November 23, 2020 12:09 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, November 23, 2020 (GLOBE NEWSWIRE) - By 2027, the global robotic welding market is expected to reach 8.31 billion U.S. dollars, with a compound annual growth rate of 7.6% between 2020 and 2027. This is attributed to the increasing adoption of automation in the manufacturing process, which drives the global demand for advanced robotic welding machines. This information was released by Fortune Business Insights in its latest report, titled "Robot Welding Market Size, Share, and COVID-19 Impact Analysis, by Type (Arc, Spot Welding, MIG/TIG, Laser, Other (Plasma, etc.)") , According to effective load capacity (low (6-22 kg), medium (30-60 kg), high (80-300 kg)) by industry (automotive, aerospace and defense, construction, mining, railway and shipbuilding, electrical and Electronics, others)) and regional forecasts, 2020-2027. The report further observes that the market size in 2019 was 4.66 billion U.S. dollars, and there may be significant growth in the next few years.
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COVID-19 spurs the adoption of automated services throughout the manufacturing industry
Due to the reduction in the global workforce, the lockdown imposed by several government agencies has led to the closure of manufacturing departments. This has led to unprecedented economic losses in various industrial applications such as automobiles, electronics, and construction. However, in order to get the economy back on track, these companies are focusing on adopting automated services that have many advantages over manual labor. This is expected to drive the demand for automated robotic solutions in the next few years.
The increasing focus on reducing human intervention in challenging manufacturing operations is driving the global demand for advanced robotic welding machines. Major companies are developing or adopting advanced industrial robots to significantly increase productivity while reducing costs.
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What does the report include?
The report on the global ophthalmic device market has assessed in detail the various growth drivers and constraints, opportunities and challenges that the market will face in the expected time frame. In addition, the report also conducts a comprehensive study of the regional development of the market, which will affect its growth during the forecast period. It includes information that our research analysts use a variety of methods to obtain from the advice of industry experts. The competitive landscape provides further detailed insights into product launches, partnerships, mergers and acquisitions, and the company's strategies to maintain a market presence between 2020 and 2027.
Increased adoption of automation in manufacturing to promote growth
The emergence of modern technology has had a positive impact on the global manufacturing industry. Several major industrial sectors are undergoing a paradigm shift through the adoption of advanced automated welding services. The adoption of automation has brought several advantages, such as increased efficiency and accuracy, reduced use time, and high levels of productivity. This is expected to benefit the demand for advanced robotic welding systems throughout the manufacturing process. In addition, the growing automotive industry is expected to contribute to the growth of the global robotic welding market during the forecast period.
China Arc Segment has a 38.5% market share in 2019
The type-based arc welding segment has a market share of approximately 38.5% in China in 2019. Due to the increasing adoption of robotic welding systems in China's automotive, electronics, construction and shipbuilding industries, this market segment may gain momentum. China during the forecast period.
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The Asia-Pacific region will remain dominant; increasingly adopt Industry 4.0 to promote growth
Among all regions, the Asia-Pacific region is expected to maintain a dominant position during the forecast period and occupy the highest position in the global welding robot market. This advantage is attributed to the increasing adoption of Industry 4.0 robotic welding technology by manufacturers to speed up industrial operations and increase efficiency in the region. The Asia-Pacific region's revenue in 2019 was US$1.64 billion.
On the other hand, North America is expected to occupy the second place in the market in the next few years. This is due to some factors. For example, well-known companies in the United States and other countries adopted automated services instead of manual welding processes in the region from 2020 to 2027.
Major companies launch products to strengthen their market position
The existence of major companies has consolidated the global welding robot market. These companies focus on introducing advanced robotic welding machines to meet the growing demand for automation services in manufacturing operations. Other major players in the market are struggling to maintain their presence by adopting strategies such as collaboration, partnerships, and facility expansion, which will promote market growth during the forecast period.
List of companies introduced in the global market of the robotic welding market:
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