The Selective Compliance Assembly Robot Arm (SCARA) market (including the prices of peripherals, software, and system engineering) was valued at $6.2 billion in 2018 and is expected to grow between 2019 to 2024 to reach $10.4 billion by 2024.
The SCARA robot market (excluding the prices of peripherals, software, and system engineering) was valued at $2.2 billion in 2018 and is expected to grow between 2019 to 2024 to reach $3.9 billion by 2024.
In terms of volume, the market registered a shipment of 56,770 units in 2018 (7% more than 2017) and is expected to grow at a CAGR of 11.4% during the forecast period to reach 99,985 units by 2024.
Impact of Chinese Economy
The Chinese economy is declining as the profits of Chinese industrial companies decreased in 2018. Industries are under stress due to the decline in global demand and the barrier of high tariffs imposed by various countries. According to a report by the National Bureau of Statistics of China, the industrial firms’ profits fell 3.1% in the first quarter of 2019 from the previous year.
The declining Chinese economy coupled with decline in demand from the automotive industry is the key factor responsible for slower growth of the market. Growing need to reduce human efforts and errors in production processes is one of the key factors driving the growth of SCARA robot market. Also, the increasing adoption of SCARA robots in the electronics industry is likely to act as a major driver for the growth of the SCARA robot market.
The value chain of the SCARA robot ecosystem comprises phases such as planning and revising funds, R&D, manufacturing, assembly, distribution, and after-sales services. R&D and manufacturing phases add maximum value to SCARA robots.
Companies to Watch
Seiko Epson (Japan), ABB (Switzerland), Mitsubishi Electric (Japan), YASKAWA (Japan), Kawasaki Heavy Industries (Japan), Denso (Japan), Toshiba Machine (Japan), Yamaha Motor (Japan), Stubli (Switzerland), Comau (Italy), Nachi-Fujikoshi (Japan), KUKA (Germany), FANUC (Japan), Omron Adept (US), Durr (Germany), Hiwin Technologies (Taiwan), Delta Electronics (Thailand), Janome (Japan), Hirata (Japan), and ADTECH (China) are a few major companies dominating the SCARA robot market. The key strategies adopted by most companies in the SCARA robot market are product launches, partnerships, and collaborations.