LONDON--(BUSINESS WIRE)--Apr 29, 2018--Technavio’s latest market research report on the provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180429005087/en/
Technavio has published a new market research report on the global industrial robots market in the automotive industry from 2018-2022. (Photo: Business Wire)
According to Technavio market research analysts, the global industrial robots market in the automotive industry will grow at a CAGR of approximately 7% during the forecast period. The increasing adoption of lean and flexible manufacturing is a major factor driving the market’s growth.
The automotive industry is highly competitive, and the vendors in the market compete on reliability, quality, cost, and delivery. In the present scenario, when the demand for vehicles is increasing substantially, the competition among players is intense, thereby making cost reduction a major concern for them. To attain this, industry players are concentrating on producing required products at first attempt and eliminating additional cost by adopting lean manufacturing. Lean manufacturing refers to the method, which reduces waste generated during the manufacturing process without compromising on productivity. It also considers several other wastes such as waste generated through overburden or unevenness of workloads.
IoT and Industry 4.0
Internet of Things (IoT) is an interconnection of several devices be it mechanical or digital, which allow data to be transferred from end-to-end without human interventions. At present, IoT has already been commercialized in various applications, thereby initiating an industrial revolution with the advent of Industry 4.0. Also, IoT is further simplifying the connectivity techniques using internet protocol version 6 (IPv6) based protocol addressing systems.
The interoperability and data readability issues have found better solutions with the advent of IoT. This technology has revolutionized the world of robotics by streamlining the working of robots with smart factory. A network of robots can connect to the cloud and provide insightful data from mass data. A major application of such technology interpretation is in asset management and maintenance to optimize equipment and process efficiency, reduce the cost, and mitigate the risk of downtime.
“Industry 4.0 and IoT have been gaining traction in automotive manufacturing facilities. The support extended by governments to modernize manufacturing facilities has encouraged OEMs in Germany, Italy, France, the US, and China to enhance productivity. It is expected that the adoption of IoT and Industry 4.0 in the manufacturing plants will increase the demand for industrial robots in the automotive industry,” says a senior analyst at Technavio for research on .
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Global industrial robots market in the automotive industry – segmentation analysis
In 2017, the global industrial robots market in the automotive industry was dominated by the material handling application, and it is expected to retain its position during the forecast period. Material handling is a major application within automotive manufacturing set up because handling bulky and complex parts is cumbersome when it must be carried out manually.
APAC was the leading region for the global industrial robots market in the automotive industry in 2017, accounting for a market share of close to 61%. This segment is expected to project significant growth and dominate the global market throughout the forecast period.
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180429005087/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: TECHNOLOGY ELECTRONIC DESIGN AUTOMATION HARDWARE INTERNET SOFTWARE OTHER TECHNOLOGY MANUFACTURING AUTOMOTIVE MANUFACTURING
SOURCE: Technavio Research
Copyright Business Wire 2018.
PUB: 04/29/2018 06:42 PM/DISC: 04/29/2018 06:42 PM