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Painting Robots Market Size, Industry Analysis, Key Insights And Forecast To 2033
Painting Robots Market
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According to The Business Research Company's, The painting robots market size has grown strongly in recent years. It will grow from $2.78 billion in 2023 to $3.03 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to industrial automation trend, stringent environmental regulations, enhanced efficiency and productivity, cost reduction and resource optimization, improved safety in manufacturing, growing automotive production, demand for high-quality finishes.
The painting robots market size is expected to see strong growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to demand for sustainable painting practices, customization in small-batch production, development of compact and portable painting robots, focus on human-centric design, global reshoring initiatives. Major trends in the forecast period include dual-arm painting robots, integration with smart manufacturing, 3d surface mapping and inspection, augmented reality (ar) for programming, human-robot collaboration safety standards, remote monitoring and maintenance, global expansion of industrial robotics.
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Market Drivers and Trends:
The increasing labor costs are expected to boost the growth of the painting robots market going forward. Labor costs refer to the expenses incurred by an organization or business in relation to its workforce. Increasing labor costs drive businesses to seek more cost-effective and efficient alternatives, such as painting robots, to maintain or improve their competitiveness, which in turn benefits the painting robots market. For instance, in October 2023, according to a report published by the Bureau of Labor Statistics, a US-based government agency, wages and salaries saw a 4.5 percent increase over the 12-month period ending in September 2023. Meanwhile, the cost of benefits experienced a 3.9 percent growth over the same 12-month period in September 2023. Therefore, the increasing labor costs are driving the growth of the painting robots market.
Technological advancement is a key trend gaining popularity in the painting robot market. Major companies operating in the painting robot market are focused on innovating new technologies to sustain their position. For instance, in August 2021, Yaskawa Motoman, a US-based company engaged in the manufacturing of robotic painting products, launched a new painting robot, the six-axis MPX1400. The MPX1400 is controlled by the DX200-FM controller, which contains application-specific software for painting, such as robot-to-paint applicator coordination, trigger delays, air calibrations, and valve timing. This model has a low interference work envelope and can be positioned close to workpieces to maximize floor space, which can be installed on the floor, the wall, or the ceiling for arrangement versatility. It is compatible with networks such as EtherNet, EtherNet IP, CC-Link, and DeviceNet.
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Major Key Players of the Market:
FANUC Corporation, ABB Ltd., KUKA AG, Yasakawa Electric Corp., Kawasaki Heavy Industries Ltd., DURR AG, Staubli International AG, Krautzberger GmbH, CMA Robotics Spa, Epistolio S.r.l, Nanchang and Hangzhou Color Powder Coating Equipment Co., Lesta srl, Gaiotto Automation S.P.A., B M Surface Systems India, Nebula Robotics Private Limited, Fuji Automatic NUmerical Control, Varnish Tech s.r.l., Graco Inc., Comau S.p.A., Shanghai Fanuc Robotics Co. Ltd., Guangzhou Advance Robot Co. Ltd., Anhui Efort Intelligent Equipment Co. Ltd., Shanghai Jiechuang Automation Equipment Co. Ltd., Shanghai Yirui Automation Equipment Co. Ltd., Shanghai STEP Electric Corporation, Shanghai Pudong Machinery Complete Equipment Co. Ltd., Shanghai Triowin Intelligent Machinery Co. Ltd., Shanghai Yuke Industrial Co. Ltd., Shanghai Liangshi Blasting and Coating Equipment Co. Ltd., Shanghai Jingmi Robot Technology Co. Ltd.
Painting Robots Market 2024 Key Insights:
• The painting robots market size is expected to see strong growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Rising Automotive Sector Demand Fuels Growth Of Painting Robots Market
• Technological Advancements Drive Innovation In The Painting Robot Market
• North America was the largest region in the painting robots market in 2023
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