The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Articulated Robot Market. The growth sectors of the Articulated Robot Market are identified with precision for a better growth perspective.
Market Research Future (MRFR) reveals that the global articulated robot market can record a strong growth rate from 2018 to 2023, which is considered as the forecast period in the report.
Primary Drivers and Key Restraints
With the surge in labor costs and intensifying competition from low-wage overseas vendors, the demand for robots and automation is increasing at a significant pace. Articulated robots help elevate reliability, performance, and quality while bringing down the risks. They offer a host of benefits compared to other types of robots, including dexterity, a lower level of complexity as well as flexibility. These robots bring about many advantages to the production process, which has catapulted its popularity across manufacturing industries.
Another industry that is increasingly adopting articulated robots is the automotive sector. In recent years, vehicle sales have increased considerably all over the world. Demand from emerging nations is expected to note strong growth in the coming years. Therefore, automobile manufacturers are making efforts to increase efficiency as well as productivity of their manufacturing processes. This is bound to result in better automation within the automotive industry, and in the process, can boost the demand for articulated robots in the following years.
Furthermore, the mounting adoption rate of articulated robots in small and medium enterprises (SMEs) around the world can stimulate market growth. The emerging trend in factory automation, also called Industry 4.0, is deemed to work in favor of the global articulated robot market during the conjectured timeframe.
The global market for articulated robot has been extensively analyzed in the MRFR report, and the primary segments taken into account while conducting the study are component, payload capacity, application and industry vertical.
Given the payload capacity segment, the market consists of low, medium, high, and heavy.
Application-based segments in the market are welding, material handling, bin picking, load/unload, processing, assembly, painting, washing, and others.
The industry verticals covered in the report are aerospace, automotive, precision engineering & optics, chemicals, electronic manufacturing services (EMS), pharmaceuticals & cosmetics, metals & machinery, food & beverages, rubber & plastics, and others.
GSK (UK), Kawasaki Heavy Industries, Ltd (Japan), Seiko Epson Corporation (Japan), Fanuc Corporation (Japan), OMRON Corporation (Japan), Mitsubishi Electric Corporation (Japan), Yamaha Motor Co., Ltd(Japan), Aurotek Corporation (Taiwan), Cassioli S.r.l (Italy), Daihen Corporation (Japan), Yaskawa Electric Corporation (Japan), Toshiba Machine Co., Ltd (Japan), Nachi-Fujikoshi (Japan), Stubli International (Switzerland), Denso (Japan), Engel (Austria), HIWIN (Taiwan), and Triowin (China), SIASUN (China), KUKA Aktiengesellschaft (Germany), ate the prominent vendors in the worldwide market for articulated robot market.
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