Global Robot Drives Market 2017-2021

Overview of the global robot drives market

Technavio’s market research report predicts that the global robot drives market will grow at a CAGR of nearly 8% during the forecast period. The increase in number of SMEs investing in automation is one of the primary drivers for market growth. Numerous small and medium-sized enterprises and large industrial players have switched to industrial robots to cut down the operational costs and decrease the dependency on manual labor. Countries such as China, Japan, and Taiwan are observing the growth of SMEs across various end-user industries and these SMEs have started implementing automation and robotics on a wider scale. Moreover, A robot can increase the production output by twice the amount compared to a human worker and also help in minimizing the added expenses such as wages, compensation, and pensions incurred from manual labor. To provide products with an affordable price tag, numerous vendors are emerging in the market and are offering robots with extra features suitable for SMEs that are much safer with capabilities to perform repetitive tasks providing high efficiency.

In terms of geography, APAC dominated the global robot drives market during 2016 and is foreseen to continue the domination over the next four years. Factors such as the rapid industrial development and favorable economic conditions in the region will drive the market’s growth prospects in the coming years.

Competitive analysis and key vendors