The market is predicted to witness a decline in 2020. As it has been noticed that most of the industries are shut down and the operational work of most of the industries are closed which have impacted the market adversely. Moreover, the initial investment for setting up of robots in the manufacturing site is very high which is predicted to hinder the market growth in the estimated timeframe. Moreover the market is predicted to get recover by Q2/Q3 2022. The market is predicted to grow due to the government initiative for implementing of industrial robots in various end use industry for increase in the production is predicted to be the major driving factor for the market in the estimated timeframe. During this coronavirus crisis situation, we are helping our clients in understanding the impact of COVID-19 on the industrial robotics market.
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, improving the product at a most cost effective manner is predicted to drive the industrial robotics market in the estimated timeframe. Moreover, heavy installation cost is required to setup the industrial robot which is predicted to be the biggest restraints for the market in the estimated timeframe.
Traditional Industrial Robot is predicted to have the highest market share
On the basis of type, the industrial robotics market is further classified into collaborative industrial robots and traditional industrial robots. Traditional industrial robot generated a revenue of $26.8 million in 2018 and is estimated to rise with a CAGR of 8.0% in the estimated timeframe. Due to the lesser cost involved in the production is predicted to drive the segment in the estimated timeframe.
Assembling and Disassembling Is Predicted To Have the Maximum Market Share
On the basis of application, the industrial robotics market is classified into handling, assembling and disassembling, welding & soldering, dispensing and processing.
Assembling and Disassembling segment generated a revenue of $14.7 million in 2018 and is estimated to rise with a CAGR of 7.1% in the estimated timeframe. 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 estimated timeframe.
Automotive segment is predicted to have the Highest Market Share
On the basis of application, the industrial robotics market is classified into automotive, electrical & electronics, plastics, rubber & chemicals, precision engineering & optics, metals & machinery, food & beverage, pharmaceuticals & cosmetics and others. Automotive segment generated a revenue of $10.4 million in 2018 and is estimated to rise with a CAGR of 7.8% in the estimated timeframe. The segment is predicted to grow due to increase in the production with the help of industrial robots as compared to humans. The industrial robots can figure out many complication where a normal human cannot due to which the automobile segment uses the industrial robots at a large extent.
Regional Breakdown of the Market
On the basis of region, the Industrial robotics market is further classified into North America, Europe, Asia Pacific, and LAMEA. Asia-Pacific region market generated a revenue of $20.7 million in 2018 and is estimated to rise with a CAGR of 8.7% in the estimated timeframe. With the presence of large number of manufacturing unit of various end use industry is predicted to drive the region market in the forecast period.
Top 9 major key players in the industrial robotics market are –
1. Mitsubishi Electric Corporation
2. Yamaha Motor Co., Ltd.
3. KUKA AG
4. Denso Corporation
5. Yaskawa Electric Corporation
6. Panasonic Corporation
7. Daihen Corporation
8. Kobelco Paint Robot
9. Kobe Steel Limited
Reference: https://www.researchdive.com/press-release/global-industrial-robotics-market.html
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