Collaborative Robot Market is predicted to rise to US$95 bn by the end of the tenure period

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.

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 robot 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,

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Pragati Pathrotkar

Pragati’s longstanding experience in the field of market research is reflected in her insightful news articles on business, science, and technology as presented on Edition Truth. Her interest lies in understanding the ramifications of cultural diversity, green behavior, ecommerce, economic progress, and technical consciousness on these increasingly consumer-oriented industries. Her understanding of digital marketing techniques gives her news stories an engaging twist.

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