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MARKET OUTLOOK

Based on Triton Market Research’s report, the global industrial robots market is anticipated to register growth at a CAGR of 10.35% through the projected period of 2021-2028. 

Factors such as rising R&D investments in robots, rising adoption of industrial robots, and emerging smart factories are stimulating the growth of the studied market. Robots are widely adopted in the F&B industry as they comply with stringent hygiene regulations, meeting growing demand. Additionally, the employment of cobots in workplaces, coupled with the implementation of AI in industrial robots, creates new opportunities for the industrial robots market. 

However, the high cost, lack of skilled labor, and resistance among employees are restricting the development of the industrial robots market to a large extent. 

REGIONAL OUTLOOK

The global industrial robots market covers North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa regions. 

Globally, the Asia-Pacific is likely to witness the fastest growth in the industrial robots market over the forecasted period. The region is among the strongest market for industrial robots as governments are investing heavily in robotics and AI research. As a result, AI, high investments, and tax incentives at the national level have paved the way for robot adoption across various industries. Among major industries, robots are widely adopted in the electrical and electronics industry. Several manufacturers opt for robotic automation to improve productivity and output quality, which drives the progression of the industrial robots market across the region. 

COMPETITIVE OUTLOOK

The major companies in the industrial robots market include Nachi Fujikoshi Corporation, Kuka AG, Rethink Robotics, Kawasaki Heavy Industries Ltd, Omron Adept, ABB Ltd, Schunk GmbH, Fanuc Corporation, Universal Robots, Mitsubishi Electric Corporation, Staubli International AG, Rockwell Automation Inc, Aurotek Corporation, Yamaha Robotics, and Seiko Epson Corporation.

ABB Ltd is a global provider of power and automation technologies. It offers products, systems, solutions, and services to enhance productivity, increase power reliability, and improve energy efficiency. Additionally, it provides digitally connected industrial equipment and systems to consumers across transport, utilities, and infrastructure industries, among others. ABB has operations across Europe, Asia-Pacific, Latin America, North America, and Middle East and Africa. It is headquartered in Switzerland.