Articulated Robot Market (Components - Hardware, Software, Services; Payload Capacity - Low, Medium, High, Heavy; Industry Vertical - Automotive, Aerospace, EMS, Food & Beverages, Medical & Pharmaceuticals, and Others] - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 10/22/2018 -- The global report on articulated robot market is expected to experience high demand, as the key players in the market are adopting new technologies to enhance the working of articulated robots, as analyzed by Transparency Market Research (TMR). The application of articulated robot is seen in various industries such as medical and pharmaceutical, automotive, and food and beverages industries, that will significantly boost the market during the forecast period starting from 2018 to 2026. Recently in 2017, Kawasaki Heavy Industries, Ltd. launched a compact multi-axis vertically articulated robot by the name of RS007L and RS007N. Some of the other players making efforts in the global articulated robot market are YASKAWA Electric Corporation, ABB LTD., Mitsubishi Electric Corporation, TOSHIBA MACHINE CO., LTD, and FANUC CORPORATION.
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As per the TMR analysis, the global articulated robot market is expected to reach US$ 22.93 bn by the end of the forecast period in 2026 from US$ 6.05 bn in 2016. The market is expected to rise at a CAGR of 14.22% for articulated robot during the same tenure. The automotive segment under the industry vertical category is projected to expand at CAGR of 13% during the forecast period. It has also been estimated that the automotive segment will attain market share up to 23.81% in the same tenure. The regional analysis shows that Asia Pacific was a leading market for articulated robot as of 2017. Adoption of articulated robot in electronic manufacturing service industry is likely to boost the market.
The application of articulated robot has grown significantly in numerous areas such as painting a car to joining any component. There are certain areas where the use of articulated robots does not work in a beneficial way due to heavy load nature of certain applications. However, the use of articulated robot in oil and gas, aerospace and various other industries commonly manufacture large parts using industrial robots will aid in the market's expansion. Additionally, KUKA Titan, and 6-axis type of articulated robots are effective and powerful that can be used to shift and move heavy steel girders. Moreover, increasing inclination towards factory automation or say "Industry 4.o" has considerably boosted the demand for articulated robots in past few years. Thus, during the forecast period articulated robot market is expected to flourish significantly
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Technological advancements have increased production capacity of manufacturing industry, but there are still certain restrictions lingering that could hamper the growth of the market. As articulated robots automatically reprogrammed, controlled, and have multipurpose manipulator that have significantly helped in gaining huge industrial traction, which is not suitable in small and medium enterprises. Moreover, they are designed depending upon the application required that cannot be easily modified or reconfigured later if the change is required. Additionally, the cost of reinstallation and reconfiguration is quite high in the low volume production. These factors may restrict the market of articulated robot to grow effectively.