The new robotics system integration market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Robotics System Integration Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the Surge in the Industrial Robotics Market,” says a senior analyst for the Industrials industry at Technavio.
The high growth of the industrial robotics market is one of the primary factors that will drive market growth. The global industrial robotics market is expected to record substantial growth because of the technological advances and investments in R&D in robotic science. Emerging countries are also increasingly automating their day-to-day manual processes by incorporating robots to enable production efficiency and optimization of costs.
As the markets recover Technavio expects the robotics system integration market size to grow by USD 2.94 billion during the period 2020-2024.
Robotics System Integration Market Segment Highlights for 2020
- The robotics system integration market is expected to post a year-over-year growth rate of 9.49%.
- The robotics system integration market by material handling is gaining traction with the surge of application of robotics for material handling.
- The market has immense scope for growth in countries like China, where there is a need to improve production efficiency while overcoming the skilled labor shortage.
- The robotics system integration market share growth by the material handling segment will be slower than the growth of the market by the welding and soldering and other segments.
- 46% of the growth will originate from the APAC region.
- The growth of the manufacturing industry owing to favorable government legislation and investments and the rising investments in the automation of manufacturing processes will significantly drive the robotics system integration market growth in this region during the forecast period.
- China and Japan are the key markets for robotics system integration in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The robotics system integration market size is expected to accelerate at a CAGR of over 10% during the forecast period.
- The robotics system integration market is segmented by Application (material handling, welding and soldering, assembly line, and others) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
- 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., Dynamic Automation, Geku Automation, Genesis Systems Group, KUKA AG, Midwest Engineered Systems Inc., Phoenix Control Systems Ltd., RobotWorx, Van Hoecke Automation NV, and Yaskawa Electric Corp.
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