Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "Global Robotic Welding Market: Analysis By Type, By Payload, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global robotic welding market was valued at US$6.01 billion in 2022. The market value is forecasted to grow to US$11.57 billion by 2028. The market is anticipated to grow at a CAGR of approx. 11.5% during the forecasted period of 2023-2028.
Robotic welding is the process of using robotic arms to automate the welding process. In robotic welding, robots are used to perform and handle the welding process based on a program, which can be reprogrammed to suit the intended project.
The components of robotic welding equipment include the software with specific programming, the welding equipment delivering the energy from the welding power source to the work piece, and the robot using the equipment to conduct the welding.
Robotic welding market encompasses the production, development, manufacturing, and sale of robotic welding machines, equipment, and systems along with provision of related services, such as system integration, installation, maintenance, and training.
Rapidly developing emerging economies (Southeast Asia, China, India, Japan, Latin America), growing trend of automation in the manufacturing sector, advent of industrial internet of things (IIOT), rising number of automotive manufacturing plants, increasing labor costs, and growing demand for consistent high quality weld provided by welding robots while maintaining product standards and reduced production time. etc., have been positively contributing towards increased demand for welding robots.
Other significant factors are digitalization, ongoing advancements in robotic technology, higher demand for consumer electronics, growing emphasis on increasing integration of digital technologies to reduce dependency on manual labor and ensure continuity of operations even at the time of economic uncertainties, and increasing number of new product launches and innovations in the market by welding robot manufacturing companies to remain competitive in the market and strengthen their current portfolios.
Market Dynamics:
Growth Drivers:
The global robotic welding market has been rapidly growing over the past few years, due to factors such as rapidly expanding automotive and electronics industry, increasing installations of industrial robots, high wages in manufacturing, increasing adoption of industry 4.0 principles, growing demand in emerging markets, etc.
Industrial robots offer high levels of automation and efficiency in performing repetitive tasks, improving the overall productivity of a factory or a warehouse.
Additionally, increasing number of installations of industrial robots, including welding robots will create higher recognition, awareness, and acceptance of their value in the manufacturing process, encouraging industries to invest in welding robots and creating new opportunities for manufacturers and suppliers of welding robot systems, components, and related services to expand their consumer base.
Therefore, growing adoption of industrial robots will continue to have a positive impact on the global demand of welding robots, boosting the growth of global welding robot market in the forecasted years.
Challenges:
However, the market growth would be negatively impacted by various challenges such as high installation and maintenance costs, rising concerns regarding job displacement, etc.
Adoption of robotic welding is associated with high investment at the initial stage for procurement, programming, and maintenance of welding robots. Implementing robotic welding systems involves significant upfront costs, including the purchase of robots, peripheral equipment, and integration of welding robots with existing infrastructure, acting as a barrier for new entrants such as small and medium-sized enterprises (SMEs) or companies with limited capital resources that find it difficult to capitalize on high funds owing to low-volume production.
Therefore, high initial investment and maintenance cost associated with employing automated systems and integration of high-quality hardware with efficient software control system, will continue to impend the growth of global robotic welding market in the forecasted years.
Trends:
The market is projected to grow at a fast pace during the forecasted period, due to various latest trends such as integration of artificial intelligence (AI) and machine learning (ML), ongoing advancements in robotic technology, increasing penetration of hybrid welding processes, emergence of laser and plasma welding technologies etc.
Increasing penetration of hybrid welding processes is creating new opportunities for growth as with more industries recognizing the benefits of hybrid welding, there is an increasing demand for robotic welding systems that are capable of performing these complex processes.
Also, use of hybrid welding processes has enabled robots to weld dissimilar materials, thick plates, and complex geometries with greater ease and accuracy, allowing robotic welding systems to cater to a broader range of industries and manufacturing requirements. Therefore, increasing penetration of hybrid welding processes is expected to boost the growth of global robotic welding market in the upcoming years.
Competitive Landscape:
Global robotic welding market is midly consolidated with major players acquiring majority of the market share and increasing number of regional and local players worldwide catering to the local demand and engaging in various research & development activities and initiatives to develop and deploy new and more efficient products in the robotic welding market.
The key players of the market are:
- Panasonic Corporation (Panasonic Connect Co., Ltd.)
- ABB Group
- DENSO Corporation (DENSO WAVE INCORPORATED.)
- Kawasaki Heavy Industries, Ltd.
- Yaskawa Electric Corporation
- Fanuc Corporation
- KUKA Group
- Nachi-Fujikoshi Corporation
- DAIHEN Corporation
- Stellantis N.V. (Comau S.p.A.)
- The Lincoln Electric Company
- United ProArc Corporation
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Rapidly Expanding Automotive and Electronics Industry
6.1.2 Increasing Installations of Industrial Robots
6.1.3 High Wages in Manufacturing
6.1.4 Increasing Adoption of Industry 4.0 Principles
6.1.5 Growing Demand in Emerging Markets
6.2 Challenges
6.2.1 High Installation and Maintenance Costs
6.2.2 Rising Concerns Regarding Job Displacement
6.3 Market Trends
6.3.1 Integration of Artificial Intelligence (AI) and Machine Learning (ML)
6.3.2 Ongoing Advancements in Robotic Technology
6.3.3 Increasing Penetration of Hybrid Welding Processes
6.3.4 Emergence of Laser and Plasma Welding Technologies
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/xxsgwk
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