Global Collaborative Robot Market: Snapshot
Collaborative robots are manufactured to perform automated tasks to simplify day to day tasks performed by humans. Aggressive development, coupled with, rapid advancement in technology, is anticipated to boost global collaborative robot market. Rise associated with working in hazardous environment has compelled industries to invest in collaborative robots. Collaborative robots can perform risky task with the help of humans effortlessly, thereby dropping down the fatal accidents rate and chances of human errors in the end- user industries.
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Availability of choices has helped industries select technology more suited to their operations Apart from this, collaborative robots blend in properly with other workforces without interfering other’s task. Furthermore, collaborative robots can be easily programmed with the help of intuitive tools. Spurred by these factors, the global market will exhibit impressive growth in the forthcoming years.
According to Transparency Market Research, the global collaborative market is predicted to expand at a whopping CAGR of 30 % during the forecast period 2016 – 2024. With this pace, the market which was valued at US$10.3 bn in 2015 is predicted to rise to US$95 bn by the end of the tenure period.
Extensive Use in Storing Materials in Warehouses Drives Material Handling Segment
The market can be classified on the basis of application, payloads, and industry. On the basis of application the market is divided into material handling, packaging, assembling, quality testing, welding, machine tending, and others. Of these material handling held the significant share owing to their extensive use in storing materials in warehouses and distribution centers. On the basis of payloads the market is divided into above 10 kg, 6-10 kg, and 5 kg. Based on industry, the market can be divided into food and beverage, automotive, aerospace, metal and machining, plastic and polymers
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Multiple industries are making collaborative robots to work with human in order to receive improved results have favored the growth of market. These organizations are implementing these robots to co-work with human, thus reducing the risk factors and producing quality products. These have made the organizations to look for low skilled rather than skilled labors, thus reducing the expense put behind labor workforce, as collaborative robots are highly efficient. Low skilled labors can perform tasks such as packing, placing components, and vehicle painting with the help of collaborative robots without requiring any training.
North America Dominates Owing To Presence of Major Players
On the basis of geography, the global collaborative robots market is segmented into Asia Pacific, Middle East and Africa, North America, Europe, and Latin America. Recently, Europe held a lion’s share owing to rise in demand for automation in the end-user industry. However, analysts believe, North America is expected to report high demand for collaborative robots owing to rising espouse of automation and robotics technology. Presence of key players in the region along with rising investment on research and development is predicted to help the market in the region to grow exponentially.
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The Asia Pacific market for collaborative robot is likely to see a robust growth owing to rapid industrialization in the region. Various governments in the region have provided provisions to foster the sales rate in the market for instance, India’s small and medium enterprises have been exempted from tax, can receive loans at a low interest rates from Non-Banking Financial Companies, and decrease in fees required for establishment of SMEs and startups.
Some of the major players in the market are ABB Ltd., Robert Bosch GmbH, KUKA AG., Fanuc Corporation, Omron, Universal Robots, and Rethink Robotics,
The growing adoption of automation among not just large industries but small and medium enterprises is proving to be a vital growth driver for the collaborative robot market. The emergence of robots as an effective alternative to humans for performing mechanical and tedious physical tasks may further enhance the growth prospects for the collaborative robot market.
- The use of robots to increase efficiency in diverse processes may serve as a great growth enhancer for the collaborative robot market. The utilization of collaborative robots in applications such as quality testing, packaging, machine tending, material handling, assembly, welding, and others may further improve the growth opportunities across the collaborative robot market.
- The availability of customized collaborative robots will assure extensive growth for the collaborative robot market. The players in the collaborative robot market are focusing more on research and development activities for creating customized robots according to the requirements of end-users. These aspects will ensure eminent growth opportunities for the collaborative robot market.
- The overwhelming advantages attached to the use of collaborative robots may bring promising growth. Benefits such as lightweight structure, mobility, and power efficiency make them ideal for use in small industries and enterprises. The booming prevalence of mishaps and accidents has urged the industries to think about a good solution. Collaborative robots are a perfect solution for avoiding and reducing such accidents. Thus, this factor may invite tremendous growth opportunities for the collaborative robot market.
- The COVID-19 outbreak has cast its ugly shadow on the world. This outbreak resulted in high transmission rates and swelling fatality numbers. To prevent the transmission of COVID-19, many countries imposed strict lockdown orders. These orders led to the shutting down of manufacturing facilities and production units. Due to this development, the collaborative robot market suffered a short-term disruption in growth. Nevertheless, the easing of lockdown restrictions is proving to be a relief to the players in the collaborative robot market.
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