Global Collaborative Robots Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1.3 Billion by 2024 from $0.1 Billion in 2016
Global Collaborative Robots Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1.3 Billion by 2024 from $0.1 Billion in 2016, growing at a CAGR of 33.2% from 2016 to 2024. By geography, Asia Pacific and Europe expected to grow at a CAGR of 34.9% and 33.0%, respectively, during the forecast period.
Collaborative robots are increasingly used to assist humans at various places including industries, hospitals, homes, farms and others. They can be easily trained and have the ability to perform short and repetitive jobs for longer hours. They are quite affordable as compared to conventional robots. Thereby, creating immense demand for these robots from small and medium size companies.
Diversifying trends in robots and a shift towards automation have raised the demand for robots globally. Various companies and organizations are investing on robot-based service models to enhance productivity and reduce costs. Moreover, integration of robots for various applications in automotive, electronics and plastic industries is on raise. Manufacturing companies are embracing a flexible and mobile approach for assembling, due to increase in complexity for new product varieties, and high pressure to reduce the overall cost. Slow rate of cycle time to add new functionalities would limit the adoption of such robots in the market.
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Europe was the largest market for collaborative robots, accounting over 34% in 2016, followed by North America with around 31%. Moreover, Asia-Pacific is expected to exhibit highest CAGR of 34.9% during the forecast period 2016-2024. Factors such as rapid changes in economy, growing need for automation and rising adoption of robots among various sectors.
The players adopt various strategies to expand their market share. The key players in the market include Robert Bosch GmbH, Kawasaki Heavy Industries, Ltd., Energid Technologies Corporation, ABB Ltd., Universal Robots A/S, F&P Robotics AG., KUKA AG, Rethink Robotics, Precise Automation Inc., and FANUC Corporation.
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