Collaborative robot is a robot specifically designed to assist human beings in specific tasks or work. It allows humans to perform certain operations successfully if they are fit within the scope of the task and control human to not get deviated from the scope of task. The global collaborative robots market is anticipated to expand with a CAGR of above 60% during the forecast period 2016-2023 and is estimated to reach $7 billion in 2025. Collaborative robots permit flexible manufacturing process, light in weight, portable, requires less programming skills etc. Due to its numerous advantages, it has applications in automation industry, furniture and equipment, metals and machining etc.
Asia Pacific has the largest share in the global collaborative robots market. The presence of major robotics companies is driving the growth of global collaborative robots market in Asia Pacific region. Asia Pacific countries such as South Korea, China, Japan and India accounted for nearly 50% of the total revenue in 2015. Presently, in 2017, Chinese automotive manufacturers are deploying only one robot to perform task equivalent to 30 workers. However, this ratio is expected to increase due to the advantages of homogenous product quality over cost effectiveness. Furthermore, Europe was first region to utilize collaborative robots due to which it accounted for highest revenue in 2015. Proof can be found in the massive growth of Universal Robots A/S since the company launched its first collaborative robot in 2008.
The global collaborative robots market is influenced by the presence of major companies such ABB ltd.[Switzerland], KUKA AG [ Germany], Fanuc Corporation[Japan], Robert Bosch GmBH [Germany], Universal Robots[Denmark] and others. Product launches, joint ventures, mergers and acquisition are some of the crucial strategies adopted by the key market players to gain competitive advantages.
Global collaborative robots market report covers segmentation analysis of payload type, component type, industry type and application. Report further covers segments of payload type which includes up to 5 kg, 6-10 kg and above 10 kg. Among these segments 6 – 10 Kg accounted for the highest revenue share during the forecast period. By industry type, it is further segmented into automotive, food and beverage, plastic and polymers, metals and machining and others. It is estimated that automotive segment will dominate the collaborative robots market during the forecast period. Whereas, applications of collaborative robots include packaging, material handling, quality testing, assembling, machine tending etc. During 2016, the material handling segment dominated the collaborative robots market and accounted for a major part of the overall market share.