The Industrial robots offer numerous benefits, involving cost deduction, augmented rate of operation, size reduction, and developing quality, along with enhanced manufacturing efficiency and flexibility. The effective augment in the awareness regarding the benefits they offer is projected to affect the market positively.
According to the report analysis, ‘Global Industrial Robotics Market by Subsystem, Robot Type, Function, Component, Configuration, Payload, Industry Vertical, and Region 2015-2026: Growth Opportunity and Business Strategy’ states that the revenue of worldwide industrial robotics market will reach USD 42.29 billion in terms of robot machines and USD 138.03 billion in terms of robot systems by 2026, representative 2019-2026 CAGRs of 11.57% and 12.59% correspondingly. The annual shipment is projected to exhibit a CAGR of 17.09% throughout the same duration, advancing to over 1.51 million units during 2026.Technological advancements and deducting costs are making industrial robots more inexpensive to SMEs and are allowing seamless integration and programming. Deficiency of labor and growing manufacturing requirements is propelling the need and recognition for automation. The effective growth in the penetration of collaborative robots in several industries is another aspect propelling the market.
Although, the worldwide Industrial Robotics Market is majorly propelling by a surge in labor charges across the globe, which in turn has enforced producers to replace human labor with machines. The Asia and Europe are the foremost growth regions of the globe, with leading players, namely ABB, Fanuc, KUKA, Kawasaki, and the Yaskawa Electric Corporation being based out in the region.
The worldwide industrial production output is projected to witness reasonable growth throughout the forecast period. The requirement for industrial robotics is majorly witnessed in industries such as automobiles and heavyweight engineering. However, augmented requirement for automation in non-conventional areas, such as microelectronics, has developed the requirement of industrial robotics. Hence, an auxiliary channel using the industrial robotics has surfaced during the recent years. The heavy engineering sector is also accountable for the increased requirement of industrial robotics.
The worldwide industrial robotics market is impacted by numerous factors such as utilization of industrial robotics in the manufacturing industry, augmented requirement for automation activities in the industry, deduction in custom duties, and sprouting robotics & artificial intelligence (AI) industry. Furthermore, the great cost of industrial robotics solutions is a foremost hindrance for the industrial robotics market growth.
Additionally, it is predicted that the North America, which is amongst the leading innovators and pioneers in terms of implementation of robotics, is one of the largest markets. Robot usage in the region continues to increase, which is supporting make US corporate more competitive and leading to fresh job growth. The increasing investments in automation of automotive facilities are shimmering a steady augment in the robotic process automation across the region. Moreover, labor wages are on the augment in the American and European markets, and Asia-Pacific is also projected to observe an upsurge in labor costs throughout the forecast duration. Human limitations to function a particular task and greater productivity from service robots favor the implementation of robotics.
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Global Industrial Robotics Market Research Report
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