The global collaborative robots market is likely to derive growth from recent technological advancements in the manufacturing of the products. According to a report published by Fortune Business Insights, titled “Collaborative Robots Market Size, Share & Industry Analysis, By Payload Capacity (Upto 5 Kg, 6-10 Kg, 11 Kg, and Above), By Application (Welding, Material Handling, Quality Testing, Painting/Spraying, Assembling, Others), By Industry (Automotive, Electronics & Semi-Conductors, Food & Beverages, Retail, Metal & Machining, Rubber & Plastic, Others) and Regional Forecast, 2019-2026,” the market size was USD 1.57 billion in 2018 and is projected to reach USD 23.59 billion by 2026, exhibiting a CAGR of 40.7% during the forecast period.
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Some of the leading companies that are operating in the global market are:
- Universal Robots
- Rethink Robotics GmbH
- Denso Wave Incorporated
- Fanuc Corporation
- Bosch Rexroth AG
- Yaskawa America, Inc.- Motoman Robotics Div.
- AUBO Robotics
- Stäubli International AG.
- K2 Kinetics
Collaborative robots are gaining rapid popularity among users across numerous industries. The demand for these products is likely to increase further in the coming years. Concepts such as artificial intelligence (AI) and the internet of things (IoT) have enabled rapid advancements in these products. Integration of latest concepts have allowed better operational efficacies and an overall increase in the precision and accuracy involved with these devices. Automation has played a major role towards the advancements that these devices have made in recent years. The use of embedded systems has created several growth opportunities for the companies operating in this market. Collaborative robots (cobots) are used to assist humans for handling heavy loads and perform repetitive tasks at workplaces. They are used for manufacturing purposes such as assembly and material handling of large equipment.
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Key Industry Developments:
September, 2019: OnRobot A/S announced the launch of a new interface to accelerate the operations of existing products. The ‘OnRobot A/S’ is a unified electrical and mechanical system interface for its end-of-arm tooling.
February, 2017: Universal Robots A/S offered online training modules with a view to spreading knowledge on automated concepts and initiate maximum user-engagement.
Asia Pacific Projected to Hold a Dominant Market Share; Trends of Customized Machinery to Aid Growth
The report segment the collaborative robots market on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these, Asia Pacific is projected to hold the highest cobots market share in the coming years. The increasing demand for customized machinery have offered a wider potential for the companies operating in several countries across this region. As of 2018, the market in Asia Pacific was worth USD 780.1 Mn and this value is likely to increase further in the coming years, driven by the increasing number of cobots manufacturers in China. Besides Asia Pacific, Europe and North America will witness considerable growth due to the presence of several renowned companies.
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