Emerging markets, labor shortages and RaaS are all playing a part in market growth.
The global robotic welding market is growing, with the rapid development of emerging manufacturing economies as a key driver, according to a new report from market intelligence firm Research and Markets.
The report forecasts the market for robotic welding equipment and peripherals will grow to $11.57 billion by 2028 at a CAGR of approx. 11.5% during the forecasted period of 2023-2028.
The robotic welding market was valued at $6.01 billion in 2022.
Robotic welding market encompasses the production, development, manufacturing, and sale of robotic welding machines, equipment, and systems along with provision of related services, such as system integration, installation, maintenance, and training.
The report says rapidly developing emerging economies (Southeast Asia, China, India, Japan, Latin America), as well as the trend of automation in the manufacturing sector, as key drivers of growth. The advent of industrial internet of things (IIOT), increasing labor costs, and growing demand for consistent high quality welds are also contributing to increased demand for welding robots.
The global robotic welding market is somewhat consolidated, with major players acquiring the majority of market share. However, an increasing number of regional players have emerged, catering to local demand, engaging in R&D to develop and deploy niche products, and integrating robotics and cobots using the Robotics-as-a-Service (RaaS) business model.
Some of the key market players are:
· Panasonic Corp.
· ABB Group
· DENSO Corp.
· Kawasaki Heavy Industries, Ltd.
· Yaskawa Electric Corp.
· Fanuc Corp.
· KUKA Group
· Nachi-Fujikoshi Corp.
· DAIHEN Corporation
· Stellantis N.V.
· The Lincoln Electric Co.
· United ProArc Corp.