The industrial robotics market is projected to grow from USD 15.7 billion in 2022 to USD 30.8 billion by 2027; it is expected to grow at a CAGR of…

New York, Oct. 17, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Robotics Market by Type, Component, Payload, Application, Industry And Region - Global Forecast to 2027" - https://www.reportlinker.com/p05012871/?utm_source=GNW Emergence of Industry 5.0 will boost the growth potential for industrial robotics in the coming years. Interoperability and integration issues with industrial robots and high cost of deployment for SMEs will restrain the market growth.

Market for Handling Application to grow at higher CAGR during forecast periodThe handling application segment of the industrial robotics market for traditional robots, in terms of shipment, shows a trend similar to that of the market; it is expected to account for the largest market size and highest growth rate in the forecast period owing to the integration of low-weight traditional industrial robots with automated guided vehicles (AGVs) to make them mobile.Handling activities such as pick and place, palletizing, packaging, and loading and unloading are common and applicable to most industries.

The handling application includes various sub-applications such as material handling, machine tending, as well as bin-picking, which is currently booming. The handling application has industry-wide usage in varied industries ranging from the automotive, chemicals, electrical and electronics to food & beverages; it was thus expected to register a share of ~45% of the industrial robotics market for 2021.

Market for Robot Arm Component to grow at highest CAGR during the forecast periodThe degree of industrial automation has increased immensely in recent years due to increased productivity, reduction in labor costs, increased efficiency in production processes, and improvement in the quality of products.In the future as well, industries such as food & beverages, automobiles, and oil & gas will be more inclined towards automation due to the intense competition in the market and the need to stay ahead of competitors by improving the product quality and the speed of production.

Robotics has transformed automation processes to a great extent.In recent years there has been a surge in the market for robot arms.

This demand is expected to escalate even further during the forecast period from 2022 to 2027.

Asia Pacific to create highest growth opportunities for industrial robotics market among other region during the forecast periodThe countries of Asia Pacific are witnessing increased demand for industrial robotics, and this demand is expected to grow at a significant rate during the forecast period as well.APAC is considered one of the worlds major manufacturing hubs and is expected to provide ample growth opportunities to the industrial robotics market.

Low production costs, easy availability of labor, lenient emission and safety norms, and government initiatives for foreign direct investments (FDIs) are some of the major factors fueling the growth of this market in APAC.The aging population in China and Japan has resulted in rising labor costs, leading to the growing adoption of automation.

The increasing population is also attracting companies to invest in APAC.China is expected to remain the largest market for both traditional and collaborative robots.

The country imports industrial robots as well as manufactures them domestically. The market for industrial robots in the automotive sector is expected to remain the largest for most of the countries in APAC except for Taiwan. The electrical & electronics industry is the second most important driver for the growth of the industrial robotics market in APAC, owing to the rising demand for electronic products across the world.In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the industrial robotics market space. The break-up of primary participants for the report has been shown below: By Company Type: Tier 1 40%, Tier 2 40%, and Tier 20% By Designation: C-level Executives 50%, Directors 30%, and Others 20% By Region: North America 30%, APAC 40%, Europe 20%, Middle East 5%, and RoW 10%The report profiles key players in the industrial robotics market with their respective market ranking analysis. Prominent players profiled in this report are FANUC Corporation (FANUC (Japan)), ABB (Switzerland), Yaskawa Electric (Yaskawa (Japan)), KUKA (Germany), Mitsubishi Electric (Japan), Kawasaki Heavy Industries (Japan), DENSO (Japan), Nachi-Fujikoshi (Japan), Seiko Epson (Japan), and Drr (Germany), among others.

Research Coverage:This research report categorizes the industrial robotics market on the basis of type, payload, component, application, end use industry, and region.The report describes the major drivers, restraints, challenges, and opportunities pertaining to the industrial robotics market and forecasts the same till 2027.

Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the industrial robotics ecosystem.

Key Benefits of Buying the ReportThe report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall industrial robotics market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.Read the full report: https://www.reportlinker.com/p05012871/?utm_source=GNW

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The industrial robotics market is projected to grow from USD 15.7 billion in 2022 to USD 30.8 billion by 2027; it is expected to grow at a CAGR of...