The global market size worth around US$ 66.50 Bn by 2027 and the market is expected to grow at a compound annual growth rate (CAGR) of 15.0% from 2020 to 2027.
High accuracy, reliability, and affordability offered by industrial robots, rising demand for industrial robotics from small and medium industries, and intense competition are the key factors driving the growth of the global industrial robotics market. Industrial robotics consists of hardware component, software component, and control mechanism. Industrial robots are widely used across different industrial sectors to perform complex and repetitive tasks with high accuracy and precision. With advancement in technology and decreasing cost, the small and medium industries are focusing on employing industrial robots to increase production and improve efficiency.
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The emergence and adoption of combination robotics has significantly fueled the growth of industrial robots owing to reduced space requirement and high throughput in critical applications through human machine collaborative environment. The COVID-19 pandemic is anticipated to cast significant impact on the global industrial robotic in coming years due to loss in productivity and changing demand patterns. The global industrial robotics market is anticipated to grow significantly during the forecast period.
Hefty Investments by Venture Capitalists to Augment Growth
The growing focus of pre-eminent players on R&D for the development of advanced sensors and the integration of AI will have a tremendous impact on the market over the forecast period. Moreover, the growing funding by venture capitalists for the manufacturing and designing of industrial robots will foster the healthy growth of the market in the foreseeable future. For instance, VNDLY a leading cloud based management company received an investment of $8.5 million from the venture capitalist Madrona Venture Group.
Moreover, the increasing deals and agreements between kry players will further enhance the potential of the market. For instance, In…
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