GMI Research forecasts that increasing focus towards automation by manufacturing companies as well as growing demand for compact, lightweight and dexterous robots along with low average selling price and higher returns by investing on collaborative robots will lead the collaborative robots market to grow at a compound annual growth rate (CAGR) of 52.6% between 2019 and 2026, rising from USD 755 million in 2018 to a whopping USD 33,969 million by 2026

Increasing focus towards automation by manufacturing companies, growing demand for compact, lightweight and dexterous robots as well as low average selling price and higher returns by investing on collaborative robots are the key factors which are bolstering the growth of the market. There has been an increased usage of collaborative robots in small and medium industries as these offer a wide range of automation applications. Furthermore, these user-friendly robots are easy to use, safe to work with human workers, easily implemented, and gives more manufacturing output in an efficient and effective manner.

Collaborative robots with up to 5kg payload capacity held the largest market share owing to their increased usage for lightweight applications including component testing, polishing, small part assembling, grinding, placing, picking, among others in manufacturing industries.

Assembly application is expected to grow at the fastest rate over the forecast period owing to their increased usage in industries especially automotive, food & beverages; and furniture and equipment industry for assembling various things including plastics, woods, metals, and other materials. The advantages associated with collaborative robots such as flexibility, easy programming, and safe to work with human workforce makes them a best fit for industrial usage.

Based on the industry, Automotive sector held the largest market share. The key factor propelling growth of the segment is surging demand by the automotive manufacturers to perform various tasks such as pick & place, assembly, machine tending, quality inspection, handling and packaging & palletizing. Apart from this, the growing applications of co-bots in various other industries such as food & agriculture, furniture & equipment, metals & machining, plastics & polymer, electronics and healthcare are further forecast to drive the market over the coming years.

In terms of geography, Asia pacific region is expected to grow at the highest CAGR during the forecast period of 2019 – 2026 owing to augmenting demand from various end-user industries, especially the automotive sector.. In addition, the market for collaborative robots in Asia-Pacific is driven by demand for automation in manufacturing, need for user-friendly robots, and low capital investment by companies.

Various notable players in the market includes Universal Robots A/S, Rethink Robotics, ABB, Kuka AG, Fanuc Corporation, Teradyne Inc., Robert Bosch GmbH, Precise Automation Inc., Yaskawa Electric Corporation, MABI AG.

Key Market Developments

• In July 2019, Hanwha Precision Machinery entered into a contract with Wipro for manufacturing automated factory solutions. This includes the production of collaborative robots for network-based factory solutions.
• In October 2019, Staubli introduced it’s new productline of collaborative robots based on TX2 industrial robots. These robots are capable of carrying loads upto 20 kg

The Global Collaborative Robots Market has been segmented on the basis of payload capacity, industry, application, component and geography – opportunity and forecast 2019 – 2026. Based on the payload capacity, market comprises of Upto 5 kg, Between 5 to 10 kg and Above 10 kg. Application segment has been categorised into Pick and Place, Assembly , Machine Tending, Quality Inspection, Handling, Packaging and Palletizing, Gluing and Welding, Others Industry category bifurcated into Automotive, Healthcare, Marine, Construction. Based on industry, market comprises of Automotive, Food & Agriculture, Furniture & Equipment, Plastics & Polymer, Metals & Machining, Electronics, Healthcare, Others. Component segment has been categorised into Hardware and Software.

For more details, browse the Table of Contents: https://www.gmiresearch.com/report/global-collaborative-robots-market/ Early buyers will get customization upto 25% on report

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