According to a new report published by Allied Market Research, titled, “Fiberglass Cutting Robots Market," The fiberglass cutting robots market size was valued at $19 million in 2022, and is estimated to reach $40.8 million by 2032, growing at a CAGR of 8.1% from 2023 to 2032.
Fiberglass cutting robots are specialized machines programmed to cut and shape fiberglass materials with precision. Widely used in industries such as wind energy, boat and shipbuilding, and consumer goods manufacturing, these robots contribute to the efficient production of fiberglass components, ranging from wind turbine blades to sporting equipment and household goods.
The key factor driving the market for fiberglass cutting robots is a sudden surge in global industrial output. Industrialization in different developing countries such as India, China, Africa, and others is expected to boost the fiberglass cutting robots market. Moreover, key market players are focused on business expansion as a growth strategy. For instance, in February 2023, Mitsubishi Electric Corporation announced an investment of approximately $223 million to build a new factory in India.
Furthermore, fiberglass cutting robots industry is expected to be used in alternative application areas in growing markets. Automotive is a key area for penetration of fiberglass cutting equipment and is witnessing growth at an increasing rate. Another key application of fiberglass cutting robots is in the marine industry.
The types of robots considered in the report include 3-axis to 5-axis robots and 6-axis to 7-axis robots. The 6-axis to 7-axis robots segment accounted for 83.5% share in 2022, owing to increase in their usage currently in emerging industries such as wind energy, marine, and other.
However, 3-axis to 5-axis robots, such as SCARA and linear robots, are expected to grow at a significant pace in the future, due to their rise in demand in industrial sectors in Asia-Pacific. The 3-axis to 5-axis robots segment is estimated to grow at a CAGR of 8.4%.
Furthermore, on the basis of application, the fiberglass cutting robots market forecast is divided into construction, automotive and transportation, pipe and tank, wind energy, and other. The automotive and transportation segment dominated the market in 2022 with $ 8365.5 thousand; however, it is expected to witness high growth owing to increase in demand for automotive goods over the past years with a CAGR of 8%. The construction segment is expected to witness the highest growth rate of 9.1%, owing to high demand for fiberglass insulating products in the construction sector. Moreover, increase in need and customized solutions to make the process faster, especially in unexplored regions such as Brazil, Argentina, and South Africa, is expected to drive the growth in the wind energy and other industry.
By payload, the fiberglass cutting robots market overview is divided into light, medium, and heavy. The heavy payload segment is the largest segment by payload in the fiberglass cutting robots market. In 2022, it accounted for 61% share of the global fiberglass cutting robots market due to high demand in diversified industries such as aerospace, automotive, and others. It is expected to remain the largest application segment over the forecast period. Currently, light is another major segment, accounting for 28% share of the global fiberglass cutting robots market trend due to high-end usage in the small and medium scale industry, where accuracy is an important factor. By reach, the market is divided into up to 2000 mm, and more than 2000 mm.
In 2022, Asia-Pacific was the largest revenue generator, accounting for about 64.5% share of the total fiberglass cutting robots market share attributed to growth in China, India, Japan, Taiwan, and Australia investing heavily in R&D infrastructure developments. For instance, in October 2022, Yaskawa Electric Corporation opened a new Robotics Technology Centre based in Turkey.
In February 2022, Yaskawa Electric Corporation launched HC10DTP and HC20DTP two new collaborative robots for industrial applications. These robots are specialized in material handling, assembly, dispensing, packaging, machine tending, welding and other applications.
In July 2022, Fanuc Corporation announced the expansion of the U.S. manufacturing plant in Michigan. The expansion is nearly two million square feet, which includes a 655,000 square-foot state-of-the-art facility to house manufacturing, engineering, and R&D projects.Such instances are expected to drive the fiberglass cutting robots market growth.
Rapid growth in automation demands coupled with the reduction of duties on goods also boosts the market growth. Similarly, North America and Europe collectively accounted for over 33% of the fiberglass cutting robots market share, as these regions have been continually focusing on R&D activities and have been using fiberglass cutting robots for the same.
Key Findings of the Study
- The report provides an extensive fiberglass cutting robots market analysis of the current and emerging trends and dynamics.
- By product type, the 6-axis to 7-axis robots segment was the largest revenue generator in 2022.
- By application, the automotive and transportation segment was the largest revenue generator in 2022
- On the basis of payload, the heavy segment generated the highest revenue in 2022.
- On the basis of reach, the more than 2000mm segment generated the highest revenue in 2022.
- Region-wise, Asia-Pacific is anticipated to dominate the fiberglass cutting robots market during the forecast period.