High technological advancements and adoption of robots in various sectors could fuel the growth of the market. Moreover, increasing use of robots in automotive, plastic industry and electronic assembly coupled with rising labor cost and lack of skilled labors could support the growth of the market.
Global Collaborative Robots Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1.3 Billion by 2024 from $0.1 Billion in 2016, growing at a CAGR of 33.2% from 2016 to 2024. By geography, Asia Pacific and Europe expected to grow at a CAGR of 34.9% and 33.0%, respectively, during the forecast period.
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The global collaborative robots market is driven by adoption and high technological advancement in diverse sectors. However, increasing use of robots in electronics, automotive, metal and machining, plastic and polymers, food and beverages, and others could assist in the growth of Collaborative robot’s market.
The market is segmented on payload outlook, application outlook, industry outlook, and regional outlook. As per payload outlook, up to 5Kg and up to 10Kg is estimated to have the largest share in the market with 37.8% and 47.0% respectively in the year 2016.
In industry outlook, aerospace had market share of 25.0% followed by automotive with 22.2%, in 2016. Further, packaging, assembly, and handling accounted 15.5%, 18.7%, 21.2% respectively, in 2016.
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Geographically the market is categorized into North America, Europe, Asia Pacific, and Rest of the World (RoW). Due to rapid growth of urbanization and industrialization, Asia-Pacific region is growing rapidly and is expected to hold the market trend in Global Collaborative Robots Market.
Whereas, Europe and North America dominates the market in the year 2016 with maximum share of 34.3% and 30.9% respectively.
The key players in the market include, Universal Robots A/S, F&P Robotics AG, Kawasaki Heavy Industries, Ltd., Energid Technologies Corporation, Precise Automation Inc., Rethink Robotics, Robert Bosch GmbH, ABB Ltd., FANUC Corporation, and KUKA AG.
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Scope of Collaborative Robots Market
- up to 5kg
- above 10kg
- Quality Testing
- Machine Tending
- Plastic & Polymers
- Food & Beverage
- Metal & Machining
- North America
- Rest of North America
- Rest of RoW
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