Global Collaborative Robots Market – opportunities and forecast, 2019-2026

Press Release : April 18, 2020
Global Collaborative Robots Market – opportunities and forecast, 2019-2026

Collaborative robots are the robots that work in collaboration with humans. These are specifically designed for assisting humans at a manufacturing workplace efficiently and effectively. These are relatively light in weight and inexpensive and are capable of working with humans for executing complex and sensitive tasks, which cannot be automated and where limited guidance is required. Collaborative robots can easily be programmed and are highly flexible. They can be integrated into numerous new applications as they can quickly adapt to new environment and requirements of workspace. In addition, collaborative robots are very safe for human workers owing to the installation of sensors and cameras to them.

The market for collaborative robots is expected to grow at a CAGR of 52.6% from 2019 to 2026. The major factors which are propelling the growth of the market include increasing focus towards automation by manufacturing companies as well as growing demand for compact, lightweight and dexterous robots along with low average selling price and higher returns by investing on collaborative robots. In addition, various small and medium businesses have been adopting collaborative robots at a substantial rate as these robots offer a wide range of automation applications. Furthermore, the collaborative robots are relatively economical than conventional industrial robots. They are easy to use, safe to work with human workers, easily implemented, and gives more manufacturing output in an efficient and effective manner.

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On the basis of payload capacity, collaborative robots with up to 5kg payload capacity held the largest market share, attributed to their increased usage for lightweight applications including component testing, polishing, small part assembling, grinding, placing, picking, among others in manufacturing industries.

On the basis of application, assembly application set to record fast growth over the forecast period of 2019 – 2026 due to their increased usage for the assembly application owing to their flexibility, easy programming, and safe to work with human workforce. These robots work in close proximity to heavy machinery and help in assembling various things including plastics, woods, metals, and other materials. Also, it can be reprogrammed quickly and deployed to new tasks and with different machines owing their small size and light weight.

Based on the industry, Automotive sector held the largest market share owing to it’s increased adoption of collaborative robots for automating the manufacturing of vehicles. These robots are being used for variety of applications including picking and dropping of equipment, assembling, inspection, painting, among others.

In terms of geography, Asia pacific region set to record highest CAGR over the forecast period of 2019-2026. There has been a growing demand for collaborative robots from several industrial sectors including healthcare, electronics, automotive, food & agriculture, furniture, and others. The market for collaborative robots in Asia-Pacific is primarily driven by demand for automation in manufacturing, need for user-friendly robots, and low capital investment by companies. In addition, there has been numerous applications of collaborative robots in several end-user industries. This help manufacturers of small and medium size enterprises in the production in a cost and time effective way.

Various notable players in the market includes Universal Robots A/S, Rethink Robotics, ABB, Kuka AG, Fanuc Corporation, Teradyne Inc., Robert Bosch GmbH, Precise Automation Inc., Yaskawa Electric Corporation, MABI AG.

Key Market Developments
• In July 2019, Hanwha Precision Machinery entered into a contract with Wipro for manufacturing automated factory solutions. This includes the production of collaborative robots for network-based factory solutions.
• In October 2019, Staubli introduced it’s new product line of collaborative robots based on TX2 industrial robots. These robots are capable of carrying loads upto 20 kg

The Global Collaborative Robots Market has been segmented on the basis of payload capacity, industry, application, component and geography – opportunity and forecast 2019 – 2026. Based on the payload capacity, market comprises of Upto 5 kg, Between 5 to 10 kg and Above 10 kg. Application segment has been categorised into Pick and Place, Assembly, Machine Tending, Quality Inspection, Handling, Packaging and Palletizing, Gluing and Welding, Others Industry category bifurcated into Automotive, Healthcare, Marine, Construction. Based on industry, market comprises of Automotive, Food & Agriculture, Furniture & Equipment, Plastics & Polymer, Metals & Machining, Electronics, Healthcare, Others. Component segment has been categorised into Hardware and Software.

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Key questions answered in this research report:
• At what pace is Global Collaborative Robots Market growing? What will be growth trend in future?
• What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
• What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Collaborative Robots Market?
• What are the various application areas and how they are poised to grow?

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