Industrial robot market to reach $US 44.5 billion in 2020

Transparency Market Research has predicted the global market for industrial robots will grow strongly in value in the next five years, reaching $US 44.48 billion by 2020. reports that the predicted compound annual growth rate from 2014 to 2020 will be 6.2 per cent.

Drivers include increased SME adoption of industrial robots, increased labour costs, increased R&D and decreased duties (especially within Asia-Pacific).

Three sectors identified in the report that will lead growth were precision and optics, metals, and food and beverage.