Estimated to exhibit an impressive CAGR of ~26% during the period 2019-2029, the 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 the 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.
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The inclination of these countries toward collaborative robots fueled by significant innovations in 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 the Middle East and Africa.
Collaborative robots with payload capacity up to 5kg are 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.
Based on application, material handling is expected to hold a majority share of the global collaborative robots market which is implemented in several end-use industries. The general assembly is another segment that is projected to have a fair share in the market growth.
The electronics and Semiconductors industry is projected to have a 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.
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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. A 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 in 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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