The emergence of COVID-19 across the world has impacted the global industrial robotics market in a negative way. The decline in the market growth is majorly owing to the high investment costs of industrial robots. Nonetheless, the market is likely to recover by the second & third quarter of 2022. The continuous advancements in quality of products and in its costs is expected to impel the market growth of industrial robotics market post-COVID-19 pandemic.

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The global industrial robotics market is likely to witness a decrease in growth rate due to the COVID-19 pandemic. According to a new report published by Research Dive, the global industrial robotics market accounted for $43.2 million in 2018 and is projected to surpass $85.2 million by 2026. Comprehensive analysis of drivers, restraints, growth opportunities and strategies executed by various governments & major market players to sustain in the COVID-19 pandemic are further provided in the report.

The global industrial robotics market was estimated to grow at a CAGR of 9.5% by 2026 prior to the COVID-19 crisis. Although, due to the COVID-19 pandemic, now the market is projected to exhibit a CAGR of 8.8% during the forecast period. Industrial robots are very costly to build. In addition, daily maintenance of high power and high electricity usage is cost prohibitive for end-uses; the industrial robotics industry would be impeded by these factors in the forecast era.

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The predicted pre-COVID-19 market size for the industrial robotics industry was $51.4 million in 2020 and is expected to witness a drastic downfall and reach up to $33.4 million due to COVID-19 pandemic. Thus, the global industry players are looking towards the government for financial support to sustain this crisis.

The global market is anticipated to observe a significant growth post-COVID-19 pandemic and recover by the second or third quarter of 2022. Implementation of self-programmed robotics based on artificial intelligence and machine learning is expected to generate increased investment opportunities over the forecasted period. For instance, Huawei, CISCO, and Microsoft are now focused on maintaining collaborations with other IoT firms to build new robots so that their production project starts as soon as possible. Therefore, increasing production line efficiency in the projected timeframe is expected to propel the demand for industrial robots.

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Corona Impact: Is Industrial Robotics Market will Propel with its Advanced Approaches in 2020 - Market Research Posts