Fiberglass Cutting Robots Market to Reach $40.8 Million, Globally, by 2032 at 8.1% CAGR: Allied Market Research

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Dec 14, 2023, 10:01 ET

High requirement for automation, high labor cost and dearth of skilled human workforce, and increase in investments in r&d activities, drive the growth of the fiberglass cutting robots market

PORTLAND, Ore., Dec. 14, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Fiberglass Cutting Robots Market by Product Type (3-Axis To 5-Axis Robots, and 6-Axis To 7-Axis Robots), Application (Construction, Automotive and Transportation, Pipe and Tank, Wind Energy, and Others), Payload (Light, Medium, and Heavy), and Reach (Up to 2000 mm, and More than 2000 mm): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global fiberglass cutting robots market was valued at $19 million in 2022, and is projected to reach $40.8 million by 2032, registering a CAGR of 8.1% from 2023 to 2032.

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Prime determinants of growth

The implementation of robotics technology has been revolutionized by the increase in demand for automation. To compete effectively in the market, many businesses concentrate on automating operational procedures to cut costs, free up time, produce high-quality goods, and boost productivity The growing demand for automation and the lack of skilled workers are anticipated to boost the market. Leading companies aspire to explore innovative technologies and applications to satisfy customers' increasing demands.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2020	$19 million
Market Size in 2032	$40.8 million
CAGR	8.1 %
No. of Pages in Report	220
Segments covered	Product Type, Application, Payload, Reach, and Region.
Drivers	High requirement for automation. High labour cost and dearth of skilled human workforce. Increase in investments in R&D activities.
Opportunities	Evolving robotics and AI industry.
Restraints	High initial investment and installation costs.

The 6-axis to 7-axis robots segment to maintain its leadership status throughout the forecast period

Based on product type, the 6-axis to 7-axis robots segment held the highest market share in 2022, accounting for more than four-fifths of the fiberglass cutting robots market revenue. The 3-axis to 5-axis robots segment is projected to attain the highest CAGR of 8.4% from 2023 to 2032, owing to high demand for 3-axis to 5-axis robots for fiberglass cutting applications in construction and industrial sector is expected to drive the market. This is attributed to the increase in demand for SCARA and other robots for miniature work in the electronics and electrical industry.

The automotive and transportation segment to maintain its leadership status throughout the forecast period.

Based on application, the automotive and transportation segment held the highest market share in 2022, accounting for more than two-fifths of the fiberglass cutting robots market. This is attributed to the increasing demand of articulated and other robots for automotive fibre parts manufacturing in the automotive and transportation. However, the construction segment is projected to attain the highest CAGR of 9.1% from 2022 to 2032. The rise in demand of fiberglass products for insulation is expected to drive the demand for fiberglass cutting robots in the construction sector.

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The heavy payload segment to maintain its lead position during the forecast period.

Based on payload, the heavy segment accounted for the largest share in 2022, contributing to more than three-fifths of the fiberglass cutting robots market revenue, and medium payload segment is expected to attain the largest CAGR of 8.9% from 2023 to 2032. Growth in automotive, construction, chemical wind energy and other industries is increasing demand for fiberglass cutting robots. Growth in the industrial sector will eventually have a positive impact on the fiberglass cutting robots market.

The more than 2000 mm segment to maintain its lead position during the forecast period.

Based on reach, the more than 2000 mm segment accounted for the largest share in 2022, contributing to more than three-fifths of the fiberglass cutting robots market revenue, and up to 2000 mm segment is expected to attain the largest CAGR of 8.3% from 2023 to 2032. Reequipment of huge fiberglass products in wind energy, boat manufacturing and other sectors drives fiberglass cutting robots market growth.

The Asia-Pacific region to maintain its leadership status throughout the forecast period

Based on region, the Asia-Pacific region held the highest market share in 2022, accounting for more than three-fifths of the fiberglass cutting robots market revenue and is estimated to maintain its leadership status throughout the forecast period. This is owing to rise in investment by key market players and policies such as "Make in India" and others are expected to drive market growth.. The LAMEA region, however, is projected to attain the highest CAGR of 10.3% from 2023 to 2032, owing to urbanization and industrial in this region, which is expected to drive the market growth.

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Leading Market Players: -

ABB
Comau
DAIHEN CORPORATION CO., LTD.
DENSO CORPORATION
FANUC Corporation
SEIKO EPSON CORPORATION.
Kawasaki Heavy Industries, Ltd.
KUKA AG
UNIVERSAL ROBOTS A/S
Yaskawa Electric Corporation

The report provides a detailed analysis of these key players in the fiberglass cutting robots market. These players have adopted different strategies such as new product launches, investments, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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