Industrial Robotics Market is to witness significant growth Between 2020-2026 - Coherent Market Insights (CMI)

An industrial robot is a mechanical system. They can assist in packaging and labelling, material handling and product inspection and testing. The demand for industrial robots across major application segments such as automotive and electrical and consumer electronics combined with its increasing usage across other sectors.

The global Industrial Robotics Market is estimated to account for US$ 69.1 Mn in terms of value by the end of 2027.

The most recent advancements in industrial robotics technology, according to the most recent trends are being investigated for making the robot reasonable to the changing necessities of clients in different sectors, for example, the Manufacturing Industry, Healthcare Industry, Defense and Public Safety Industries, the Mining Industry and so forth The mechanical business is ceaselessly developing, so is the requirement for modern automated arrangements.

Industrial robots offer several benefits, such as cost reduction, size reduction, increased rate of operation, improved quality, and improved manufacturing efficiency and flexibility. Robotic software is used to build robots with high accuracy, reliability, and flexibility. Robot programs are designed with high accuracyrial to reduce human errors. Robot systems are now available in a wide range of functionalities, which include autonomous, self-repairing, machine monitoring, and many more.

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By application, the market is segmented into Plastics, Rubber, and Chemicals, Automotive, Metals and Machinery, Electrical and Electronics, Food and Beverages, Precision Engineering and Optics, Pharmaceuticals and Cosmetics, and Others.
Innovative progressions and diminishing expenses are making mechanical robots more reasonable too little and medium ventures and are empowering consistent mix and programming. Be that as it may, the combination of modern mechanical arrangements and high speculation needed for the underlying arrangement hampers the selection of robots by little and medium endeavors in different sectors.

Industrial robots offer a few advantages, for example, cost decrease, size reduction, expanded pace of activity, improved quality, and improved manufacturing efficiency and adaptability. Robotic software is utilized to construct robots with high exactness, unwavering quality, and adaptability. Robot programs are planned with high precision to decrease human blunders. Robot frameworks are currently accessible in a wide scope of functionalities, which incorporate self-ruling, self-fixing, machine observing, and some more.

Increasing demand for automation as labor gets expensive is expected to drive growth of the global industrial robotics market during the forecast period.

Emerging economies such as India and China are highly labor incentive and has witnessed a rise in labor costs. As a result of this, it is becoming more economically viable to opt for automation. According to Coherent Market Insights’ analysis, the average wage per hour in countries such as India has increased significantly from US$ 3.5 in 2007 to US$ 5.1 in 2014. Increasing conversion rate and currency fluctuations have also impacted the overall market, resulting in increased labor costs as labor cost is directly linked with inflation. Hence there is a huge demand for industrial automation so that these industries can maintain productivity and cost-efficiency. Therefore, these factors are expected to drive growth of the global industrial robotics market during the forecast period.

By application, the market is segmented into Plastics, Rubber, and Chemicals, Automotive, Metals and Machinery, Electrical and Electronics, Food and Beverages, Precision Engineering and Optics, Pharmaceuticals and Cosmetics, and Others. Mechanical headways and diminishing expenses are making modern robots more moderate too little and medium ventures and are empowering consistent mix and programming. Notwithstanding, the coordination of mechanical automated arrangements and high speculation needed for the underlying arrangement hampers the reception of robots by little and medium ventures in assorted areas.

There are six main types of industrial robots:
Cartesian Robots, SCARA Robots, Articulated Robots, Cylindrical Robots, Delta Robots, Polar Robots and Collaborative Robots.

Competitive Analysis
Major companies in the market are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in February 2014, Daihen Corporation acquired VARSTROJ d.d. VARSTROJ d.d. was primarily engaged in the production, sale, and development of robot systems and welding equipment in Slovenia. The acquisition helped the company to further strengthen its product portfolio as well as geographic reach.

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