LONDON–(BUSINESS WIRE)–Sep 9, 2020–
The robotics market in Middle East is expected to grow by USD 166.18 million as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of about 2%.
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Technavio has announced its latest market research report titled Robotics Market in Middle East 2020-2024 (Graphic: Business Wire)
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Read the 120-page report with TOC on “Robotics Market in Middle East Analysis Report by Application (Services and Industrial) and the Segment Forecasts, 2020-2024”.
The market is driven by the growing demand for robotic automation process. In addition, the increasing adoption of robotics in diverse fields of application is anticipated to boost the growth of the robotics market.
Business across sectors such as industrial, banking, hospitality, and healthcare are increasingly adopting automation to improve the efficiency and safety of their operations and increase revenues. For instance, firms in the BFSI sector in the Middle East have adopted robotic process automation to automate various processes such as loan application processing, KYC compliance, credit card limit checks, refinancing, and others. This is helping them to eliminate manual, repetitive, and time-consuming activities and improve the efficiency of operations. The increased adoption of robotic automation process in various sectors is fueling the growth of the robotics market in the Middle East.
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Major Five Robotics Companies:
ABB Ltd. operates its business through segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company offers a line of products such as IRB 1100, IRB 120, IRB 1200, IRB 5350, and YuMi – IRB 14000 | Collaborative Robot among others.
DENSO Corp. operates its business through segments such as Thermal Systems, Powertrain Systems, Electrification Systems, Mobility Systems, Electronic Systems, and Non-Automotive Businesses (Factory Automation and Agriculture). The company designs and manufactures industrial robot arms and small assembly robots, from four-axis SCARA robots to five and six axis articulated robots that are majorly used in manufacturing facilities.
KUKA AG operates its business through segments such as Systems, Robotics, Swisslog, Swisslog Healthcare, and China. The company offers a range of products such as KR IONTEC, KR QUANTEC, KR 3 AGILUS, and LBR iiwa among others.
LG Electronics Inc.
LG Electronics Inc. operates its business through segments such as Home Appliance & Air Solution, Home Entertainment, Mobile Communications, Vehicle Components, Business-to-Business, LG Innotek, and Other segments. The company offers industrial robots that are used in a wide range of applications such as assembling, material handling, and painting among others.
Mitsubishi Electric Corp.
Mitsubishi Electric Corp. operates its business through segments such as Energy and Electric Systems, Industrial Automation Systems, Information and Communication Systems, Home Appliances, and Other. The company offers a line of products such as vertical type robot, horizontal type robot, collaborative robot, environment-resistant specifications type robot, and micro working robot among others.
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Robotics Market Application Outlook (Revenue, USD Million, 2019-2024)
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INDUSTRY KEYWORD: TECHNOLOGY ENGINEERING ELECTRONIC DESIGN AUTOMATION MANUFACTURING
SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 09/09/2020 01:30 PM/DISC: 09/09/2020 01:30 PM
Copyright Business Wire 2020.