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Articulated Robot Market: Rising Manufacturing Industries to Propel the Need for Articulated Robot Market
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As per the TMR analysis, the global articulated robot market is expected to reach US$ 22.93 bn by the end of the forecast period in 2026 from US$ 6.05 bn in 2016. The market is expected to rise at a CAGR of 14.22% for articulated robot during the same tenure. The automotive segment under the industry vertical category is projected to expand at CAGR of 13% during the forecast period. It has also been estimated that the automotive segment will attain market share up to 23.81% in the same tenure. The regional analysis shows that Asia Pacific was a leading market for articulated robot as of 2017. Adoption of articulated robot in electronic manufacturing service industry is likely to boost the market.
articulated robot marketExtensive Use of Articulated Robot in Oil and Gas Industries to boost the Market
The application of articulated robot has grown significantly in numerous areas such as painting a car to joining any component. There are certain areas where the use of articulated robots does not work in a beneficial way due to heavy load nature of certain applications. However, the use of articulated robot in oil and gas, aerospace and various other industries commonly manufacture large parts using industrial robots will aid in the market’s expansion. Additionally, KUKA Titan, and 6-axis type of articulated robots are effective and powerful that can be used to shift and move heavy steel girders. Moreover, increasing inclination towards factory automation or say “Industry 4.o” has considerably boosted the demand for articulated robots in past few years. Thus, during the forecast period articulated robot market is expected to flourish significantly
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Less usage in SMEs to Restrain Articulated Robot Market
Technological advancements have increased production capacity of manufacturing industry, but there are still certain restrictions lingering that could hamper the growth of the market. As articulated robots automatically reprogrammed, controlled, and have multipurpose manipulator that have significantly helped in gaining huge industrial traction, which is not suitable in small and medium enterprises. Moreover, they are designed depending upon the application required that cannot be easily modified or reconfigured later if the change is required. Additionally, the cost of reinstallation and reconfiguration is quite high in the low volume production. These factors may restrict the market of articulated robot to grow effectively.
The information presented in this review is based on a TMR report, titled “Articulated Robot Market (Components - Hardware, Software, Services; Payload Capacity - Low, Medium, High, Heavy; Industry Vertical - Automotive, Aerospace, EMS, Food & Beverages, Medical & Pharmaceuticals, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.”
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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