The articulated robots market was evaluated at US$11.194 billion for the year 2019 growing at a CAGR of 17.10% reaching the market size of US$33.797 billion by the year 2026. An increase in the transformation of industries towards automation has led to increasing demand for articulated robots. It has at least two rotary joints and is mostly used in different manufacturing procedures, such as handling components, welding, dispensing, assembling, loading/unloading, cutting, and painting. Articulated robots increase operating efficacy in complex activities, and can handle harsh or dangerous heavy goods or materials. These robots are also extremely robust and economical and require minimum rest. Owing to these advantages, they are commonly used in diverse industries like the automobile, aerospace, and electronics industries.
Impact of COVID-19 on the market
The outbreak of COVID-19 had a significant impact on the market of the articulated robots. The lockdown restrictions across various countries affected the production activities. Fall in revenue and profits led to laying off various employees and factory workers. The decline in production in the end-user industries impacted the adoption of the articulated robots to an extent. The revival of the economies post-COVID will lead to an increase in production activities thereby boosting the demand these robots over the forecast period.
North America region to witness lucrative growth
The articulated robots market is estimated to grow aggressively in the North American region. Owing to the increase in development and manufacturing activities, the demand for articulated robots will increase in North America. An increase in innovation and adoption of robotics in industrial activities has led to growth in the market. North America is one of the pioneers in adopting robots across various industries like automotive, electronics, metals and machinery, pharmaceuticals, and various others.
On the other hand, the APAC region will also witness an upsurge in the demand for articulated robots. Countries like China, South Korea, India, and many others are automating the processes in manufacturing thereby increasing the demand for articulated robots in the region.
The key players in the articulated robots market are ABB Ltd., KUKA AG, FANUC CORPORATION, DENSO Corporation, Mitsubishi Electric Corp., Kawasaki Heavy Industries Ltd., Nachi-Fujikoshi, Omron Adept Technologies, Seiko Epson, NIMAK GmbH, and many others. The companies compete with each other by investing heavily in research and development and launching new advanced robots.
Frequently Asked Questions (FAQs)
Q1. What will be the articulated robots market size by 2026?
A1. The articulated robots market is projected to reach a total market size of US$33.797 billion in 2026.
Q2. What are the growth prospects for the articulated robots market?
A2. The global articulated robots market is projected to grow at a CAGR of 17.10% during the forecast period.
Q3. What is the size of the global articulated robots market?
A3. Articulated Robots market was valued at US$11.194 billion in 2019.
Q4. Which region holds the largest market share in the articulated robots market?
A4. By region, North America is expected to have a significant share in the articulated robots market owing to the increase in development and manufacturing activities.
Q5. What factors are anticipated to drive the articulated robots market growth?
A5. An increase in the transformation of industries towards automation has led to increasing demand for articulated robots.