SCARA Robot Market Worth $10.4 Billion by 2024 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Oct. 30, 2019 /PRNewswire/ -- According to the new market research report "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 - Global Forecast to 2024", published by MarketsandMarkets(TM), the SCARA Robot Market is expected to grow from USD 6.4 billion in 2019 to USD 10.4 billion by 2024, at a CAGR of 10.3%. Due to the growing need to reduce human efforts and errors in production process across the world, the demand for SCARA robots is increasing; which is one of the key factors driving the growth of SCARA robot market. Another driver for the SCARA robot market includes increasing adoption of SCARA robots in the electronics industry.
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Handling application to hold largest share of the SCARA robot market during the forecast period
SCARA robots have high speed, ruggedness, and durability and operate in a cylindrical work envelop. Thus, SCARA robots are preferred by manufacturers for many handling tasks such as pick and place, palletizing, loading and unloading, packaging, and machine tending, which, in turn, is expected to drive its market for handling applications.
Precision engineering and optics industry to grow at highest CAGR during forecast period
The precision engineering and optics industry involves the use of optical technologies, laser technology, optoelectronics, digital imaging or optical communications and measuring technology, and medical technology. This industry includes error-proofing processes in which SCARA robots can be adopted for performing tasks such as assembly validation, package validation, marking verification, label verification, orientation check, over flash detection, and stud and threaded weld nut check. This is expected to propel the demand for SCARA robots in the precision engineering and optics industry.
APAC to hold largest share of the SCARA robot market during the forecast period
APAC is expected to hold the largest share of the SCARA robot market in 2019 and is projected to dominate the market during the forecast period. Rapid increase in labor costs and decline in labor pool in the region and increased focus of various governments for research and development in industrial automation are the key factors driving the market growth of SCARA robots in APAC.
Browse in-depth TOC on "SCARA Robot Market"
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Major players in the SCARA robot market include Seiko Epson (Japan), Yamaha Motor (Japan), Denso (Japan), YASKAWA (Japan), Stäubli (Switzerland), Kawasaki Heavy Industries (Japan), ABB (Switzerland), Mitsubishi Electric (Japan), Toshiba Machine (Japan), and Comau (Italy). Apart from these, ADTECH (China) and GOOGOLTECH (China) are a few emerging companies in the SCARA robot market.
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