The industrial robotics market is going to experience a negative impact in 2020. High investment cost is required to start a functioning of industrial robot in various end use industry which is predicted to hamper the market growth in the forecast period. Traditional Industrial Robot segment is predicted to have the maximum market share in the forecast period. Automotive segment is predicted to be the most profitable segment in the forecast period. Asia-Pacific region market is predicted to create more investment opportunity for the investors in the forecast period.
The market is predicted to witness a decline in 2020. High initial cost and use of refurbished industrial robots by many end use industries is predicted to hinder the market growth in the forecast period. Moreover, the market is predicted to recover from the pandemic by Q2/Q3 2022. The market is then predicted to grow due to increasing labor cost and inconveniences of small and local workforce in various places across the globe. The cost of employing and training worker cost too much for the company and the replacement cost of the labor is also very high. Due to which many end use industries are preferring setting up the industrial robot over the labor due to which it is predicted to drive the market in the forecast period. Advancement of industrial robots with artificial intelligence and machine learning is predicted to create more investment opportunity in the forecast period. During this coronavirus crisis situation, we are helping our clients in understanding the impact of COVID-19 on the industrial robotics market.
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Our report includes:
• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact
according to a new report published by research dive, the global industrial robotics market is anticipated to generate a revenue of $85.2 million by 2026, at a cagr of 8.8% in the forecast time from 2019 to 2026.
The global market segmentation has been done on the basis of type, application, industry and region. The report provides detailed information about drivers, opportunities, restraints, segmental analysis and competitive players of the market.
• Factors Affecting the Market Growth
As per our analysts, cost reduction and improving quality of the manufactured product significantly is predicted to be the major driving factor for the market. However, huge installation costs and initial investment required for the setup of industrial robotics is predicted to hinder the market in the forecast period.
• Traditional Industrial Robot is Predicted to Have the Highest Market Share
Depending on the type, the overall industrial robot market is segmented into Traditional Industrial Robots and Collaborative Industrial Robots. Traditional industrial robot accounted for $26.8 million in 2018 and is predicted to grow at a CAGR of 8.0% in the forecast period. The traditional systems are priced low and are aid in reducing the human idle time and completes the task at the faster rate due to which most of the manufacturing units prefer traditional industrial robot which is predicted to boost the segment in the forecast period.
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• Assembling and Disassembling is Predicted to Have the Maximum Market Share
Depending on the application, the industrial robot market is classified into handling, assembling and disassembling, welding & soldering, dispensing and processing. Assembling and Disassembling segment was accounted for $14.7 million in 2018 and is predicted to grow at a CAGR of 7.1% in the forecast period. Most of the manufacturing unit prefers the industrial robots for assembling and dissembling as most of the work cannot be performed by the normal human being due to which It is predicted that the assembling and disassembling segment in the forecast period.
• Automotive Segment is Predicted to Have the Highest Market Share
Depending on the application, the industrial robot market is classified into automotive, electrical & electronics, metals & machinery, plastics, rubber & chemicals, food & beverage, precision engineering & optics, pharmaceuticals & cosmetics and others. Automotive segment was accounted for $10.4 million in 2018 and is predicted to grow at a CAGR of 7.8% in the forecast period. Increasing the output of the work with the help of industrial robot as compared to manual labor is predicted to boost the automotive segment in the forecast period.
• Regional Breakdown of the Market
Depending on the region, the industrial robotics market is segmented into North America, Europe, Asia Pacific, and LAMEA. Asia-Pacific region market was accounted for $20.7 million in 2018 and is predicted to grow at a CAGR of 8.7% in the forecast period. Government imitative for adoption of industrial robot in various end use industry is predicted to boost the region market in the forecast period.
• Top Companies Leading the Market
The major key players in the industrial robotics market are Mitsubishi Electric Corporation, Yamaha Motor Co., Ltd., KUKA AG, Denso Corporation, Yaskawa Electric Corporation., Panasonic Corporation, Daihen Corporation, Kobelco Paint Robot and Kobe Steel Limited among others.
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