Collaborative Robot Market: Present Scenario and the Growth Prospects with Forecast 2024
Posted: Oct 03, 2017
The competition in the global market for collaborative robot is intense with companies trying to expand their hold over the market, states Transparency Market Research (TMR) in a research report. The principal players are focused on acquiring local and small automation companies for operations expansion. Vendors such as Robert Bosch GmbH, Kawasaki Heavy Industries Ltd., Kuka AG, and ABB Ltd. are likely to launch new products over the years in order to fulfill the needs of the clients in numerous end-use industries.
Innovation is likely to surface as a core dynamic that the market players are further expected to concentrate on and also execute it in the long run to stay competitive in the market and also stay ahead of their competitors.
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According to a TMR analyst, "The global market for collaborative robot is anticipated to rise at an outstanding 30.0% CAGR from 2016 to 2024. In 2015, the market was worth US$10.3 bn and is likely to rise to a valuation of US$95.0 bn by 2024." Based on application, the global collaborative robots market can be segmented into assembly welding, machine tending, material handling, quality testing, and packaging, among others. Among these, the segment of material handling is expected to dominate the global market for collaborative robots over the years ahead with a share of over 23.8% occupied over the forecast period. Region-wise, the market is anticipate to be reigned by Europe over the years ahead. The region is anticipated to gain a share of 33.9% by the end of 2024 after a slight slump.
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The innovative methodologies at making robots humanized to improve mechanical assignments have expanded the demand for collaborative robots as of late. The market has increased sufficient minute in the course of recent years because of the different sizes of collaborative robots that permit automation organizations to pick from an extensive variety of items. The capacity of collaborative robots to work in couple with the human workforce in a totally safe way is likewise driving the take-up of collaborative robots in different enterprises.
The worldwide collaborative robots market has additionally been prospering because of the developing need for automation in enterprises, for example, sustenance and refreshments, bundling, car, and material taking care of among others. The guaranteed exactness that automation conveys has ended up being the key development driver of the worldwide market.
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The moderately low cost of collaborative robots and a higher degree of profitability is required to keep the demand for these items enduring all through the estimate time frame. The lessening cost of PC power and sensors have made the cost of collaborative robots strikingly moderate in the previous couple of years, supporting its industrious selection.
The key restriction in the worldwide collaborative robot market is the moderate rate of process duration as making an expansion of new functionalities and speed in spite of low value remains a test. Changing workplaces require robots that are work quicker and at a proficient pace. In any case, taking care of this demand while holding fast to the esteemed factor of moderateness has left a few makers in a perplexing problem. Hence, the worldwide collaborative robots market is being hampered by the absence of quicker process duration capacity.
The market has been segmented as follows:
Collaborative Robot Market, by Payloads:
Up to 5 Kg,6 - 10 Kg,Above 10 Kg
Collaborative Robot Market, by Application:
Packaging,Material Handling,Quality Testing,Assembly,Machine Tending,Welding,Others
Collaborative Robot Market, by Industry:
Automotive,Food and beverage,Aerospace,Plastic and Polymers,Metals and Machining,Others
Transparency Market Research (Tmr) is a market intelligence company, providing global business information reports and services.