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Asia-Pacific will Continue to Remain the Growth Opportunities Center in Industrial Robotics
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The COVID-19 pandemic outbreak has resulted in a global economic downturn, as countries imposed movement control orders and shut down businesses. Similar to most other markets worldwide, the demand for industrial robots is forecast to plummet in 2020. The high initial costs and lack of supportive infrastructure are likely to impede market growth in the forecast period. But the market is expected to rebound from the economic crisis by mid to end of 2021. The ease, convenience, and low cost of collaborative robots (cobots) are likely to drive the segment to be the fastest-growing product by 2024. Industrial robots' progress through 5G, edge AI, and machine learning capabilities will create more investment opportunities. This research service aims to give a detailed account of the industrial robotics market, its various products, popularity by region, application in different end user verticals, and the competitive landscape. Frost & Sullivan expects this report to help current market participants understand what their competitors are doing. It can also serve as a reference document for other market players who are unaware of the immense benefits of industrial robotics or are on the verge of making a move in the market.
Author: Nandini Natarajan
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