Articulated Robot Market Size

Articulated Robot Market Analysis

The articulated robot market is expected to register a CAGR of 12.63%, during the forecast period, 2021-2026. The shift from manual production to automation has been one of the major factors driving the robotics market. The potential of articulated robots to aid in high payload lifting during the manufacturing of automobiles, customization in machinery, is furthering aiding the growth of the articulated robots.

• Further, another crucial factor that is driving the adoption of articulated robots is the increasing concern for labor safety. The adoption of such robots also helps in reducing operational cost, production & manufacturing cost, and the wastage of the raw material.
• However, the complexity of their installation along with the high cost of these robots is the few factors that is hindering the market growth.
• Over the last few years, the application of an articulated robot has registered significant growth, in several areas, ranging from paint shop applications in automotive sector to assembling any level of complex components.
• The significant usage of articulated robots in the aerospace, oil and gas, and various other industries that commonly manufacture large parts by using articulated robots, has aided the market's expansion. Consequently, articulated robots are used to yield in bulk with precision and at a much faster rate, thus increasing the production efficiency, minimalize human error and effort, and increase the quality of end products.
• The industrial robot's market has been witnessing a huge demand over the past decade, owing to the rising adoption of smart factory systems, of which these robots play a vital part. The global smart factory market is expected to exceed USD 350 billion by 2023, which provides insights on the scope of the adoption of industrial robots for automation across several end-user industries.
• The rising penetration of the IoT and investments in robotics across multiple regions have been major contributors to the growth of the market. For instance, the 'Made in China 2025' announcement, which was aimed at broadly upgrading the Chinese industry by moving toward quality focused and innovation-driven manufacturing.
• Due to COVID-19, manufacturing industries across the world have witnessed a vast decline in revenue and profits, leading to significant cut down of employees and workers, resulting in an overall loss to industrial production activities.