Cobots Lead the Future of the Global Industrial Robotics Market, Finds Frost & Sullivan – PRNewswire

Asia-Pacificcontinues to dominate the global industrial robotics market, and revenues are estimated to top $25.08 billion by 2024, with China, Japan and South Korea driving progress. The European region is the second most important, propelled by the automotive industry and Germanythe fifth-largest country globally for industrial robotics. North America's ongoing trend of production automation and keeping all manufacturing operations in-house puts it in the third position, with forecasted revenues of $6.19 billion by 2024.

For further information on this analysis, Cobots Transforming the Global Industrial Robotics MarketOpportunities Forecast,please visit: http://frost.ly/5m6

"The global battle against the COVID-19 pandemic has proven to be a strong use case for industrial robots, which helped assure business continuity," said Nandini Natarajan, Industry Analyst, Frost & Sullivan. "While 2020 witnessed reduced investments in robotics, the demand for industrial robots will rise sharply from 2021 on. The introduction of low-cost robots and innovative business models such as Robots-as-a-Service (RaaS) are expected to drive demand from small and medium enterprises (SMEs)."

Natarajan added: "Collaborative robots (cobots) are experiencing rapid market growth thanks to their utility, ease of installation, and consistently decreasing price, making them an affordable and viable solution for a wide range of applications. It will be the fastest-growing segment by 2024, recording a CAGR of 32.8% (2019-2024) and reaching $1.78 million in global revenues. Advances in 5G and edge computing will be instrumental in equipping cobots with improved flexibility and easier implementation."

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Cobots Transforming the Global Industrial Robotics MarketOpportunities Forecastis part of Frost & Sullivan's global Industrial Automation https://ww2.frost.com/research/industry/information-communications-technologies/Growth Partnership Service program.

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Cobots Lead the Future of the Global Industrial Robotics Market, Finds Frost & Sullivan - PRNewswire