SCARA Robot Market by Payload Capacity (Up to 5.00 kg, 5.01-15.00 kg), Application (Handling and Assembling & Disassembling), Industry (Automotive, Electrical & Electronics, Metals & Machinery, Food & Beverages), and Geography
The SCARA robot market (including the prices of peripherals, software, and system engineering) is estimated to be valued at USD 6.4 billion in 2019 and is expected to grow at a CAGR of 10.3% during 2019-2024 to reach USD 10.4 billion by 2024. The SCARA robot market (excluding the prices of peripherals, software, and system engineering) is estimated to be valued at USD 2.3 billion in 2019 and is expected to grow at a CAGR of 11.0% during 2019-2024 to reach USD 3.8 billion by 2024. Growing need to reduce human efforts and errors in production processes is one of the key factors driving the growth of SCARA robot market. Also, increasing adoption of SCARA robots in the electronics industry is likely to act as a major driver for the growth of SCARA robot market.
Browse 118 market data Tables and 45 Figures spread through 184 Pages and in-depth TOC on "SCARA Robot Market - Global Forecast to 2024"
One of the most popular applications of Industrial Internet of Things (IIoT) currently is in robotics. In recent times, the market has seen the integration of SCARA robots and IIoT to help manufacturers enhance productivity on the work floor. SCARA robots are increasingly being integrated with IIoT in manufacturing facilities across the world. In coming years, this integration will continue to produce new and improved ways to help create better quality products in a short time period, improve reliability, and customer satisfaction. This integration of IIoT and SCARA robots is expected to find major applications in industries such as electrical & electronics, automotive, metals & machinery, and precision engineering and optics. IIoT is the driving force that will innovate SCARA robots as it presents huge productivity potential for manufacturers.
The SCARA robot market for payload capacity ranging 5.01-15.00 kg is expected to grow at a significant rate from 2019 to 2024. Applications such as handling, processing, and dispensing have seen growing adoption of SCARA robots with payload capacity ranging 5.01-15.00 kg in the past 2 years and this trend is expected to continue further during the forecast period. Hence, players operating in the SCARA robot market may consider catering to this payload capacity range for gathering high revenues and strengthening their position in the SCARA robot market.
The SCARA robot market for processing applications is expected to grow at the highest CAGR during the forecast period. Major industries adopting SCARA robots for processing application include electrical & electronics, precision engineering and optics, and pharmaceuticals and cosmetics. With an increase in demand for SCARA robots for processing operations such as polishing, grinding, and specimen processing, the application of these robots for processing is likely to rise at a significant rate in coming years. Hence, investing in the development of SCARA robots for processing application can help the market players to broaden their revenue stream during the forecast period.
The market in Europe is expected to grow at the highest CAGR during 2019-2024. This growth can be attributed to the strong demand for SCARA robots from the automotive industry, mainly from countries such as Spain and France. Also, improving electrical & electronics and metals & machinery industries in the region are expected to fuel the growth of the SCARA robot market in Europe during the forecast period. Players in the SCARA robot market may gather more revenue from Europe if they start partnering with major German automobile players such as such as Volkswagen and BMW.