According to the research report titled ‘GLOBAL INDUSTRIAL ROBOTS MARKET 2021-2028’, available with MarketStudyReport, global industrial robots market is on track to register a CAGR of 10.35% over the forecast period 2021-2028.

As per report findings, surging investment in research & development activities, increasing number of smart factories, and fast paced technology adoption are the primary factors driving global industrial robots market growth.

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Moreover, integration of AI in industrial robots, coupled with use of cobots (collaborating robots) in workplaces is creating new opportunities for industry partakers.

On the downside, dearth of skilled workers, high cost of industrial robots, and employee resistance while integrating the technology due to job-cuts are likely to slow down the industry growth over 2021-2028.

Based on product type, global industrial robots market is arrayed into SCARA robots, articulated robots, cartesian robots, cylindrical robots, and others, while by application type, the industry classification comprises material handling, welding & soldering, assembling & disassembling, processing, dispensing, and others.

Considering vertical type, the market sphere is divided into automotive, machinery products & metal, electronic & electric, food & beverage, chemical, plastics, & rubber, and others. Food and beverage segment is expected to develop significantly over the analysis period, as industrial robots are highly preferred due to their compliance with the sector’s strict hygiene requirements.

On the regional front, Asia-Pacific market is expected to record remunerative gains over the forecast period, as the region is one of the strongest hubs for industrial robots with heavy government investments in robotics and AI research. Moreover, several manufacturers use robotic automation to boost productivity and output quality, which is further enhancing the regional market outlook.

Considering the competitive landscape, companies such as Yamaha Motor Co. Ltd., Universal Robots A/S, Stäubli International AG, Seiko Epson Corp., Schunk GmbH & Co. KG, Rockwell Automation Inc., Rethink Robotics GmbH, Omron Corp., Nachi Fujikoshi Corp., Mitsubishi Electric Corp., Kuka AG, Kawasaki Heavy Industries Ltd., Fanuc Corp., Aurotek Corp., and ABB Ltd. are prominently influencing worldwide industrial robots market trends.