The global industrial robotics market is projected to witness major downfall during the Covid-19 outbreak due to the lockdown scenarios that are being faced across the world. Also, several end-use industries and their operations being stopped is expected to have a negative impact on the growth of the industrial robotics market in the near future.
June 08, 2021 08:30 ET | Source: Research Dive
New York, USA, June 08, 2021 (GLOBE NEWSWIRE) — As per a report studied by Research Dive, the global industrial robotics market is projected to generate a revenue of $85.2 million by 2026, increasing from a market size of $43.2 million in the year 2018, at a significant CAGR of 8.6% during 2019-2026 timeframe. The market research gathers the current market growth as well as the upcoming circumstances. Researchers have conducted a market study by evaluating data and numbers using primary and secondary research approaches. Also, reference data from periodicals, newspapers, books, authentic sites, and journals are referred while drafting the market report. Furthermore, the report also cites the impact of the COVID-19 pandemic on the market.
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Factors Affecting CAGR Figures during Pre and Post Covid-19 Crisis
The global industrial robotics market was accounted for a growth rate of 9.5% from 2019 to 2026 before the Covid-19 pandemic, but the market experienced a decline in the growth rate and is thus expected to grow at a CAGR of 8.8% due to the coronavirus outbreak. The negative growth of the market is mainly attributed to the stringent lockdown regulations amidst the coronavirus pandemic.
Factors Impacting the Market Share during Pre & Post Covid-19 Pandemic
The global industrial robotics market was estimated to hold a market share of $51.4 million before the pandemic in 2020, but the market generated a revenue of $33.4 million due to the coronavirus pandemic. The global industrial robotics market is projected to witness major downfall during the Covid-19 outbreak due to the lockdown scenarios that are being faced across the world. Also, several end-use industries and their operations being stopped is expected to have a negative impact on the growth of the industrial robotics market in the forecasted timeframe.
Future Scope of the Market
The global industrial robotics market is estimated to maintain its growth rate after the pandemic phase. The industrial robotics market is expected to recover to its lucrative state by the end of Q2/Q3 of 2022. The incorporation of artificial intelligence and machine learning in industrial robots is expected to increase the number of opportunities for investors to invest in industrial robots. Moreover, the market is expected to be driven by rising demand for industrial robots in various end-use industries to improve manufactured products. Industrial robots have been seen to be widely used in heavy engineering, which is also expected to be a major driving factor for the market over the forecast period. Various governments are also spending more in these robots to manage manufacturing and design production flows, which is expected to drive the market over the projected period despite the pandemic.
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Huawei, Cisco, and Microsoft, for instance, are putting more emphasis on forming partnerships with various IoT firms in order to build various robots so that they may resume production as soon as possible.
The prominent players of the global industrial robotics market are –
These industry players are working on several strategies like merging with key businesses, launching new products, engaging in collaborations and profitable tie-ups, and financing research and development projects to maintain their competitive state in the market.
For instance, in December 2019, Fanuc, a global leader in factory automation technologies, recently announced the CRX-10iA, a lightweight collaborative robot for industrial applications. The CRX-10iA has “sensitive touch detection,” which ensures worker safety in manufacturing environments. The CRX-10iA is used for picking and positioning small pieces.
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