Growing Industrial Automation to Drive Global Robotic Arm Market till 2024
Increasing demand for automation and
high expense of training labor to fuel global robotic arm market
through 2024
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.
Browse 91 market data Figures and 17 market data Tables spread through 112 Pages and an in-depth TOC on "Global Robotic Arm Market"
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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.
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.
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“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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