Collaborative Robot Market: Introduction
A collaborative robot is designed to interact with humans within a defined safeguarded space. The collaborative robots are employed in places having immense work load and where there is need of repetitive and tedious applications with accuracy and precision. The collaborative robot is easy to install & operate and it is affordable as compared to conventional industrial robots. Additionally, the collaborative robot helps to improve the efficiency of a process and unmatched cost reduction. The collaborative robot is used by various end-use industries including automotive, food & beverage, electric & electronics, pharmaceuticals, metal & machinery, etc. Among these, the automotive industry is the early adopter of collaborative robots.
Collaborative Robot Market: Dynamics
Drivers
The growing end-use industries such as automotive, pharmaceuticals, and food & beverages, among others both in developed and emerging economies is projected to be a prime factor driving the growth of the collaborative robot market during the forecast period. Moreover, increasing market penetration of collaborative robots across various applications is also expected to propel the growth of the collaborative robot market in the coming future. That apart, collaborative robots help to increase the productivity in a workplace, which is a factor expected to fuel the demand for collaborative robot during the forecast period. Furthermore, collaborative robot performs flexible operations and require minimal infrastructure. This also is expected to support the growth of the collaborative robot market over the forecast period.
Lack of commercialization of collaborative robot is projected to be a prime factor expected to restrain the growth of the market over the forecast period. Moreover, lack of capabilities pertaining to fast cycle times is also projected to hamper the growth of the collaborative robot market in the coming future.
Opportunities
Increasing demand for collaborative robot with high payload capacity coupled with increasing number of automation-driven industries in emerging economies is expected to create immense growth opportunities for manufacturers of collaborative robots over the forecast period.
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Collaborative Robot Market: Segmentation
The global collaborative robot market can be segmented on the basis of payload capacity, application, and end-use industry.
On the basis of payload capacity, the global collaborative robot market is segmented as:
- Up to 5 Kg
- 5 to 10 Kg
- Above 10 Kg
On the basis of application, the global collaborative robot market is segmented as:
- CNC Machine
- Polishing
- Test & Inspection
- Pick & Place
- Molding Operations
- Small Parts Handling
- Material Handling
- Screw Driving
On the basis of end-user industry, the global collaborative robot market is segmented as:
- Automotive
- Aerospace & Defense
- Pharmaceutical
- Food & Beverages
- Metal & Machinery
- Plastic & Polymer
- Electrical and Electronic
Collaborative Robot Market: Regional Outlook
The global collaborative robot market is directly reliant on the demand from the end-use industry across geographies. There demand for collaborative robot is expected to grow significantly in Europe. The market in Europe is estimated to hold dominate share in the global collaborative robot market owing to strong government support to endorse industrial automation solutions. Additionally, Western Europe and Eastern Europe, collectively account more than 20.0% share of the global automotive production, and Germany is estimated to be the leading automobile and automotive market in the Western Europe. Europe is projected to be followed by North America and the Asia Pacific. The market in the Asia Pacific is predicted to grow at a hefty CAGR over the forecast period, due to increasing demand for collaborative robot in Japan, China, and South Korea. The market in Latin America is expected to witness hefty growth during the forecast period.
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Collaborative Robot Market: Participants
Examples of some of the key players identified across the value chain of the global collaborative robot market include ABB Group (ABB Robotics), Robert Bosch GmbH (Bosch Rexroth AG), DENSO WAVE INCORPORATED, AUBO Robotics, KUKA AG, Precise Automation, Inc., Seiko Epson Corporation, Techman Robots, Yaskawa Electric Corporation, Universal Robots A/S, and Fanuc Corporation, among others.