The coatings and application technologies for robotics market is poised to achieve an impressive valuation of US$ 38,925 million by 2033 featuring a promising CAGR of 7.9% from 2023 to 2033, reveals a press note from Future Market Insights Inc.
Key market trends and highlights
The increasing trend of electric automobiles is set to impact the industrial robotics industry significantly. Car manufacturers are increasingly using automated robotic systems for high-volume vehicle production, contributing to the growth of industrial robotics.
The incorporation of machine learning and artificial. intelligence (Al) technologies into industrial robots is positively influencing the sector. These advancements enhance the capabilities and efficiency of robotics, making them versatile and adaptable to various tasks.
Rising labor and factory insurance costs are compelling manufacturers to introduce industrial robotics for cost-effective and efficient resource allocation with minimal downtimes. Robotic systems also significantly reduce error rates while increasing production output, making them an attractive option for enhancing operational efficiency and profitability.
The coatings and application technologies for robotics market faces environmental challenges due to the pollution and VOC emissions associated with these coatings. Environmental concerns may impede the market's growth
2018 to 2022 historical analysis vs 2023 to 2033 market forecast projections
The scope for global coatings and application technologies for robotics market insights rose at a 4.68% CAGR between 2018 and 2022. The market is anticipated to develop at a moderate CAGR of 7.9% over the forecast period from 2023 to 2033.
This story is from the December 2023 / January 2024 edition of COATINGS AND ANTI CORROSION ENGINEERING REVIEW.
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This story is from the December 2023 / January 2024 edition of COATINGS AND ANTI CORROSION ENGINEERING REVIEW.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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