ALBANY, New York, April 24, 2019 /PRNewswire/ -- Transparency Market Research (TMR) notes that the global collaborative robot market could experience a high level of competition with the presence of an ample number of players. The players in the market are scattered globally and they are constantly remapping geographical boundaries to strengthen their foothold at the global level. These players are targeting to achieve the top spot in the global collaborative robot market through offering enhanced automation in day-to-day tasks. Therefore, the vendor landscape of the market is both competitive and fragmented.
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Various players in the global collaborative robot market are acquiring several strategies to accentuate their position permanently. Such strategies include constant product revamping through incorporating latest technologies. Moreover, the topmost vendors in the global collaborative robot market are emphasizing on introducing unique products to meet the dire needs from a wide range of end-use industries. Apart from the renowned players in the market, several medium sized players are also highly investing in research and development activities in order to invent more efficient collaborative robots. Some of the renowned players' names in the global collaborative robot market include Kuka AG, Nachi Robotic Systems, Kawasaki Heavy Industries Ltd., Robert Bosch GmbH, and ABB Ltd.
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TMR's experts' projection reveals that the growth of the global collaborative robot market is prophesized to occur at a meteoric 30.0% CAGR during the forecast period. The market is expected to hit valuation of US$95.0 bn by 2024 end, progressing from US$10.3 bn, which was estimated in 2015.
The material handling application segment is anticipated to dominate the global collaborative robot market throughout the assessment period by holding the largest share in the market. Collaborative robot's active role in storing materials in distribution centers and in warehouses make the application segment contribute the highest share. On the regional front, Asia Pacific is the leading region due to the growing manufacturing activities.
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Rapid Industrial Development Using Advanced Technologies Boost Market
Collaborative robots are produced for performing automated tasks, which helps in simplifying daily tasks performed by humans. Rapid industrialization, rising number of industries moving to automation, and growing demand for robotic application are factors driving the global collaborative robot market. Collaborative robots are extensively used in industries such as electrical, automotive, metal and machines, food and beverages, pharma and chemistry, and aerospace. These robots are highly applicable in the area of test and inspections, dispensing, packaging and palletizing, polishing, material handling, screw driving, and welding and gluing. A trend in using highly accurate and cost-effective robot is anticipated to boost the global collaborative robot market.
Furthermore, collaborative robots can effortlessly perform risky tasks. This has led to their high uptake in industries having hazardous environment. Such industries are also adopting the robots for reducing fatal accidents caused by human errors. All such benefits are also fueling growth in the global collaborative robot market. Along with these, collaborative robot can be programmed easily with various intuitive tools. They blend properly with other workforces without interrupting other's task. Such factors are propelling expansion in the global collaborative robot market. Apart from this, manufacturers are aiming at humanizing these robots through advanced technologies. This is another factor promoting growth in the global collaborative robot market.
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Safety Concerns during Managing Industrial Grade Hinders Market
A few challenges obstructing the growth of the global collaborative robot market involve extended processes of production and understanding the need for safely managing industrial operations. Nonetheless, increasing use of collaborative robot in automotive industry is expected to help overcome some of these challenges in the near future.
The information presented in this review is based on a TMR report, titled "Collaborative Robot Market (Payload - Up to 5 Kg, 6 - 10 Kg, and Above 10 Kg; Application - Packaging, Material Handling, Quality Testing, Assembly, Machine Tending, and Welding; Industry - Automotive, Food and Beverages, Aerospace, Plastic and Polymers, and Metals and Machining) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024".
Global collaborative robot market has been segmented based on:
- Up to 5 Kg
- 6 - 10 Kg
- Above 10 Kg
- Material Handling
- Quality Testing
- Machine Tending
- Food and beverage
- Plastic and Polymers
- Metals and Machining
- North America
- Rest Of Europe
- Asia Pacific Excluding Japan
- Rest Of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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