Collaborative Robots Market Forecast Report: By Regions, Type and Application with Sales and Revenue Analysis 2019-2024
The global collaborative robots (Cobots or Co-robots) market was valued at USD 145.3 Million in 2016 and is expected to grow immensely over the forecast period. The force-limited joint is the unique feature of cobots which has been designed to identify forces due to impact and respond quickly.
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The robots offers advanced industrial automation solutions to end-user industries and are considered as the one-stop solution for safe working environment. The Cobots are designed with advanced software and sensors which has further reduced the injuries of the employees. The cobots with low price and high return on investment are further expected to fuel the market growth over the forecast period.
The market is projected grow significantly owing to the substantial traction due to reduced total cost of ownership and benefits associated with co-bots from small and medium size enterprises. The significant growth of cobots is encouraged by three key markets which include electronic manufacturers’ service companies and electronics manufacturers, manufacturers seeking optimized agile production methodologies and SME’s.
Few key players include Cisco, Akros Silicon, Inc., Flexcomm Technology, Microsemi Corporation and Maxim Integrated. Other players include ON Semiconductor, Shenzhen Quanma Industry Co. Ltd., Silicon Laboratories, STMicroelectronics, VISIX.
The collaborative robots market is segmented based on payload capacity, industry, application and region. The payload capacity segment include upto 5kg, upto 10kg, and above 10kg, whereas the application segment is segregated into assembly, pick & place, handling, packaging, quality testing, machine tending, gluing & welding and others. The industry using the technology includes automotive, food & beverage, furniture & equipment, plastic & polymers, metal & machinery, electronics, and pharmaceutical.
Cobots with payload capacity of above 10kg is anticipated to grow significantly during forecast period
The cobots above 10kg payload capacity are estimated to witness significant growth owing to their capability of handling immense tasks with high precision and reliability. Furthermore, assemble and pick & place application segment are projected to grow significantly owing to their high flexibility for performing application-specific tasks with easy programming and changing end grippers. The assembly application growth is attributed to the growing demand in major industries which include electronics, automotive, and furniture & equipment.
Global Collaborative Robots Market Revenue, By Payload Capacity, 2014– 2025 (USD Billion)
The automotive industry is estimated to acquire major market share in the application segment in 2016 owing to the huge application in assisting employees in the production line and assembly line for enhancing the operational efficiency and productivity of the process. The growth is attributed by the increased efficiency in deployment of cobots for enhanced productivity.
Although, several industries are deploying the cobots at a significant rate, however rapidly changing robotics industry, lack of skilled force and compliance with stringent regulations are few factors are projected to hinder the growth over the forecast period.
Europe is accounted for major share in 2016
Europe collaborative robots market is projected to acquire the major share of over 40% followed by North America and Asia Pacific. The industry growth is driven by strong government funding for factory automation solutions and collectively or independently developed robot-human collaboration for increasing efficiency and reliability which is further driving the market over the forecast period.
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