Rapid growth in automation and reduction in taxes on refurbished goods have fueled the growth of the industrial robotics market. North America and Europe collectively accounted for more than one-third share of the industrial robotics market, as these regions have continuously focused on R&D activities using industrial robotics.
The global industrial robotics market was valued at $37,875 million in 2016 and is projected to reach $70,715 million by 2023, growing at a CAGR of 9.4% from 2017 to 2023.
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Materials handling is the largest segment by function in the global industrial robotics market. In 2016, this segment accounted for over one-third share of the global industrial robotics market, owing to its increased demand over diversified industries such as packaging and electronics, where the market for robots is in its nascent stage especially in the Asia-Pacific and Latin American regions