Kenneth Research, in its repository of market research reports, have recently added a report on Industrial Robotics Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Industrial Robotics Market Industrial Robotics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Industrial Robotics Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
COVID-19 is an infectious disease caused by a newly discovered virus called corona-virus. COVID-19 is pushing companies to rapidly operate in new ways, and systems resilience is being tested as never before. As this virus enables human workforce to stay at home, the industrial robots will be productive in industries at the place of human workforce. Industrial robots are automated, programmable and capable of movement on three or more axes and can be used in wide range of end use industries such as Automotive, Electrical and Electronics, Chemicals, Rubber and Plastics, Metals & machinery, Food & Beverages, Precision engineering and Optics, Pharmaceuticals and Cosmetics.
The Dearth of skilled labor and solicitation of proposals by governments and public-private companies to mitigate the adverse impact of COVID-19 is the factor responsible for growth of the market over the forecast period. For instance, as per Statista, the As of April 20, 2020, the outbreak of the coronavirus disease (COVID-19) had spread to six continents, and approximately 165,082 people had died after contracting the respiratory virus. Around 23,660 of these deaths occurred in Italy, and around 40,565 of these deaths occurred in US. Furthermore, the introduction new products and services, as well as other strategic alliances by market key player, will create a lucrative demand for this market.
For instance: as per the Company’s news release in November 2019, B&R, a unit of ABB’s Robotics and Discrete Automation business launched fully integrated Machine-Centric Robotics solution in its automation portfolio. B&R will now be able to supply machine builders with machine automation and robotics from a single source along with all their control, I/O and drive components. However, high installation cost of industrial robots, especially for small and medium-sized enterprises is the major factor restraining the growth of global COVID-19 Impact on Industrial Robotics market during the forecast period.
The regional analysis of global COVID-19 Impact on Industrial Robotics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026.
Major market player included in this report are:
Yaskawa Electric Corporation
Kawasaki Heavy Industries Ltd.
Mitsubishi Electric Corporation
Seiko Epson Corporation
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Electrical and Electronics
Rubber and Plastics
Metals & machinery
Food & Beverages
Precision engineering and Optics
Pharmaceuticals and Cosmetics
Rest of the World
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Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global COVID-19 Impact on Industrial Robotics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2026 (USD BILLION)
1.2.1. COVID-19 Impact on Industrial Robotics Market, by Region, 2018-2026 (USD BILLION)
1.2.2. COVID-19 Impact on Industrial Robotics Market, by Type, 2018-2026 (USD BILLION)
1.2.3. COVID-19 Impact on Industrial Robotics Market, by Industry, 2018-2026 (USD BILLION)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global COVID-19 Impact on Industrial Robotics Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global COVID-19 Impact on Industrial Robotics Market Dynamics
3.1. COVID-19 Impact on Industrial Robotics Market Impact Analysis (2018-2026)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global COVID-19 Impact on Industrial Robotics Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2016-2026)
4.2. PEST Analysis
4.3. Investment Adoption Model
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