As per the report published by Allied Market Research, the global paint process automation market generated $3.34 billion in 2020, and is estimated to reach $9.22 billion by 2030, growing at a CAGR of 11.7% from 2021 to 2030.
Cost-effective painting process and consistent results offered by paint process automation coupled with the potential to meet industry-specific needs have boosted the growth of the global paint process automation market. However, high installation cost hinders the market growth. On the contrary, rise in demand for sustainability and integration of advanced technologies with painting robots are expected to create new lucrative opportunities for the market players in the future.
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The Covid-19 outbreak presented several challenges for the manufacturing and sales of robots. Several countries imposed strict lockdown, which partially or completely closed manufacturing facilities. The disruption of the supply chain and increased prices of raw materials negatively affected the market.
However, automation technologies were preferred during the pandemic as they offered a solution without spreading the virus.
The report segments the global paint process automation market on the basis of offering, purpose, type, vertical, and geography.
Based on offering, the hardware segment held the lion’s share in 2020, accounting for more than two-thirds of the market. However, the services segment is projected to register the highest CAGR of 13.4% during the forecast period.
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On the basis of purpose, the exterior segment held the largest share in 2020, contributing to around half of the market. However, the interior segment is anticipated to manifest the highest CAGR of 12.4% from 2021 to 2030.
The global paint process automation market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2020, accounting for more than half of the market. Moreover, the region is estimated to portray the highest CAGR of 12.6% during the forecast period.
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The global paint process automation market includes an in-depth analysis of the prime market players such as ABB, CMA Robotics, DURR AG, Epistolio robot, FANUC AMERICA CORPORATION, Graco Inc., KAWASAKI HEAVY INDUSTRIES LTD., KUKA Aktiengesellschaft, Staubli International AG, and YASKAWA ELECTRIC PTE LTD.
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