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Global Robotic Paint Booth Market is Expected to Reach $10.68 billion by 2031: Allied Market Research

Business Aug 5, 2022 at 18:43

Global Robotic Paint Booth Market is Expected to Reach $10.68 billion by 2031: Allied Market Research

Increase in the adoption of management tools by major manufacturers, extensive application in various end-use industries such as automotive, aeronautical, and defense, and rapid industrialization are expected to drive the growth of the global robotic paint booth market. Closure of manufacturing facilities, decreased number of workforce and adverse supple chain disruptions during the COVID-19 pandemic had a negative impact on the growth of the market.

Portland, OR, Aug. 02, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global robotic paint booth market generated $3.09 billion in 2021, and is projected to reach $10.68 billion by 2031, growing at a CAGR of 12.7% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

The outbreak of COVID-19 has had a negative impact on the growth of the global robotic paint booth market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various manufacturing facilities including those of robotic paint booth. This, in turn, adversely decreased the demand.
These restrictions on eliminating or limiting workforce and overall factory operations were mainly due to the stringent restrictions imposed by the governments to curb the spread of the virus during the pandemic.
Thus, the robotic paint booth market is expected to focus on protecting its workforce, operations, and supply chains to respond toward immediate crises and find new ways of working post COVID-19 pandemic.
In addition, ban on import and export of raw materials further aggravated the growth of the market. However, the market is expected to recoup soon.

The report offers a detailed segmentation on the global robotic paint booth market based on type, sales type, robot type, end-user industry and region.

Based on type, the 6 axis segment is expected to cite the fastest CAGR of 13.5% during the forecast period. The report also offers analysis of segments such as 4 axis and others.

Get detailed COVID-19 impact analysis on the robotic paint booth market

Based on sales type, the hardware segment held the largest market share in 2021, holding nearly four-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The service segment, on the other hand, is predicted to cite the fastest CAGR of 13.1% during the forecast period.

Based on robot type, the traditional industrial robots segment held the dominating market share in 2021, holding more than 94% of the global market, and is expected to maintain its leadership status during the forecast period. The collaborative robots segment, on the other hand, is predicted to cite the fastest CAGR of 13.5% during the forecast period.

Based on end-user industry, the aviation segment is expected to cite the fastest CAGR of 13.6% during the forecast period. The report also offers analysis of segments including automotive and others.

Based on region, the market across Asia-Pacific region held the largest market share in 2021, garnering more than half of the global market, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is predicted to cite the fastest CAGR of 14.2% during the forecast period. The report also offers analysis of other regions such as Europe and North America.