INDUSTRIAL ROBOTICS MARKET ANALYSIS

Industrial Robotics Market, By Type (Cartesian, Articulated, Cylindrical, SCARA, and Others), By Industry (Electrical & Electronics, Automotive, Machinery, Chemical, Rubber & Plastics, Food & Beverages, Metals, Precision & Optics, and Others), By Function (Materials Handling, Milling, Cutting and Processing, Soldering and Welding, Painting and Dispensing, Assembling & Disassembling, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Mar 2024
Code : CMI4175
Pages :135
Formats :
Excel and PDF
Industry : Industrial Automation and Machinery

Market Challenges: High Costs of Automation

The industrial robotics market faces several challenges. The high costs associated with automation equipment and deployment pose a significant barrier, especially for small and medium businesses. There are also challenges around retraining human workers as robots take over certain routine tasks. Furthermore, limited interconnectivity continues to hamper collaborative applications of robots working alongside humans. Safety also remains a top concern as greater interaction between robots and humans is required for true collaboration.

Market Opportunities: Diversifying Applications and Expanding Customer Base

On the other hand, the industrial robotics market also presents several opportunities. The growing demand from sectors like automotive, electronics, and food and beverage provides a stable customer base that will drive growth. The expanding applications of robotics in areas such as logistics, warehousing, and general assembly open up new revenue streams. Additionally, reducing hardware and Cloud connectivity is making Industrial Internet of Things (IIoT) applications more cost effective and scalable.