London, UK -- (SBWire) -- 03/23/2022 --A recent study by Triton Market Research titled 'Global Industrial Robots Market' comprises the Global Analysis and Forecasts by Application (Processing, Welding & Soldering, Assembling & Disassembling, Dispensing, Material Handling, Other Applications), Verticals (Machinery Products & Metal, Automotive, Chemical, Plastics, & Rubber, Electronic & Electric, Food & Beverage, Other Verticals), Type (SCARA Robots, Cartesian Robots, Articulated Robots, Cylindrical Robots, Other Robots), and by Geography (North America, Middle East and Africa, Europe, Latin America, Asia-Pacific).
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According to Triton Market Research's report, the global industrial robots market is anticipated to progress at a CAGR of 10.35% over the estimated phase of 2021-2028. It is likely to gather revenue worth $87.79 billion by 2028.
Industrial robots operate on three or more dimensions and are widely used across industries for various applications, including material handling and dispensing.
Several industries, including the food and beverage industry, have employed robots for various applications, such as material handling and processing. In this regard, automatic installation maintains hygiene standards in the industry to a large extent, increasing their demand across various other industries. Hence, the growing adoption of robots and the emergence of smart factories are fueling the progress of the industrial robots market.
Conversely, the high cost of industrial robots and shortage of skilled workers obstructs the growth of the industrial robots market.
The industrial robots market is divided into application, verticals, and type. Based on application, it is segmented into processing, welding & soldering, assembling & disassembling, dispensing, material handling, and other applications. Further, the verticals section is divided into machinery products & metal, automotive, chemical, plastics, & rubber, electronic & electric, food & beverage, and other verticals. Lastly, in terms of type, it is branched into SCARA robots, cartesian robots, articulated robots, cylindrical robots, and other robots.
The Asia-Pacific holds the largest market for industrial robots and is likely to continue its stronghold till 2028. Several companies are shifting their production units from China to other nations in the region, owing to low labor costs, rising domestic demand, and infrastructure development. Besides this, robotic automation has gained traction across various businesses, improving output quality and enabling employees to focus on higher-skilled tasks. Hence, these factors are supporting the growth of the industrial robots market.
Nachi Fujikoshi Corporation, Seiko Epson Corporation, Universal Robots, Mitsubishi Electric Corporation, Rethink Robotics, Yamaha Robotics, Omron Adept, ABB Ltd, Kawasaki Heavy Industries Ltd, Kuka AG, Staubli International AG, Schunk GmbH, Aurotek Corporation, Fanuc Corporation, and Rockwell Automation Inc are popular companies in the industrial robots market.
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Question & Answer: Industrial Robots Market
Question 1: What factors are fueling the progress of the industrial robots market.?
Answer: Several industries, including the food and beverage industry, have employed robots for various applications, such as material handling and processing. In this regard, automatic installation maintains hygiene standards in the industry to a large extent, increasing their demand across various other industries. Hence, the growing adoption of robots and the emergence of smart factories are fueling the progress of the industrial robots market.
Question 2: What factors obstruct the growth of the industrial robots market?
Answer: The high cost of industrial robots and shortage of skilled workers obstructs the growth of the industrial robots market.
Question 3: Which region holds the largest market for industrial robots market?
Answer: The Asia-Pacific holds the largest market for industrial robots and is likely to continue its stronghold till 2028. Several companies are shifting their production units from China to other nations in the region, owing to low labor costs, rising domestic demand, and infrastructure development. Besides this, robotic automation has gained traction across various businesses, improving output quality and enabling employees to focus on higher-skilled tasks. Hence, these factors are supporting the growth of the industrial robots market.
Question 4: Which are the popular companies in the industrial robots market?
Answer: Nachi Fujikoshi Corporation, Seiko Epson Corporation, Universal Robots, Mitsubishi Electric Corporation, Rethink Robotics, Yamaha Robotics, Omron Adept, ABB Ltd, Kawasaki Heavy Industries Ltd, Kuka AG, Staubli International AG, Schunk GmbH, Aurotek Corporation, Fanuc Corporation, and Rockwell Automation Inc are popular companies in the industrial robots market.
Related Report:
Global SCARA Robots Market
The global SCARA robots market is evaluated to display growth in its revenue during 2019-2028 at a CAGR of 8.20%. It is assessed to acquire revenue worth $18.58 billion by 2028.
A SCARA robot is a horizontally organized machine that helps in horizontal movements. These robots are highly durable and employed for assembling, loading-unloading, and other operations.
The rising adoption of industry 4.0 and other technologies and the growing demand for automation offer several growth opportunities to the studied market.
Additionally, the need for automation in manufacturing has grown mainly due to the low manufacturing costs and rising need to reduce the demand to market products. Hence, these factors are motivating the development of the industrial robots market.
