New York, USA, Sept. 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global industrial robotics market is expected to generate a revenue of $85.2 million by 2026, exponentially growing at a CAGR of 8.6% during the forecast period (2019-2026). The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figure Pre and Post the COVID-19 Pandemic
According to the report, the market is predicted to grow at a CAGR of 8.8% during the forecast period, while it was anticipated to be 9.5% in the pre-pandemic scenario from 2019-2026. This decline is mainly due to the closure of various end-use industries around the globe due to the prevalence of lockdowns in numerous countries worldwide during the pandemic. The technology used with industrial robots were regularly needed to be updated due to its complex nature. This factor is further expected to impede the growth of the industrial robotics market during the forecast period.
Factors Influencing the Market Size Pre and Post the COVID-19 Outbreak
According to the report, real-time market size has substantially decreased compared to the pre-pandemic apprehensions. The real-time market size reached a revenue of $33.4 million in 2020, while its estimations were $51.4 million in the pre-pandemic scenario. Human labor acts as a major substitute for the industrial robots in various end use industries. This factor is expected to curb the growth of the market during the forecast period. In addition, extortionate cost of industrial robots and their high maintenance expenses are further expected to restrain the growth of the industrial robotics market during the forecast period.
Post Pandemic Insight
As per the report, the global industrial robotics market is expected to recover by 2nd/3rd quarter of 2022. However, rigorous investments made by various governments regulate production and streamline the production flow is expected to create ample opportunities for the growth of the market after the pandemic stress. In addition, increasing implementation of machine learning and artificial intelligence in industrial robots are further expected to drive the growth of the industrial robotics market in the coming years.
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The Major Players of the Industrial Robotics Market Include -
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Daihen Corporation
- Kobe Steel Corporation
- Kobelco Paint Robot
- KUKA AG
- Yamaha Motor Company Ltd.
- Yaskawa Electric Corporation
- Denso Corporation
These players are emphasizing on the research and development, merger and acquisition, and other strategies to restore the market growth in the upcoming years.
For instance, in March 2021, Accenture, an Irish-based multinational professional services company that specializes in IT services and consulting, acquired Pollux, a Brazil-based provider of industrial robotics and automation solutions, in order to extend Accenture’s capabilities for clients in industries like pharmaceutical, automotive, and consumer goods. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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