The new metal forming and press tending robots market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Metal Forming and Press Tending Robots Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the advantages of these robots over automated equipment,” says a senior analyst for the industrials industry at Technavio. The metal forming and press tending robots are used in the production of industrial equipment and machinery in various sectors such as food processing, packaging, automotive, aerospace and defense, rubber and plastic, machine tools, construction, agriculture, and forestry. As the markets recover, Technavio expects the metal forming and press tending robots market size to grow by USD 57.04 million during the period 2020-2024.
Metal Forming and Press Tending Robots Market Segment Highlights for 2020
- The metal forming and press tending robots market is expected to post a year-over-year growth rate of -6.45%.
- Based on the end-user, the metal industry segment led the market in 2019. The advantages of metal forming and metal brake press tending robots over automated equipment will be one of the primary growth drivers of the segment.
- The market growth in the segment will be significant during the forecast period.
Regional Analysis
- 70% of the growth will originate from the APAC region.
- The increased adoption of automation for metal foundry and fabrication applications and the growth of the automotive industry will significantly drive metal forming and press tending robots market growth APAC during the forecast period.
- China and Japan are the key markets for metal forming and press tending robots in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The metal forming and press tending robots market size is expected to accelerate at a CAGR of over 4% during the forecast period.
- The metal forming and press tending robots market is segmented by end-user (Metal industry, Automotive industry, Aerospace and defense, and Others) and geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., DENSO Corp., Durr AG, FANUC Corp., Fiat Chrysler Automobiles NV, Kawasaki Heavy Industries Ltd., KUKA AG, Midea Group Co. Ltd., Mitsubishi Electric Corp., and Yaskawa Electric Corp.
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