Industrial Robots Market to Exhibit a CAGR of 10.4% by 2028; Deployment of ABB’s Robots in Food and Packaging Industry to Drive Market: Fortune Business Insights™
May 27, 2021 at 06:47 AM EDT
Pune, India, May 27, 2021 (GLOBE NEWSWIRE) -- The global industrial robots market size is expected to reach USD 31.13 billion by 2028, exhibiting a CAGR of 10.4% during the forecast period. The growing concerns regarding workers’ safety during industrial operations will spur demand for industrial type of robots during the forecast period, states Fortune Business Insights, in a report, titled “Industrial Robots Market, 2021-2028.” The market size stood at USD 14.61 billion in 2020.
High Inclination for Automation to Inspire Growth during Coronavirus
OEMs are opting for industrial robots due to their accuracy and workflow efficiency. The disruption caused by the pandemic due to stringent regulations has favored this industry. The small and medium-scale enterprises have increased their investments in automation, thus aiding the market growth. Besides, industrial accidents, including hazardous chemicals or mishaps, have led to stringent regulations. Which, in turn, will create opportunities for the industrial robots industry.
Furthermore, the adoption of business strategies such as mergers, acquisitions, and collaborations among major industry players will spur lucrative opportunities for the market amid the global pandemic. For instance, In April 2018, Teradyne, Inc., an American automatic test equipment designer, and manufacturer acquired Mobile Industrial Robots (MiR) for USD 147 million. In addition, the physical distance and other directives to curb the spread of coronavirus will promote automation during the COVID-19 outbreak.
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Material Handling to Hold the Largest Share
Based on the robot type, the market is classified into articulated, SCARA, cylindrical, cartesian/linear, parallel, and others.
The articulated robot is expected to hold the largest share during the forecast period. The growth is attributed to the high adoption of articulated robots in food & beverages, pharmaceutical, and automotive industries.
Based on application, the market is classified into pick and place, welding & soldering, material handling, assembling, cutting & processing, and others. Material handling is expected to experience a steady growth rate during the forecast period. Material handling is a highly critical task in the chemical and pharmaceutical sector due to the hazardous substances.
Based on industry, the market is distributed into automotive, electrical & electronics, healthcare & pharmaceutical, food & beverages, rubber & plastic, metals & machinery, and others. Healthcare & pharmaceutical segment is expected to hold a significant share during the forecast period due to their assistance in performing operations, usually minimally invasive procedures. The automotive segment is expected to grow at a significant growth rate.
Geographically, the market is divided across five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
The market report stresses on:
Deployment of Robots in the Healthcare Industry to Augment Growth
The growing adoption of robotic solutions by OEMs to reduce operational costs and increase operational workflow will bolster the market's growth. Automotive, Healthcare, and electronic industries are utilizing robots to plunge material wastage and enhance production yields, which, in turn, will accelerate the development of the market. The high labor cost and operational & raw material costs involved in conventional methods have led to a shift towards robots in production processes. Moreover, the increasing demand from food & beverages, metal machinery, rubber & plastic industries will influence the industrial robots market growth. Robots can handle repetitive tasks with accuracy and precision, making them highly propitious in industrial applications. Thus, uplifting the market during the forecast period.
Rising Demand for Consumer Goods to Intensify Market Asia Pacific
The market in Asia Pacific stood at USD 7.24 billion in 2020. The region's growth is attributed to growing automation in developing nations such as Japan, China, and India. The growing disposable income of people coupled with the surging population will contribute positively to the region's market growth. Moreover, the high production and consumption of consumer goods will spur demand for industrial robots. The surging demand for customized machinery in the automotive industry can further uplift the industrial robots market share in Asia Pacific. Europe is expected to hold a considerable share in the market. The need for innovative robots in the automotive industry will boost the growth in the region.
November, 2019: OMRON Corporation, a Japanese electronics company based in Kyoto, Japan, launched mobile robots capable of moving a payload capacity of 250 Kg. The company expanded its existing series of mobile robots with the new cutting-edge robot.
List Of key Companies profiled in Industrial robots market Are:
Table Of Content
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