Author: Tronserve admin
Wednesday 4th August 2021 12:09 PM
Robotic Arm Market to Grow To US$14.78bn By 2026
Allied Market Research, predicts the SCARA robot market to grow globally to US$14.78bn by 2026, with a compound annual growth rate (CAGR) of 9.8%.
According to the report titled SCARA Robot Market details the global Selective Complance Articulated Robotic Arm (SCARA) robot industry valued at US$7.70bn in 2019, with projections to reach US$14.78bn by 2026 with a CAGR of 9.8% between 2019 and 2026.
Market growth incentives
Current trends driving the growth of the SCARA robot market include:
- Increased demand for collaborative robots and automation
- Reduced operational costs
- Mass production needs
- Surge in industry 4.0 adoption
- Increased demand for IoT-based smart solutions and automation for qualitative and reliable manufacturing
Trends driving challenges for the growth:
- High expenditure associated with implementation of SCARA robots
Material handling dominating the market
When broken down by type, in 2019, the material handling segment held the largest share, contributing to one-third of the global SCARA robot market. Allied Market Research attributes this to the growth of the electrical, food, beverage and electronics sectors.
However it is predicted that the assembling and disassembling segment is expected to have the fastest CAGR of 12.6% overall during 2019 to 2026, again due to the high growth of the electronic industry that requires high speed assembly via SCARA robots.
The pharmaceutical industry to see fastest CAGR in 2026
Allied Market Research predicts that the pharmaceutical industry will achieve the highest CAGR in 2026 of 13.1% as a result of increased demand to reduce repetitive tasks within the industry, as well as saving workers from hazardous environments and reducing training costs.
However, the electrical and electronics industry held one of the largest shares in 2019 accounting for nearly one-third of the global SCARA robot market, a result of investments in production automation, retooling and handling operations.
Europe, Asia and North America
In 2019, the three regions that dominate the SCARA robot market included Europe followed by Asia and North America which together contributed to a third of the market.
However, between 2019 and 2026, Asia-Pacific is expected to see the fastest CAGR of 11.9% during the forecast period, as a result o the high adoption of robotics technology in small and medium enterprises (SMEs), as well as the rise in investments in education and research.
Global market players with SCARA robots
- Seiko Epson Corporation
- OMRAN Corporation
- Kawasaki Robotics
- KUKA AG
- Mitsubishi Electric Corporation
- DENSO Corporation (DENSO Robotics)
- Fanuc Corporation
- Stäubli International AG
- Yaskawa Electric Corporation
About Allied Market Research
Established in 2013, Allied Market Research (AMR), is the full-service market research and business consulting arm of Allied Analytics LLP. AMR provides market research reports and business intelligence solutions to a range of businesses from global enterprise to small and medium enterprises (SMEs).
AMR’s aim is to provide business insights and consultancy services to assist its clients to make strategic business decisions in order to achieve sustainable growth in their market.