Increasing demand for automation and high expense
of training labor to
fuel global
robotic arm market through 2024
 |
| Robotics Arm Market |
According
to TechSci Research report, “Global Robotic
Arm Market By Payload Capacity, By Type, By End User Industry, By
Application, By Region, Competition, Forecast & Opportunities, 2014 – 2024”,
global robotic arm market is projected to grow at a CAGR of 13.8% during
2019-2024, owing to surging deployment of robotic arms in industries, including
manufacturing and food & beverages, growing labor costs and rising need for
operational efficiency in manufacturing sector. Popularity of robotic arms for
material handling and loading & unloading of cargo is rising significantly
in the logistics sector for mitigating risk of cargo/material damage. ABB Ltd.,
KUKA Robotics Corporation, Fanuc Corporation, Yaskawa Electric Corporation and
Mitsubishi Electric are some of the major market players.
Articulated
robotic arm segment is dominating the market and is expected to maintain its
dominance in the coming five years, on account of their features such as high mobility
and speed. The segment’s expected market dominance can also be attributed to
growing deployment of these robots in industrial applications, such as
packaging and material handling. Automotive has emerged as a key end user
industry, employing robotic arms for automating automotive manufacturing
processes and improving operational efficiencies. In addition, growing demand
for passenger vehicles, globally, is further driving demand for robotic arms to
increase production capacity of passenger vehicles.
Customers can also request for 10% free customization on this report.
Asia-Pacific accounted for the largest share in the
market in 2018, owing to the presence of leading automotive manufacturing
companies and increasing focus towards industrial activities in the region.
Countries including Japan, China and South Korea are further driving the demand
for robotic arms.
“Need
for reducing capital expenditure is leading to the adoption of robotic arms
across the globe, as robotic arms enable companies to reduce labor costs, such
as training expenses and wages. In addition, robotic arms are able to operate
for longer time duration, thereby improving productivity and boosting
production process efficiency. Moreover, growing popularity of Industry 4.0.
and robotic arms powered by Artificial Intelligence (AI) is expected to
positively influence global robotic arm market over the course of next five
years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Robotic Arm Market By Payload Capacity, By Type, By End User
Industry, By Application, By Region, Competition, Forecast & Opportunities,
2014 – 2024” has
evaluated the future growth potential of robotic arm market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the global robotic arm market.
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