The global collaborative robots market is estimated to top US$ 1.71 Bn by the end of 2022. Introduction of advanced robots capable of working with humans in areas like smart parts assembly and electronics component production and assembly are fueling the demand for collaborative robots.
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Estimated to exhibit an impressive CAGR of ~26% during the period 2019-2029, growing automotive and electronic & semiconductors industry, incessant technological advancements, and enhanced range of applications of collaborative robots will remain instrumental to the market growth, according to the FMI analyst.
The East Asia Market Creating Significant Growth Opportunities
East Asia region is projected to boost the growth of collaborative robots market, owing to the significant rate of automation across industries. South Korea is the leading country in robots per 10,000-person ratio, whereas China has currently registered the highest growth rate in the same ratio. Inclination of these countries towards collaborative robots fueled with significant innovations in the technology is magnifying the market. Japan holds a major share of the market in the East Asia region. To that end, East Asia is expected to generate substantial growth opportunities in the forecast years.
Affordable Price and Multitude of Applications of Collaborative Robots Contributing to the Market Growth
The global collaborative robots market has been segmented based on the different types of payload capacities, their multiple applications, end use industry and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa.
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- Collaborative robots with payload capacity up to 5kg is projected to have the dominant share of growth in the upcoming years. Lightweight collaborative robots with payload capacity up to 5kg are being widely used for a range of applications. The segmental growth is followed by 5-10kg payload capacity collaborative robots.
- On the basis of application, material handling is expected to hold a majority share of the global collaborative robots market which is implemented in a number of end-use industry. General assembly is another segment which is projected to have a fair share in the market growth.
- Electronics and Semiconductors industry is projected to have significant share in the global collaborative robots market. Demand for high speed and precision work fulfilled by collaborative robots is benefitting the industry on a large scale.
Collaborative Robots Market: Vendor Insights
The report highlights some of the prominent market players, who have established themselves as leaders in the global collaborative robots market. Few examples of key players in the market are Universal Robots A/S, AUBO Robotics, Denso Wave Incorporated, Fanuc Corporation, Stäubli International AG, Robert Bosch GmbH, KUKA AG, Precise Automation, Inc., ABB Group, Yaskawa Electric Corporation and K2 Kinetics among others. The global collaborative robots market is significantly dominated by some players holding prominent shares of the market. These players are indulging into strategic alliances, collaborations, mergers and acquisitions. For instance, ABB Group announced a collaboration with Kawasaki Heavy Industries Ltd. to share knowledge and are working on joint technical and awareness opportunities.
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About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry