The global collaborative robot market is driven by many factors, such as increased productivity at the workplace, declining prices, and quick return on investment, and minimal infrastructural requirements, among others.
The research and development activities on collaborative robots have continuously been going on since the latter years of the 20th century. However, these developments increased rapidly in the last decade. Companies, such as Universal Robots A/S and Rethink Robotics, have first-mover advantages and they acquired a major portion of the market. However, leading industrial robot manufacturers, such as KUKA AG and ABB ltd., have also entered the collaborative robot market which has increased the overall competitiveness of the industry.
According to a new market intelligence report by BIS Research, titled "Global Collaborative Robot Market, Analysis & Forecast, 2018 - 2023", the global collaborative robot market is expected to reach $5,441.5 million by 2023. Collaborative robots are a kind of robots which can work in collaboration with human and are used across several industries. Some of the features that have fueled the demand for collaborative robots include declining prices, quick return on investment, and significant impact on overall process efficiency & cost savings. Some of the prominent industries where collaborative robots are used across several industries include automotive, electrical, electronics & semiconductor, plastics & polymers, and pharma & chemistry. Prominent applications where collaborative robots are being used include material handling, small parts assembly, CNC machine tending, molding operations, and test & inspection.
Key questions answered in the report:
- What are the major market drivers, challenges, and opportunities in the global collaborative robot market?
- How is the collaborative robot market evolving and what is its scope in the future?
- What was the total revenue generated in the global collaborative robot market in 2017, what is the forecasted market value from 2018 to 2023?
- What was the market share of the leading segments in the global collaborative robot market in 2017 and what will be the share in 2023?
- How will each segment of the global collaborative robot market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2023?
- What was the total revenue generated in the collaborative robot market (by industry) in 2017, what are the estimates in 2018, and what will be the estimates by the end of 2023?
- Which collaborative robot industry (automotive, electrical, electronics and semiconductor, plastics and polymers, pharma and chemistry, food and beverage, aerospace and defense, metal and machining, and others) will dominate the market in the coming years?
- What was the total revenue generated in the collaborative robot market (by the application) in 2017, what is the forecasted market value from 2018 to 2023?
- Which collaborative robot application (material handling, small parts assembly, CNC machine tending, molding operations, test and inspection, packaging and palletizing, polishing, screw driving, gluing, dispensing, and welding, and others) will grow with the fastest CAGR in the market during the forecast period?
- How will the industry evolve during the forecast period between 2018 and 2023?
- What are the key developmental strategies implemented by the key players to stand out in this market?
- How has the market been segmented on the basis of platform and industry?
- What will be the growth rate of different segments during the forecast period?
- Which geographical location will dominate the collaborative robot market?
- What is the competitive strength of the key players in the collaborative robot market?
- Who are the key players in the market?
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