Market Analysis
The global articulated robot market will touch USD 9.9 billion at a 16.5% CAGR by 2032, as per the latest Market Research Future report.
Key Players
Eminent market players profiled in the articulated robot market report include
- ABB, Fanuc Corporation
- Yaskawa Electric Corporation
- Kawasaki Heavy Industries Ltd
- Mitsubishi Electric Corporation
- Seiko Epson Corporation
- Toshiba Machine Co. Ltd.
- OMRON Corporation
- KUKA Aktiengesellschaft among others.
Key players have incorporated several strategies to stay ahead such as mergers and acquisitions, partnerships and agreements, new product launch, geographic expansion and more.
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Drivers
Rising Adoption in Auto Industry to Boost Market Growth
The growing adoption of articulated robot in the auto industry will boost market growth in the forecast period. The auto industry is a highly common user of these robots because it includes assorted tasks like manufacturing and assembly that includes operations like painting, cutting, welding, amid others. Besides, the applications of these articulated robots play a pivotal part to boost efficiency, production, and productivity and for energy consumption reduction in the auto industry.
Opportunities
Rapid Technological Changes to offer Robust Opportunities
Rapid technological changes will offer lucrative opportunities for the articulated robot market in the forecast period. Key market players are laying emphasis on advances like customized robots, commercial drones, collaborative robots, cloud robots, self-healing robots, and AI-enabled robots to stay ahead in the market.
Restraints and Challenges
High Cost to act as Market Restraint
The high cost of articulated robots and installation complexity may act as market restraints over the forecast period.
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Market Segmentation
The articulated robot market is bifurcated based on payload capacity, application, and industry vertical.
By industry vertical, food and beverage will lead the market over the forecast period.
By application, load/unload will domineer the market over the forecast period.
By payload capacity, heavy will spearhead the market over the forecast period.
COVID-19 Analysis of Articulated Robot Market
The COVID-19 epidemic possessed a conflicting impact on the articulated robot market. While the outbreak during the initial stage resulted in manufacturing delays and supply chain interruptions, the need for robots went up across industries for their capacity of minimizing the human-to-human interaction. The need from healthcare, food, and ecommerce increased dramatically. The market encountered difficulties too due to a fall in investment and reluctance in few industries for accepting new technologies. The epidemic has sped up implementation of remote monitoring and telemedicine, thus boosting the need for robots in the healthcare facility.
Regional Analysis
North America to Head Articulated Robot Market
North America will head the articulated robot market over the forecast period. This is because for manufacturing goods of a higher caliber more cheaply and quickly, contemporary manufacturing facilities here are depending on innovations and new technology. They use sophisticated technology and software to augment their manufacturing skills for thriving within the competitive environment.
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