Rise in adoption in automotive industries, reduction in wastage of materials, and optimization of time and resources drive the growth in the global painting robots market. Based on regions, Asia-Pacific is a lucrative segment. It held the major market share in 2017, contributing nearly three-fifths of the total market share, and is expected to maintain its dominant position throughout the forecast period.

Portland, OR, March 20, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global painting robots market garnered $1.77 billion in 2017 and is expected to reach $3.20 billion by 2023, registering a CAGR of 10.4% from 2017 to 2023. The research provides a detailed analysis on changing market dynamics, key segments, major market players, and competitive scenario.

Rise in adoption in automotive industries, reduction in wastage of materials, and optimization of time and resources drive the growth in the global painting robots market. However, high cost of products, lack of skilled workforce, and high initial cost of installation restrain the market growth. On the other hand, reduced complexity in operations and surge in demand from Asia-Pacific region create new opportunities in the industry.

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Based on end user, the automotive sector contributed the highest market share in 2017, accounting for nearly half of the total share. This sector would continue to dominate throughout the forecast period. This is due to reduced time required for painting interior and exterior parts along with elimination of skilled personnel required to carry out the task. However, the construction sector is expected to register the fastest CAGR of 12.2% during the forecast period, owing to surge in number of residential and commercial projects across the world. The report also analyzes aerospace and other sectors.

Based on regions, Asia-Pacific held the major market share in 2017, contributing nearly three-fifths of the total market share, and is expected to maintain its dominant position throughout the forecast period. This segment is anticipated to witness the highest CAGR of 11.5% from 2017 to 2023. It is a lucrative segment, owing to growing implementation of painting robots in the automotive industry in the region. The research also analyzes Europe, North America, and LAMEA regions.

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Leading market players analyzed in the research include Kawasaki Robotics, Durr Systems, ABB, Yaskawa, Fanuc, CMA Robotics, Kuka Robotics, Epistolio S.r.l, Staubli, and Krautzberger. They have adopted various strategies including expansion, partnerships, collaborations, new product launches, mergers & acquisitions, and others to gain a strong position in the industry.

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