Global robotic arm market is forecast to exhibit a CAGR of over 13.8% during the forecast period, growing from $17.9 billion in 2018 to 39.2 billion by 2024
NEW YORK, March 19, 2019 /PRNewswire/ -- Global Robotic Arm Market By Payload Capacity (Less than 500 Kg, 500-3000 Kg and 3001 Kg & Above), By Type (Articulated, Cartesian, SCARA, Cylindrical & Others), By End User Industry (Automotive, Electrical/Electronics, Metal & Machinery, Plastics & Chemicals and Others), By Application, By Region, Competition, Forecast & Opportunities, 2024
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Global Robotic Arm Market Overview
Global robotic arm market is forecast to exhibit a CAGR of over 13.8% during the forecast period, growing from $17.9 billion in 2018 to 39.2 billion by 2024, on account of rising demand for automation, owing to increasing labor charges. With addition of insurance, compensation, paid leave, training expenses, and other benefit packages, wages for human workers are rising, which is boosting the robotic arm market across the globe. Robotic arms can perform repetitive and heavy tasks with efficiency. Increasing focus on improving the productivity of large production volume, in addition to advancements in artificial intelligence and development of sophisticated sensors are augmenting the development of self-programmable robots. However, high capital costs associated with robots prevent small enterprises from purchasing them.
Global Robotic Arm Market Segments
Payload capacity of a robotic arm determines the amount of weight a robotic arm can lift or carry.Based on the payload capacity, robotic arm market has been segmented into less than 500 Kg, 500-3000 Kg and 3001 Kg & above.
Robotic arms with heavy payload capacity are generally used for material handling and other applications.A robotic arm includes metal joints and the movement of the joint is controlled by servo motors.
High number of servo motors allows greater flexibility and permits a wide variety of applications and greater axes. End user industries prefer robotic arms of high degree of freedom, so that complex tasks can be performed.
Based on the type, global robotic arm market has been categorized into, articulated, cartesian, SCARA, cylindrical, and others.Articulated captured the largest market share in 2018 and the segment is expected to register significant growth until 2024, backed by its growing adoption for various industrial applications such as packaging and material handling.
The adoption of robots is increasing in various end user industries such as automotive, electrical/electronics, metal & machinery, plastics & chemicals, etc.
Global Robotic Arm Market Regional Insights
Asia-Pacific dominated global robotic arm market in 2018 and the region is likely to continue dominating the market in coming years, backed by increasing research & development activities and overall low production cost in the region. Growing trend of automation in countries, such as China, India and Korea coupled with government support towards the adoption of robotic arms through loans, tax incentives and R&D subsidies would aid the region's dominating market position.
Global Robotic Arm Market Competitive Landscape
Key market players studied during the research include ABB Ltd., KUKA Robotics Corporation, Fanuc Corporation, Yaskawa Electric Corporation, Mitsubishi Electric, etc. These companies are adopting various strategies including expansion, joint ventures, collaborations, partnerships, and mergers & acquisitions to gain a strong position in the industry.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
• To analyze and forecast global robotic arm market size.
• To classify and forecast global robotic arm market based on payload capacity, type, end user industry, application and regional distribution.
• To identify drivers and challenges for global robotic arm market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global robotic arm market.
• To conduct the pricing analysis for global robotic arm market.
• To identify and analyze the profile of leading players operating in global robotic arm market.
Some of the leading players operating in global robotic arm market are ABB Ltd., KUKA Robotics Corporation, Fanuc Corporation, Yaskawa Electric Corporation and Mitsubishi Electric.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, The analyst sourced a list of manufacturers across the globe.
Subsequently, The analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, The analyst could include the manufacturers which could not be identified due to the limitations of secondary research. The analyst analyzed the product offerings, distribution channels and presence of all major manufacturers across the globe.
The analyst calculated global robotic arm market size using a bottom-up approach, where data for various end user segments was recorded and forecast for the future years.The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Robotic arm manufacturers and other stakeholders
• Government bodies such as regulating authorities and policy makers
• Organizations, forums and alliances related to robotic arm market
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as manufacturers, partners and end users. The report also provides useful insights about which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth opportunities.
Report Scope:
In this report, global robotic arm market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Market, by Payload Capacity:
• Less than 500 Kg
• 500-3000 Kg
• 3001 Kg & Above
• Market, by Type:
• Articulated
• Cartesian
• SCARA
• Cylindrical
• Others
• Market, by End User Industry:
• Automotive
• Electrical/Electronics
• Metal & Machinery
• Plastics & Chemicals
• Others
• Market, by Application:
• Materials Handling
• Cutting & Processing
• Soldering & Welding
• Assembling & Disassembling
• Others
• Market, by Region:
• Asia-Pacific
China
Japan
South Korea
Taiwan
Thailand
India
• Europe
Germany
Italy
France
Spain
United Kingdom
• North America
United States
Mexico
Canada
• Rest of the World
Brazil
Argentina
South Africa
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global robotic arm market.
Available Customizations:
With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
• Profit margin analysis in case of direct and indirect sales channel.
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