Technological advancements has taken a long stride in the India Industrial Robotics market. Rising demand for automation in order to strengthen the product supply and domestic manufacturing has resulted in the growth of India Industrial Robotics Market. India has now emerged as a destination for industrial Robotics manufacturers. Progression in automotive and electronics sector supported by rise in the food and pharmaceutical industries has fuelled the growth of the India Industrial Robotics market.
According to 6Wresearch, India Industrial Robotics Market value reached over US$28 million for CY H1 2014. Major players such as Yaskawa, Kuka, and Hyundai captured more than 41% share of the market. India Industrial Robotics market is primarily dominated by application segments such as welding, dispensing and material handling.
Over the past few years, the performance of Industrial Robots has increased phenomenally while the prices have decreased drastically. Further, payback period of these devices have been curtailed thus creating a viable option for OEMs.
Lack of skilled labor, dearth of Robotics standards, high procurement cost and absence of consumer awareness are some of the major factors hindering the growth of the India Industrial Robotics Market.
Automotive industry constituted as a key application sector in the India Industrial Robotics market. Industries have realized the importance of Robotics and started to show a demand even from local startups. Private and Public organizations are showing keen interest in the development of Robotics.