Impact of COVID-19 pandemic on the global industrial robotics market
With the ongoing global crisis, industry all across the globe have witnessed setbacks due to physical restrictions. The current crisis has exposed many weaknesses and shortcomings in sectors across nations. This report gives an insight about the impact of COVID-19 on global industrial robotics market.
In the post-COVID, the global traditional industrial robotics market size (including the prices of peripherals, software, and system engineering) is expected to grow from USD 44.6 billion in 2020 and is projected to reach USD 73 billion by 2025; it is expected to grow at a CAGR of 10.4% during the forecast period. The projection for 2025 is estimated to be down by ~3% as compared to pre-COVID-19 estimation.
A shortage of skilled labour, especially in developed countries, is driving the further use of automation, in the industrial robotics market. Manufacturers are turning to automation to decrease manufacturing costs and to keep their cost advantage in the market. Automation in the electronics industry presents an excellent growth opportunity for traditional industrial robots in the coming years, especially in the APAC region where manufacturers are looking to automate their production processes further. After the crisis is over, manufacturers are expected to increase in-house manufacturing through automation rather than outsource manufacture to other countries to mitigate global supply chain risks in the future.
SCARA robots market to grow at the highest CAGR during the forecast period
The market for SCARA robots is projected to grow at the highest CAGR during the forecast period. SCARA robots are expected to play a vital role specifically in industries such as food & beverages and electronics & electrical by preventing contamination of food products and preventing damage of delicate semiconductor wafers due to human contact, especially for companies looking to minimize their losses during COVID-19.