NEW YORK, USA, January 11, 2022 (GLOBE NEWSWIRE) – Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “industrial robotics market Information by type, users, application and region – forecasts to 2027“To grow the market size at a compound annual growth rate of 10.32% by 2026.
Industrial robots are robotic systems designed to work in collaboration with workers on assembly lines. The report on the Global Industrial Robots Market by Market Research Future (MRFR) covers manufacturing trends and industry opportunities for the forecast period (2020-2027). The effects of the COVID-19 pandemic on market capitalization are discussed in great detail.
The major players dominating the Industrial Robots Market are:
- Kawasaki Heavy Industries Co., Ltd. (Japan)
- Denso Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- Bosch GmbH (Germany)
- ABB Ltd. (Switzerland)
- Yaskawa Electric Corporation (Japan)
- Fanuc Corporation (Japan)
- Toshiba Corporation (Japan)
- Rockwell Automation Inc. (United State)
- Kuka AG (Germany)
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Investments to increase productivity to drive market demand
The massive demand for consumer electronics, packaging, machinery, medicine, and other goods can increase the demand for industrial robots. The commitment of electronic sellers and major producers to customers is the primary driver of the market. Efforts to reduce labor costs as well as enhance efficiency could bode well for the market. Collaboration between players can drive market growth as well. The expansion of industrial facilities and the emergence of international trade can navigate the path of the industrial robots market.
Industry 4.0 initiatives by governments to mitigate the effects of COVID-19
The Institute for Advanced Manufacturing Robotics aims to promote development and innovation through collaboration and partnerships. Government plans to digitize data as well as increase productivity could bode well for the market. High-impact robotics proposals as well as production-related incentives by various governments can pave the way for investments. The fiscal stimulus packages are likely to bode well for the market.
High investment and maintenance costs to hamper market growth
The high investments and maintenance and repair costs of industrial robots can deter important buyers. Automakers looking to cut costs could fall back on expectations. Furthermore, the huge capital expenditures required for procurement, programming, accessories, and integration can deter users. This can also deter SMEs from buying due to lack of funds and short-term production goals. The lack of high-quality raw materials and adherence to international standards can limit the scope of the market.
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Market segmentation covered by the research:
Articulated robots to dominate market share
By type, the market is segmented into 6-axis, Cartesian, SCARA, articulated, double-arm, parallel, delta and redundant robots. Articulated robots are likely to perform repetitive actions and are used in material handling, assembly, and more.
Dealing with the app to gain traction
By application, the market is segmented into coating, material handling, welding, palletizing, and assembly. The handling part can gain traction during the forecast period due to its use in crate picking, machine care and material handling. Its application in the food and beverage, chemical, automotive, electrical and electronics sectors can lead to increased demand for the sectors.
To be a leader in the automotive industry for the end user
By end users, the market is segmented into food and beverage, automotive, pharmaceutical, entertainment, rubber, plastic, and electronics. The automotive sector is expected to capture a large share of the demand due to the welding and coating robots used on the assembly line. Protection of workers as well as safety guarantees put in place by manufacturers can increase market demand in this sector.
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Asia Pacific to lead the global industrial robots market
APAC is set to dominate the market due to rising labor costs and industrial automation integration. Policies that encourage the Internet of Things as well as the use of collaborative robots to accelerate production can drive market growth. The development and inclination of robots by manufacturers in Taiwan, China and Thailand could bode well for the market.
Impact of COVID-19 on the global industrial robotics market
The COVID-19 pandemic has temporarily restricted the growth of the Industrial Robots market. This is due to the closure of factories and the refusal to ease the closure on factories. However, the shift to industrial automation and the need to revive economic growth has led to investments in robotics. China has topped demand for robots amid interest in renewable energy and the need to meet climate goals.
Alphabet has launched a new company, Intrinsic, to focus on developing industrial robots.
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