The collaborative robots market was valued at USD 176.7 Million in 2016 and is expected to reach USD 4,284.4 million by 2023, at a CAGR of 56.94% between 2017 and 2023
According to the market research report "Collaborative Robots Market by Payload Capacity (Up to 5 kg, Up to 10 kg, Above 10 kg), Industry (Automotive, Electronics, Metals & Machining, Plastics & Polymer, Food & Agriculture, Healthcare), Application, and Geography - Global Forecast to 2023", the collaborative robots market is expected to be worth USD 4.28 Billion by 2023, growing at a CAGR of 56.94% between 2017 and 2023. The multifold growth is attributed to high ROI rates and low price of collaborative robots leading to growing attraction from SMEs, and increasing investments in automation by industries to support Industry 4.0 evolution.
Browse 62 Market Data Tables and 39 Figures spread through 214 Pages and in-depth TOC on "Collaborative Robots Market - Global Forecast to 2023"
Market for co-bots with above 10 kg payload capacity expected to grow at highest CAGR during forecast period
The market for collaborative robots with above 10 kg payload capacity is expected to grow at the highest CAGR between 2017 and 2023.This high growth is mainly attributed to the expected demand for high-payload-capacity collaborative robots in industries such as automotive, furniture and equipment, and metals and machining.
The market for co-bots with payload capacity of above 10 kg is still highly nascent and is currently occupied by few market players, namely, FANUC Corporation (Japan), KUKA AG (Germany), and MABI AG (Switzerland). However, considering the competitiveness of co-bots in comparison with available industrial robots while focusing on safety parameters, co-bots with above 10 kg payload capacity are expected to hold significant market attractiveness in the nearest future.
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Assembly application held largest share of collaborative robots market in 2016
Assembly, and pick and place applications accounted for the largest and second-largest shares, respectively, of the global collaborative robots market in 2016. However, the market across available application areas is currently analyzed to grow at comparable growth rates between 2017 and 2023 owing to high flexibility of co-bots to perform application-specific tasks by easy reprogramming and changing end effectors (grippers).
The assembly application is expected to hold the largest market share by 2023 owing to demand from major industries automotive, electronics, and furniture and equipment, among others.
Automotive industry to lead market, in terms of share, during forecast period
The automotive industry held the largest share of the global collaborative robots market in 2016. Co-bots are used to perform many assembly tasks, which are extensively used in the automotive industry.
These robots are further used to perform various other tasks across the automotive production line pick and place, quality inspection, packaging and palletizing, machine tending, and material handling while deploying and redeploying co-bots in time- and cost-effective manner without impacting the overall layout of the production line.
Europe held largest share of collaborative robots market in 2016
Europe accounted for the largest share of the market in 2016, followed by APAC and North America. The growth of the market in Europe was driven by strong government support to promote factory automation solutions, thus supporting Industry 4.0 drive.
The developed nations, such as the UK, Germany, and France, hold a larger share of the European collaborative robots market. Many authorities in Europe have collectively or independently developed human–robot collaboration and protection guidelines that are driving this market.
Major players in the global collaborative robots market include ABB (Switzerland), KUKA AG (Germany), FANUC Corporation (Japan), Robert Bosch GmbH (Germany), Universal Robots A/S (Denmark), Rethink Robotics (US), MRK-Systeme GmbH (Germany), Precise Automation, Inc. (US), Energid Technologies Corporation (US), F&P Robotics AG (Switzerland), MABI AG (Switzerland), Techman Robot for Quanta Storage Inc.
(Taiwan), Franka Emika GmbH (Germany), AUBO Robotics Inc. (US), YASKAWA Electric Corporation (Japan), Comau S.p.A (Italy), and KAWADA Robotics Corp.
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