Research company Future Market Insights expressed confidence revenue in the global articulated robot sector would grow at a CAGR of more than 8 per cent until 2033, due to soaring demand for automation and other Industry 4.0 innovations.
Future Market Insights predicts revenue from the sector to hit $20.4 billion by 2033, a CAGR of 8.3 per cent on the $9.2 billion generated in 2023.
The company believes automation is now an “indispensable component of modern manufacturing” as companies look to “optimise productivity and reduce operational costs”.
Specialist company Robotic Automation Systems defines articulated robots as arms with at least six-axis of movement.
Future Market Insights stated the robots are “at the forefront” of a shift in technology fuelled by growing incorporation of IoT and Industry 4.0 into the manufacturing sector. “This convergence has led to smarter, more connected systems that enable real-time monitoring, predictive maintenance and seamless data exchange.”
It noted articulated robots are now “designed to be collaborative, capable of working alongside human operators safely and efficiently”. The machines are playing a leading role in a broader evolution of manufacturing technology due to advances “in sensors, embedded systems and software”, Future Market Insights stated
The company identified China as the market likely to reap the greatest CAGR, followed by South Korea, Japan, the UK and US in that order, though the margins across all five markets are slender.
Future Market Insights explained rapid industrialisation in emerging economies is a factor in its growth expectation, thought noted challenges including high initial costs remain.
The post Articulated Robot revenue tipped as $20B prospect appeared first on Mobile World Live.
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