Global Collaborative Robot Market: Snapshot
Collaborative robots are tools designed and developed for automating tasks and making work simpler for humans. The continuous development in the automation industry is expected to boost the growth of the global collaborative robot market in the coming years. The safety of these robots has increased their demand in various end-user industries are they can perfectly work in tandem with the human workforce. The report states that the global collaborative robot market is expected to be worth US$95.0 bn by the end of 2024 as compared to US$10.3 bn in 2015. Between the forecast years of 2016 and 2024, the global market is anticipated to expand at a CAGR of 30.0%.
The global collaborative robot market is expected to be fueled by the wide range of collaborative robots that have allowed automation companies the chance to pick the perfect product. Furthermore, the ability of these machines to work with other workforces without interference and without any stringent needs for safety are also augmenting the demand for collaborative robots. The movements of these robots can be easily programmed through logical processes that include intuitive tools.
Material Handling Segment Offers Unprecedented Support to Global Collaborative Robot Market
The report states the growing need for automation in sectors such as packaging, automotive, food and beverages among others will definitely contribute to the soaring revenue of the global market. Currently, these robots are predominantly being used for material handling, packaging, machine tending, and assembly tasks. A unique feature of collaborative robots is their force-limited joints, which have been designed with utmost deliberation to identify forces due to impact and react quickly. The low weight of collaborative robots has played an important role in the growth of the global market.
On the basis of application, the global collaborative robots market is segmented into packaging, material handling, quality testing, assembling, machine tending, welding, and others. Material handling segment accounted for the highest market share in the global collaborative robot market. These robots play an important role in storing of materials in distribution centers and warehouses. Depending on payloads the collaborative robot market is bifurcated into up to 5 kg, 6-10 kg, and above 10 kg. The various capacities of collaborative robots also have different sensors. These have rounded edges for safety purposes and to reduce the risk of impact.
Europe Dominates Global Market as Region Emphasizes on Automation
On the basis of geography, the global collaborative robot market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. As of 2015, Europe dominated the global market in 2015 in terms of revenue. The steady focus on automation has kept the demand for collaborative robots in the region at an all-time high. As of 2015, Europe collaborative robot market held a share of 36.4% in the overall market. Analysts predict that North America will follow the lead in terms of revenue as the region’s economy climbs back to normalcy after the slump. Asia Pacific is also expected to offer several lucrative opportunities to the global market in the coming years as the manufacturing activities gain momentum.
The key players operating in the global collaborative robot market are ABB Ltd., Fanuc Corporation, Kuka Ag, Teradyne Inc., Robert Bosch GmbH, Rethink Robots, Energid Technologies, F & P Robotics AG, Nachi Robotic Systems, Inc., and Kawasaki Heavy Industries, Ltd. among others.
Global Collaborative Robot Market: Overview
This report offers strategic analysis of the global collaborative robot market, and the market growth forecast for the period 2016 to 2024. The scope of the report contains competitive analysis of various market segments based on the payloads, application and industries of the collaborative robot market across different geographic segments.
Collaborative robots are designed to help human beings as a guide in specific tasks. In general robots are designed and programmed to operate autonomously wherein collaborative robots operate simultaneously with humans. Lightweight of the collaborative robots is one of the important factor due to which growth of collaborative robotic market is likely to increase. Collaborative robots are the type of industrial robots that are grabbing more demand due to their collaborative nature with human and allows human to work side by side with these robots safely. Collaborative robots are light in weight, easy to assemble and can work side by side with human without hampering the safety of the human. These robots are flexible in nature that allows to handle repetitive and short run tasks along with ergonomically difficult tasks. Due to the nature of these robots, they are used in home labs, offices, farms, hospitals, warehouses, thereby allowing the robots to help in carrying out the job in a better way.
Global Collaborative Robot Market: Drivers and Trends
With the increasing numbers of manufacturing sectors the demand of robotics is escalating. Since collaborative robots are the lightweight and flexible robots that work side by side with human safely, increases the demand of collaborative robots in manufacturing industries especially SME (Small Manufacturing Enterprise). This robotic technology is likely to optimize to support responsive production methodologies. Operators can swiftly program robotic movements based on logical process steps and using intuitive tools, with no programming experience.
Global Collaborative Robot Market: Segmentation
The collaborative robot market is bifurcated based on payload into up to 5 Kg, 6 – 10 Kg and above 10 Kg. Among these segments 6 – 10 Kg accounted for the highest revenue share during the forecast period. They are used in operating heavier tasks that weigh up 10 Kg like palletizing, packaging, pick and place and assembling. This type of robots helps in saving time on production lines where distance is a factor. Moreover, on the basis of application, the collaborative robot market is segmented into packaging, material handling, quality testing, assembling, machine tending, welding and others. Material handling segment accounted for the highest market share in the global collaborative robot market. These robots helps in controlling and storing of materials in distribution centers, warehouses and also used for disposal. On the basis of industries the market is bifurcated into automotive, food and beverage, aerospace, plastic and polymers, metals and machining and others.
Global Collaborative Robot Market: Regional Outlook
To support in strategic decision making, the report also embraces competitive profiling of leading players in the industry, their market share in different regions of North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia Pacific held the highest market of collaborative robot globally. Presence of numerous number of industries and need for automation is driving the demand of Collaborative Robot market in Asia Pacific region. Additionally, several business strategies adopted by key players has also been deliberated in the report. The market attractiveness analysis is included in the report provide understanding into industry competition and market dynamics.
The report also provides breakdown and review of several factors affecting the market growth, which are appropriately defined as market drivers, restraints, and opportunities. These causes regulate innumerable existing trends and their effect on market growth. In all, the report includes a complete analysis of the global collaborative robot market, and provides an estimation of progress for the period 2015 to 2024, considering the various factors affecting the market.
The market has been segmented as follows:
Collaborative Robot Market, by Payloads:
- Up to 5 Kg
- 6 -10 Kg
- Above 10 Kg
Collaborative Robot Market, by Application:
- Material Handling
- Quality testing
- Machine Tending
Collaborative Robot Market, by Industry:
- Food and beverage
- Plastic and Polymers
- Metals and Machining
Collaborative Robot Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America