PUNE, India, July 22, 2020
The abrupt occurrence of COVID-19 has created a negative impact on the development of the global industrial robotics market. The market is estimated to pull through the incurred losses by the second or third quarter of 2022
PUNE, India, July 22, 2020 /PRNewswire/ -- The latest research report on the Global Industrial Robotics Market by Research Dive deliberates the influence of COVID-19 pandemic on the present and forthcoming growth of the global market. This report is a professional and comprehensive research formulated by specialists by evaluating top driving factors, major regional market situations, opportunities & future scope, and trends & developments in the market during the COVID-19 catastrophe.
Highlights of the Report:
In 2020, the demand is projected to plummet. The high initial costs and usage of restored industrial robots by many end-use sectors are expected to impede the market growth in the forecast period. In fact, by Q2 / Q3 2022, the industry is expected to rebound from the pandemic. It is anticipated that the market will then grow due to rising labor costs and inconveniences for small and local people in different parts of the world. There are also high costs for the employment and training of workers and substitute labor costs for the company. As many end use industries prefer the establishment of the industrial robot over the labor force, which is expected to lead the market in the forecast period. The progress of industrial robots through artificial intelligence and machine learning in the forecast period is predicted to create more investment opportunity.
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The report includes:
Factors Hindering the Market Growth amidst Covid-19 Pandemic
The enforcement of lockdown in various parts of the world has created a disruption among economies. A severe downfall of industrial robots has been observed in 2020 due to the high investment and installation costs, which is hampering the growth of the global industrial robotics market. The key driving force on the market is expected to be the cost reduction and increasing quality of the product. The market is predicted to observe a significant rise once the COVID-19 pandemic ends and the functioning of production units resumes.
Current Market Transformation Due to COVID-19:
The industrial robots manufacturers are experiencing a drift in the market growth due to the stoppage of numerous companies. In order to improve the area market in the forecast period, government initiative for the adoption of industrial robot in different end uses are expected.
During this emergency period, market players are using several business tactics to withstand their business. Some of the leading players active in this market are
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Post-pandemic Market Insights:
To help businesses survive in the course of the COVID-19 crisis, government bodies are implementing significant schemes for promoting manufacturing industries. Growing demand for industrial robots in different industries to improve the product in the forecast period is predicted to drive the market. Industrial robots have been found to mainly be used in heavy engineering, which in the forecast period is also expected to be the main driving force for the market. Moreover, improved production lines efficiency is also expected to drive the demand over the forecast period.
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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