Global Industrial Robotics Market Size Study with COVID-19 Impact by Type Forecast to 2026
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Global COVID-19 Impact on Industrial Robotics Market is valued approximately at USD XX billion in 2019 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2020-2026. COVID-19 is an infectious disease caused by a newly discovered virus called corona-virus. COVID-19 is pushing companies to rapidly operate in new ways, and systems resilience is being tested as never before. As this virus enables human workforce to stay at home, the industrial robots will be productive in industries at the place of human workforce. Industrial robots are automated, programmable and capable of movement on three or more axes and can be used in wide range of end use industries such as Automotive, Electrical and Electronics, Chemicals, Rubber and Plastics, Metals & machinery, Food & Beverages, Precision engineering and Optics, Pharmaceuticals and Cosmetics.
The Dearth of skilled labor and solicitation of proposals by governments and public-private companies to mitigate the adverse impact of COVID-19 is the factor responsible for growth of the market over the forecast period. For instance, as per Statista, the As of April 20, 2020, the outbreak of the coronavirus disease (COVID-19) had spread to six continents, and approximately 165,082 people had died after contracting the respiratory virus. Around 23,660 of these deaths occurred in Italy, and around 40,565 of these deaths occurred in US.
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Furthermore, the introducing new products and services as well as other strategic alliances by market key player will create a lucrative demand for this market. For instance: as per Company’s news release in November 2019, B&R, a unit of ABB’s Robotics and Discrete Automation business launched fully integrated Machine-Centric Robotics solution in its automation portfolio. B&R will now be able to supply machine builders with machine automation and robotics from a single source along with all their control, I/O and drive components. However, high installation cost of industrial robots, especially for small and medium-sized enterprises is the major factor restraining the growth of global COVID-19 Impact on Industrial Robotics market during the forecast period.
The regional analysis of global COVID-19 Impact on Industrial Robotics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026.
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Last Update : 20 May 2020
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|Item Owner : Vidhya Nigam|
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