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The Global Industrial Robots Market to Rise at CAGR of 10.35% by 2028

12-06-2022 12:16 PM CET | IT, New Media & Software

Press release from: Triton Market Research

Industrial Robots Market

Industrial Robots Market

Triton Market Research presents the Global Industrial Robots Market segmented by Application (Dispensing, Material Handling, Welding & Soldering, Assembling & Disassembling, Processing, Other Applications), Verticals (Machinery Products & Metal, Automotive, Food & Beverage, Electronic & Electric, Chemical, Plastics, & Rubber, Other Verticals), Type (SCARA Robots, Articulated Robots, Cylindrical Robots, Cartesian Robots, Other Robots), and by Geography (Middle East and Africa, North America, Latin America, Asia-Pacific, Europe). It also discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Analysis, Market Attractiveness Matrix, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

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Triton's report estimates that the global industrial robots market is set to grow at a CAGR of 10.35% over the forecasted period 2021-2028.

Industrial robots are automated, programmable, and can move on three or more dimensions. They are widely used in an industrial setting for production purposes.

In recent years, several companies have started employing collaborative robots for various applications. For instance, Craft and Technik Industries, an automotive components manufacturer in India, resorted to a cobot after facing client rejections due to human errors. Therefore, the growing adoption of collaborative robots in industrial settings is likely to create affluent opportunities for the industrial robots market.

However, lack of a skilled workforce, resistance among employees, and the high cost of industrial robots are negatively impacting the studied market's progress.

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https://www.tritonmarketresearch.com/reports/industrial-robots-market#purchase-option

Geographically, the Asia-Pacific is anticipated to witness the fastest growth rate in the industrial robots market over the forecast period. This is because the region accounts for a significant percentage of industrial robot adoption, as per the International Monetary Fund study. Moreover, several governments invested heavily in robotics and AI research with the hope of gaining commercial value. Hence, the growing adoption of robots, investments in AI, and tax incentives are estimated to widen the scope of the industrial robots market in the APAC region over the forecasted period.

The major companies in the industrial robots market are Schunk GmbH, Mitsubishi Electric Corporation, Rethink Robotics, Kuka AG, ABB Ltd, Fanuc Corporation, Kawasaki Heavy Industries Ltd, Rockwell Automation Inc, Nachi Fujikoshi Corporation, Yamaha Robotics, Universal Robots, Omron Adept, Staubli International AG, Seiko Epson Corporation, and Aurotek Corporation.

Several prominent companies like ABB and Kawasaki are dominating the industrial robots market. The market requires high investments in R&D and manufacturing plants to produce a more extensive product portfolio. This estimated the threat of new players to be on a moderate level. On the other hand, companies are investing heavily and acquiring smaller companies to expand their footings in the market. Thus, the competition level among existing market players is likely to be higher.

Triton Market Research
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Website: https://www.tritonmarketresearch.com/

We are a leading market research company with offices in the UK, providing the best online market research and data search reports to our clients.

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