Articulated Robots Market Size, Share, Growth Analysis, By Payload(Up to 16.00 kg, 16.01–60.00 kg, 60.01 – 225.00 Kg, More Than 225.00 Kg), By Function(Handling, Welding, Dispensing, Assembly), By Industry(Automotive, Electrical and Electronics, Metal and Machinery, Food and Beverages), By Region - Industry Forecast 2024-2031

Drivers

Increasing Demand for Industrial Robots to Automate Manufacturing Tasks

• The growing demand for industrial robots is anticipated to boost the articulated robot market during the forecast period. Industrial robots are machines or mechanical systems programmed to autonomously perform production-related tasks in an industrial environment. For example, according to data released by 'The International Federation of Robotics' for 2022, the actual installation of industrial robots reached about 4.35 million, an increase of 13 percent between 2020 and 2021. It is expected to reach around 5.18 million units by 2024. So, the growing demand for industrial robots is likely to propel the market.

Artificial Robots Widely Used in the Automotive Industry

• Articulated robots are widely used in the automotive industry because they have a wide range of tasks such as assembly, fabrication including painting, welding, cutting etc. Moreover, articulated robots' applications in the automotive industry to increase efficiency, productivity and production and reduce energy consumption f play an important role so the widespread use of artificial robots in the automotive industry is likely to provide the market has developed.

Restraints

Capital Investment and High Operating Costs May Hamper Market Growth

• Robotic simulators and robotic arms are included as well as other hardware and software systems. Integrating robotic weapons with other hardware is a complex task that requires significant investments. Moreover, these programs require significant investments. For example, according to the U.S. According to an Environmental Protection Agency (US EPA) report, spray tents range in price from $5,400 to $23,000 and vary from building to building Such high costs associated with these systems will drive the market growth.

High Cost

• High initial cost of handheld robots and difficulty in installation are some of the major factors expected to restrain the market growth Despite the high adoption of handheld robots by SMEs in 2010, there are still obstacles to its use in simple manufacturing. Robot retrofit and reconfiguration costs are high for low-volume production. In other words, refurbished robots are cheaper. In addition, as the use of robots evolves, so do the requirements for scope and practical constraints. For lower production levels, these factors raise barriers to market growth.