasingly being employed in diverse industries for effective management of resources, high production output and efficiency, minimal material wastage, and reduced operation costs. Industries including automotive, electronics, aerospace, defence, healthcare, education, agriculture, and food & beverages have increased the adoption of robotics technology for automation of processes. The growth of smart mobile devices in these industries has further fuelled the growth of robotics technology. The automotive sector leads the Asia-Pacific robotics technology market accounting for nearly 50% of the total revenue in 2014, followed by the electronics sector, which held around 22% of the total revenue.
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There has been an increased demand of robotics technology by small and medium sized businesses in the Asia-pacific region. The growing employment of robots in small and medium sized businesses would greatly improve their production capability and efficiency. To cater to this demand in the region, the key players have developed compact, energy efficient, and low priced robotics solutions to expand their customer base and offer enhanced robotics solutions in the market. However, the small and medium businesses in the region are hesitant to adopt robotics technology owing to the high cost associated with it. Some organizations that govern and regulate the technology of robotics in the Asia Pacific region include Japan Robot Association (JARA), China Robot Industry Alliance (CRIA), Taiwan Automation Intelligence and Robotics Association (TAIROA).
The prominent vendors in the market include Fanuc Corporation, ABB Group, Yamaha Corporation, Yaskawa Electric Corporation, Honda Motor Co. Ltd., Kawasaki Heavy Industries Ltd, and Seiko Epson Corporation. These players introduce new innovative products to enhance their offerings in the market and strengthen their market position. Partnerships, collaborations, and acquisitions offer numerous growth opportunities to these players for portfolio enhancement and geographic expansion.
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