Rise in manufacturing capabilities of Asian countries, increased labor costs in developed economies, and long term benefits of robotic arms drive the growth of the global heavy payload robotic arm market.
PORTLAND, Ore., March 17, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Heavy Payload Robotic Arm Market by Type (Articulated, Cartesian, SCARA,Cylindrical, and Others), Payload Capacity (500-700 Kg, 701-1,000 Kg, 1,001-3,000 Kg, and 3,001 Kg & above) and End-user Industry (Automotive, Machinery, Mining, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global heavy payload robotic arm industry generated $11.42 billion in 2020, and is anticipated to generate $19.57 billion by 2030, witnessing a CAGR of 5.4% from 2021 to 2030.
Prime determinants of growth
Rise in manufacturing capabilities of Asian countries, increased labor costs in developed economies, and long term benefits of robotic arms drive the growth of the global heavy payload robotic arm market. However, high cost of initial investment and maintenance and lack of skilled labor hinder the market growth. On the other hand, support in R&D activities of industrial robotics presents new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global heavy payload robotic arm market, especially during the initial phase.
- Manufacturing activities were stopped or restricted to a huge extent, which directly affected the installation of new heavy payload robotic arm system.
- Nevertheless, industries have gradually resumed their regular manufacturing processes. This is expected to lead to re-initiation of heavy payload robotic arm companies at their full-scale capacities. This is likely to help the market to recover soon.
The articulated segment to maintain its leadership status throughout the forecast period
Based on type, the articulated segment held the highest market share in 2020, accounting for more than two-fifths of the global heavy payload robotic arm market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to its broad range of applications for industries such as material handling, arc welding, and packaging. Moreover, the SCARA segment is projected to manifest the highest CAGR of 6.5% from 2021 to 2030.
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The machinery segment to maintain its lead position during the forecast period
Based on end use industry, the machinery segment accounted for the largest share in 2020, contributing to more than one-fourth of the global heavy payload robotic arm market, and is projected to maintain its lead position during the forecast period. However, the automotive segment is expected to portray the largest CAGR of 4.8% from 2021 to 2030.
Asia-Pacific, followed by Europe and North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe and North America, held the highest market share in terms of revenue 2020, accounting for nearly three-fifths of the global heavy payload robotic arm market. This is owing to large scale manufacturing industries in China and India as well as production of robotic arms in China. Moreover, the LAMEA region is expected to witness the fastest CAGR of 6.8% during the forecast period, owing to rapid industrialization in emerging countries of the region.
Leading Market Players
- ABB
- Apex Automation and Robotics Pty Ltd
- Ellison Technologies
- Fanuc Corporation
- Kawasaki Heavy Industries, Ltd.
- KUKA AG
- Nachi-Fujikoshi Corp.
- Stellantis NV(Comau)
- Vulcan Engineering Co.
- Yaskawa America, Inc.
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