The global collaborative robots market is poised to rise with a CAGR of 45.64% over the forecast period of 2019-2027.
Collaborative robots market refers to the market of the robots that are intended to work along with humans & physically interact with humans in a shared space. The market is largely driven by factors like growing need for user-friendly automation, increasing demand for robotics, low capital investment in Cobots leading to a high return on investment (ROI), heavy investments in the research & development field of robotics, the increasing applications of collaborative robots, and the rising government support.
The collaborative robots are majorly employed in industries such as automotive, electronics, aerospace, packaging, furniture & equipment, metals & machining & others. Increasing demand for robotics in industries is acting as a major driver for the global collaborative robots market. Cobots provide great opportunities for the growth of small to medium-sized companies owing to their short integration time, low initial investment & ease of use. Thus, all such benefits leverage its adoption in various industries.
Global collaborative robots market has been segmented on the basis of payload type, components, applications, & the respective end-user industries.
The global collaborative robots market is geographically spread over North America, Europe, Asia-Pacific and the Rest of World. The Asia Pacific collaborative robots market is expected to be the fastest growing market for the forecast period, owing to the increasing demand for automation across varied industries in the region.
The European market accounted for the biggest market share in the year 2018. The Europe collaborative robot market is primarily driven by proactive government support, such as the Industrial revolution 4.0 to promote factory automation solutions throughout Europe.
Strategies such as partnership, merger & acquisition, contracts, new product launch, etc. are increasingly being implemented by the market giants to compete in the market. Some of the major market players include F&P Robotics AG, Universal Robot A/S (Acquired By Teradyne Inc.), Kawasaki Heavy Industries, Ltd., Robert Bosch GmbH, Energid Technologies Corporation, MRK-Systeme GmbH, Epson Robots, Yaskawa Electric Corporation, Pari Robotics (Precision Automation & Robotics India Ltd.), AUBO Robotics, Fanuc Corporation, Nachi Robotics Systems, ABB Ltd., Rethink Robotics Inc., and KUKA AG.