The new robotic paint booth market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201127005194/en/
Technavio has announced its latest market research report titled Global Robotic Paint Booth Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the robotic paint booth market.
“One of the primary growth drivers for this market is the Improving Productivity in Discrete Manufacturing,” says a senior analyst for the Industrials industry at Technavio.
Automated technologies implemented within a production line ensure that sub-processes are efficient, fast, and streamlined. Industrial painting is an activity that is highly important with respect to the quality and looks of the final product. Industrial robots, when deployed in production lines for painting, can help speed up the overall process and uphold the quality of the final product. Also, advanced features of the robotic paint booth systems ensure varying degrees of customization that can be easily programmed into the system with minimal training of personnel. To minimize both direct and overhead costs and improve the profit margin in the long-run, companies must adopt robotic paint booth systems.
As the markets recover Technavio expects the robotic paint booth market size to grow by USD 997.62 million during the period 2020-2024.
Robotic Paint Booth Market Segment Highlights for 2020
- The robotic paint booth market is expected to post a year-over-year growth rate of 4.18%.
- Market growth in the paint booths segment will be slower than the growth of the market in the paint robots segment.
- 65% of the growth will originate from the APAC region.
- China and Japan are the key markets for robotic paint booths in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.
Related Reports on Industrials Include:
Global Industrial Robots Market in the Automotive Industry: The industrial robots market size in the automotive industry has the potential to grow by USD 2.42 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth. To get extensive research insights: Click and Get FREE Sample Report in Minutes!
- The robotic paint booth market size is expected to accelerate at a CAGR of over 5% during the forecast period.
- The robotic paint booth market is segmented by Product (Paint booths and Paint robots), End-user (Automotive and Non-automotive), and Geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Blowtherm USA, Dürr AG, Eisenmann SE, FANUC Corp., Giffin Inc., Kawasaki Heavy Industries Ltd., Nordson Corp., Stäubli International AG, and YASKAWA Electric Corp.
Register for a free trial today to access 17,000+ market research reports using Technavio’s SUBSCRIPTION platform
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.