PUNE, India, August 5, 2016 /PRNewswire/ --

The report "Collaborative Robots Market by Payload (Up to 5 Kg, Up to 10 Kg, & Above 10 Kg), Application, Industry and Geography - Global Forecast to 2022", published by MarketsandMarkets, the global market is expected to grow at a CAGR of 60.04% between 2016 and 2022 from USD 110.0 Million in 2015 and is expected to reach USD 3.3 Billion by 2022.

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Browse 65 market data Tables and 51 Figures spread through 189 Pages and in-depth TOC on "Collaborative Robots Market"

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The market is expected to be driven by factors such as higher return on investment and low price of collaborative robots are attracting the small and medium sized enterprises (SMEs) and the increase in investments for automation in industries.

The collaborative robots market is application driven; the application in the automotive sector accounted for the largest share in 2015 

The global Collaborative Robots Market is driven by application in industries such as automotive, metal and machining, furniture and equipment, food and beverages, plastic and polymers, and others. Collaborative robots used in the automotive sector accounted for the largest share of the global collaborative robots market in 2015; this market is expected to grow at a significant rate between 2016 and 2022, driven by the growing focus of consumers on safety features provided by collaborative robots in the field of manufacturing and automation. In developed regions, such as North America and Europe, growth in the collaborative robots market in the automotive sector is expected to be driven by rise in safety rated manufacturing and the growing trend of precision which were not possible due to the common human errors, while, in developing regions, such as Asia-Pacific and RoW, it is likely to be driven by the rise in industrial automation during the forecast period.

Collaborative robots are used in the furniture and equipment industry and this market is expected to witness rapid growth during the forecast period 

An acceptance and installation rate of collaborative robots in furniture and equipment industry is increasing and is expected to continue to grow rapidly during the forecast period. This growth is expected to be significant in RoW region for new fleet of applications.

Asia-Pacific is expected to hold a large share of the collaborative robots market by 2022 

Europe was the largest market in 2015, followed by Asia-Pacific and North America. Regulations have driven the market for collaborative robots to reduce the need for safety fences between human and robots and mitigate the effects of imminent collisions (accidents). Europe was the early adopter which has resulted in a large market for collaborative robots in 2015. However, with the expected increase in regulations related to safety standards in collaborative technology, regions such as North America, Asia-Pacific, and RoW, coupled with a growing focus on safety sensors, these regions are expected to develop potential growth opportunities for this market during the forecast period. The collaborative robots market in Asia-Pacific is expected to surpass that of Europe by 2018 and hold a large market share through 2022.

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The major companies in the global collaborative robots market that have been included in this report are ABB Ltd. (Switzerland), KUKA AG (Germany), FANUC Corporation (Japan), Robert Bosch GmbH (Germany), Universal Robots (Denmark), Rethink Robotics (U.S.), Energid Technologies (U.S.), and MRK-Systeme GmbH (Germany), among others.

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