Global Collaborative Robots Market Expected to Reach USD 4.4 Billion by 2023

Collaborative Robots Market is set to expand at a CAGR of 57.4% and is expected to reach USD 4.4 billion by 2023.

Increasing investments in automation by industries to support industry 4.0 revolution (smart production), low price of collaborative robots and high return on investment (ROI) rates are the factors attributing towards the growth of the global collaborative market during the forecast period.

The market for collaborative robots with above 10kg payload capacity is expected to be the fastest growing segment during the forecast period. High-payload-capacity collaborative robots in industries such as furniture and equipment, automotive and metals and machining are the factors propelling the growth of the global collaborative market. The market for collaborative robots with payload capacity of above 10kg is emerging segment with focus on safety parameters.

Assembly application is expected to hold major market share of the global collaborative market during the forecast period. The factors driving the growth of the assembly application of the collaborative robots market are high flexibility of collaborative robots to perform application-specific tasks by changing end effectors and easy embedded programming. Demand from major industries electronics, automotive, and furniture & equipment also fuels the assembly application of the global collaborative market.

In automotive industry the collaborative robots are used to perform several assembly tasks across the automotive production line. Tasks such as pick and place, packaging and palletizing, machine tending, quality inspection, and material handling are performed in a very efficient and cost effective way with less error. This deployment of collaborative robots in automotive industry reduces production time without affecting the overall layout of the production line. Industrial collaborative robots are designed with advanced sensors, software and technologies so that human workers can operate them with safety and protection to avoid injuries during work environment. These safety features and low cost of collaborative robots are making them popular in the small and medium industries.

Key players in the global collaborative robots market include KUKA AG, ABB, FANUC Corporation, Bosch GmbH, Robert Universal Robots A/S, Rethink Robotics, MRK-Systeme GmbH, Energid Technologies Corporation, F&P Robotics AG, Techman Robot for Quanta Storage Inc., MABI AG, Franka Emika GmbH, AUBO Robotics Inc., YASKAWA Electric Corporation, Comau S.p.A, KAWADA Robotics Corp, and Precise Automation Inc.

Key Findings of the Global Collaborative Robots Market Report:

• The global collaborative roots market is expected to reach USD 4.4 billion by 2023
• Collaborative robots with above 10kg payload capacity is expected to be the fastest growing segment during the forecast period
• Assembly application is expected to hold major market share of the global collaborative market during the forecast period
• Safety features such as advanced sensors, software & technologies and low cost of collaborative robots are making them popular in all industrial sizes
• Based on the industrial segmentation, the automobile segment holds the major market share in the global collaborative robots market
• Europe is expected to hold the major market share of the global collaborative robots market during the forecast period followed by North America and Asia-Pacific

Global Collaborative Robots Market – The Futurist Approach

Collaborative robots can handle complex tasks and yields high productivity in various industries. Technological advancement in the field robotics provides thrust to the global collaborative market and leads the industry to the future with better productivity for customers. Advance sensors and software are making production more efficient, vigilant and cost effective along with safety features for smooth operation of the collaborative robots.

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Global Collaborative Robots Market- Regional Insight

Europe is expected to hold the major market share of the global collaborative robots market followed by North America and Asia-Pacific (APAC) during the forecast period. The factors driving the growth of the collaborative robots market in the European region are strong government support to promote factory automation solutions, thus supporting Industry 4.0 revolution. Developed countries such as the UK, France, and Germany hold the major market share of the European collaborative robots market. Collective efforts of many authorities and agencies developed and enhanced the human-robots collaboration with effective protective guidelines and measures provide thrust to the European collaborative robots market.