Published Date : Jul 04, 2018
ALBANY, New York, July 4, 2018 – Marketresearchreports.biz has recently added a research report to fast growing repository, titled, “Collaborative Robot Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024.” It sets out by describing collaborative robots as lightweight industrial robots that can work side by side with human workers in order to ease their work. Such robots are also easy to assemble and are flexible in nature. Apart from industries, collaborative robots also find usage in offices, labs, hospitals, farms, warehouses, and so on.
Their adoption has been growing by the day because of the increasing number of manufacturing activities worldwide. Small and medium enterprises in developed nations have been frontrunners in their uptake so far. This is because such collaborative robots enable them to stay competitive in spite of the high cost of human labor. Keeping in minds the specific requirements of such organizations, savvy companies in the market are seen coming up with new products having enhanced features and functionalities. For example a company named Comau has designed collaborative robots to carry out operations in food and beverage, metal processing, and plastic manufacturing units which are small or medium sized. Players are also seen combining latest technologies such as sensors and artificial intelligence for creating better products. This is expected to boost the market further.
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Collaborative robots find application in material handling, packaging, assembling, quality testing, welding, machine testing, and others. Among them, the segment of material handling generates maximum demand for such robots which can be used in controlling and storing materials in warehouses, distribution centers, and also for disposal. Among the various industries, the automotive industry is at the forefront of driving uptake of the robots. Depending upon payload, the collaborative robots market can be classified into 10 kg, 6 to 10 kg, and 5 kg. Among them, the segment of 6 to 10 kg currently grosses most of the revenue in the market for collaborative robots since they help save time in large production units.
Asia Pacific is a leading geographic segment in the market. Swift pace of industrialization and the pressing need for automation in the region has drastically upped demand for collaborative robots. Europe and North America are other prominent regions which have contributed substantially to the revenue generated in the market. However, their markets have become saturated to an extent and are showing signs of slowing growth.
Quite a few well-established large international players hold a sway over the global market for collaborative robots. Competition among them intense with each of them allocating large amounts on research and development of better products. ABB Ltd., FANUC Corporation, KUKA AG, Teradyne Inc., Robert Bosch GmbH, and Rethink Robots Inc. are to name a few such noteworthy companies operating in the market.
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