Industrial Robotics Market until 2024
Market Overview:
An industrial robot is an automatically controlled, reprogrammable and multipurpose machine. The industrial robotics sector can be more practically described as the study, design, and use of robot systems for manufacturing. Industrial robot technology is progressing rapidly where the robots of the future will far exceed the capabilities of today’s robots. Typical applications of industrial robots include painting, welding, assembling, pick and place, and testing, all accomplished with precision speed and high endurance.
As per the report published earlier, the size & Growth of the Industrial Robotics Market is expected to reach 76.4 Billion USD by 2024, with a significant increase from 47.5 Billion USD in 2019, and is expected to grow at a CAGR of 9.5% during the forecast period.
Recent Trends:
The industrial robotics industry has already invested in sensor and data technology over the last years, and it is now moving rigorously towards advanced analytics and AI to factories. Hence, the adoption of artificial intelligence in factories and manufacturing will accelerate in the future.
Another advancement is the application of AI for self-driving cars and other autonomous devices. AI will be applied to drones and other ground-moving vehicles – in agriculture, mining or places where autonomous vehicles can add value.
Market Drivers and Restraints:
Industrial robots come with plenty of benefits, regardless of which type of industrial robot is being implemented. The market for industrial robots is enormous and proliferating. This industry is also majorly driven by a surge in labor charges worldwide, which in turn has enforced manufacturers to take over human labor with machines.
But it can be challenging to keep up with the fast pace of change in the robotics industry. Furthermore, the high expenses of industrial robotics solutions is a significant drawback for the overall market growth.
To know more read: https://www.marketdataforecast.com/market-reports/industrial-robotics-market