Collaborative Robots Market to 2025 by Payload (Up to 5 Kg, 5-10 Kg, and Above 10 Kg), Application (Assembly, Material Handling, Pick & Place, Quality Testing, Packaging, Machine Tending, and Welding) and End-user Industry (Automotive, Metal & Machinery, Electronics, Pharmaceuticals, Plastic & Polymers, and Food & Beverage) – Global Analysis and Forecast
The global collaborative robots market accounted for US$ 420.4 Mn in 2017 and is expected to grow at a CAGR of 46.8% during the forecast period 2018 – 2025, to account for US$ 8979.3 Mn by 2025. As per the application segment, the assembly is expected to dominate the market, for the forecasted period. Currently, majority of the collaborative robots deployments are taking place in automotive industry, where their major function is to assist human workers with assembly of automotive parts. Collaborative robots are most preferred by smaller and medium organizations as they are cost efficient and efficiently streamline the hibernating processes. However, larger organizations occupy the majority share in the market as they were the early adopters and invest significantly into the market.
Key trend which will predominantly effect the market in coming year is advancement in robotics industry. In the coming years as machine learning algorithms and other technologies such as neuromorphic chips improvise their capabilities to enable smarter robots, the collaborative robots in the near future would be able to perform the tasks that only humans can do at the moment, in fact in a better way. These robots will then be able to access a plethora of database and recognize machines, people and parts, further enabling them to derive critical insights and act upon them. This in coming future is anticipated to be a key trend for the collaborative robots. In addition, the players in this industry are significantly investing in the development of collaborative robots integrated with artificial intelligence and machine learning.
Collaborative robots market by end-user industry is segmented into automotive, metal & machinery, electronics, pharmaceuticals, plastic & polymers, food & beverages and others. Others segment includes industries such as aerospace, healthcare, and construction among others. Automotive industry is the most important customer of collaborative robots in the year 2017. Automotive OEM manufacturers heavily relies upon automation in their assembly line as well as automotive component manufacturers also relies upon robotics in their manufacturing process. These reasons have led to the lion’s share the automotive industry in adoption of collaborative robots.
The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the collaborative robots industry.