New York, USA, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global industrial robotics market is envisioned to garner a revenue of $85.2 million by 2026 and rise at a CAGR of 8.6% throughout the estimated period from 2019 to 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.
Factors Influencing Market Size Pre and Post COVID-19 Outbreak
According to the report, the real-time industrial robotics market size has significantly decreased compared to the pre-COVID-19 estimations. The real-time market size reached a revenue of $33.4 million in 2020, while its estimations were $51.4 million during the pre-COVID scenario. The installation cost of industrial robots is very high which is expected to impede the growth of the market during the forecast period. Moreover, the regular maintenance of industrial robots with high consumption of electricity is very expensive for end-use companies which are predicted to restrain the growth of the market.
Factors Affecting the CAGR Figures Pre and Post COVID-19 Outbreak
According to the report, the industrial robotics 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-COVID-19 scenario from 2019 to 2026. The spontaneous spread of the novel coronavirus has caused serious issues in various end-use industries. The shutdown of many end-use industries for a prolonged period and the shortage of human labor have created a massive decline in the growth of the market during the forecast timeframe. Furthermore, the technology used in industrial robots is needed to update on a regular interval with the new improvement which is the factor expected to hinder the growth of the industrial robotics market over the analysis period.
Post-Pandemic Insight
As per the report, the global industrial robotics market is expected to recover by the 2nd/3rd quarter of 2022. However, the increasing demand for adopting industrial robots is expected to drive the growth of the market during the estimated period. In addition, the growing implementation of artificial intelligence and machine learning in these robots is predicted to create huge investment opportunities for the market throughout the analysis period.
Key Players of the Industrial Robotics Market
The major players of the industrial robotics market include
- FANUC Robotics
- Kuka AG
- Yaskawa Electric Corporation
- Omron Corporation
- Epson America, Inc
- b+m Surface Systems GmbH
- Kawasaki Heavy Industries Ltd.
- ABB
- Stäubli International AG.
- Mitsubishi Electric Corporation, and many more.
These market players are concentrating on developing strategies such as new product launches, research, and development, following trending market ideas, building product portfolios, mergers & acquisitions, collaborations, and business expansions. – Customize the Industrial Robotics Market Research Report & Avail benefit of 10%OFF
For instance, in March 2022, Mitsubishi Electric Corp., a Japanese multinational electronics and electrical equipment manufacturing company announced to launch of a new industrial robotics system with the incorporation of Mitsubishi Electric’s Maisart AI technologies including high-precision speech recognition. This system would enable robots to perform industrial tasks in difficult environments and could perform routine roles without the help of professionals.
Further, the report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Industrial Robotics Market:
