The global collaborative robot market is likely to witness high competition, as the leading players in the market are constantly expanding their geographical reach in various regions and strengthening their position at the global level. Robert Bosch GmbH, Kuka AG, Kawasaki Heavy Industries Ltd., Nachi Robotic Systems, Inc., and ABB Ltd. are some of the prominent players in the market. Innovation and technological advancements are important strategies that is being imposed by these players. Moreover, to meet the growing needs from the end use industries, players are introducing new products. They are also investing heavily in research and development activities for collaborative robots that will in turn expand the market’s growth in the near future.
According to Transparency Market Research, the global collaborative robot market is projected to rise at healthy CAGR of 30.0% during the forecast period between 2016 and 2024. Thus, at this CAGR the valuation of the market is expected to touch US$95.0 bn by the end of tenure in 2024 by progressing from US$10.3 bn as estimated in 2015.
The application of collaborative robot is widely seen in material handling segment. This segment is projected to lead the global collaborative robot market throughout the forecast period by holding highest share in the market. This is because robot plays an important role in storing materials in warehouses and in distribution centers. Based on regional analysis, in 2015, Europe dominated the market in terms of revenue and the region held 36.4% of share in the overall market. However, Asia Pacific is likely to offer lucrative opportunities, as the manufacturing activities are gaining momentum in this region.
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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.
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.
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.
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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.
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.