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The global industrial robots market size is predicted to reach USD 66.48 billion by 2027. The booming e-commerce industry will have an incredible impact on the market in the forthcoming years. Moreover, the rising emphasis on automated robotic solutions will spur opportunities for the market, mentioned in a report, titled “Industrial Robots Market Size, Share & Industry Analysis, By Robot Type (Articulated, SCARA, Cylindrical, Cartesian/Linear, Parallel and Others), By Application (Pick and Place, Welding & Soldering, Material Handling, Assembling, Cutting & Processing, and Others), By Industry (Automotive, Electrical & Electronics, Healthcare & Pharmaceutical, Food & Beverages, Rubber & Plastic, Metals & Machinery, and Others), and Regional Forecast, 2020-2027” the market size stood at USD 21.83 billion in 2019 and is predicted to exhibit a CAGR of 15.1% between 2020 to 2027.
Acquisition of AB Rotech by ABB to Promote Business Proceedings
ABB, a Swedish multinational technology dealing in automated technology announced that it has acquired AB Rotech, robotic solutions and services company headquartered in Turkey. The new development will aid ABB's robotic welding solutions and services for all tiers in the automotive industry. The acquisition of the company can be a vital factor in bolstering the growth of the market owing to the flourishing automotive robotic segment. According to the International Federation of Robotics (IFR), in 2017 the automotive segment was the world's largest robotics market with a record 21 percent growth in 2017. Furthermore, the increasing collaborations and deals among industry players will spur business opportunities for the market in the forthcoming years. For instance, in February 2020, FANUC, a leader of automation products such as robots announced that it has signed a framework agreement with BMW AG, a German multinational company to supply 3,500 robots for new production lines and plants. FANUC’s robots will be integrated into the existing and future generations of BMW models.
Adoption of Robotic Solutions by Industries to Support Expansion
The rising efforts of manufacturers to reduce the operational costs of processes will fuel demand of the market, which, in turn, will enable the growth of the market. The rising focus towards increased workflow efficiency and reduced wastage in the automotive, electrical & electronic and pharmaceutical sector will stimulate the growth of the market during the forecast period. The manufacturers are implementing robotic solutions to diminish additional business expenses and thus, improve profits and operational flexibility. The growing demand for innovative metal machinery in the automotive and consumer goods industry will boost the growth of the market. Moreover, the deployment of robots in numerous sectors including, hospitals, malls, and others will have a positive impact on the market. in March 2020, Blue Ocean Robotics received an order of 2,000 UVD from hospitals located in China. The robot is capable of critical operations involving the detection of viruses and bacteria through ultraviolet light (UV-C).
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Cutting-edge Robotic Solutions of Mitsubishi to Consolidate its Position
The market is steered by the existence of Mitsubishi Electric Corp. The company is focused on investing in robotics technologies to upgrade and innovate it’s existing robotic automation. For instance, In May 2019, Mitsubishi Electric Corp. announced to invest in Realtime Robotics Inc. a developing motion-planning technology. The company announced to introduce new industrial robots integrated with Realtime Robotics’ motion-planning technologies in the future. Moreover, the rising government initiatives for the adoption of automated solutions for industries will create lucrative business opportunities for the market.
The Report Lists the Main Companies in the Industrial Robots Market:
Further Report Findings:
The Market is Segmented into:
Value (USD billion)
By Robot Type