Global Collaborative Robot (Cobot) Market - Analysis and Forecast To 2024 | Universal Robots, Rethink Robotics, Kuka AG, Fanuc Corporation, Yaskawa Electric Corporation, Mrk-Systeme GmbH, Precise Automation.

The global collaborative robot or cobot market is expected to reach USD 12.5 billion by 2025, growing at a CAGR of 50.0% during the forecast period. The global collaborative robot or cobot market is one of rapidly growing segment of industrial robotics. The major reason behind the high growth of cobot is growing industrial automation where the assistance of robots with human brain significantly improve the task performance with maximum efficiency and minimum error. The human-robot collaboration permits for numerous levels of automation. Major repetitive tasks performed manually can be partially or fully automated solution based on the requirement, this as a result is driving the demand for collaborative robots in multiple industry segment.

A collaborative robot or cobot is an intelligent assisting robot specifically designed for direct interaction with a human within a defined collaborative workspace. There is a significant growth in adoption of cobot by small and mid-sized enterprises (SMEs) across the globe.

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Growing investment towards automation of industries and rising adoption of robots to perform different applications is giving rise to the integration of cobot in the market. Government as well as private sector is making huge investment in factory automation and improving product quality and machine efficiency are the factors will impact the collaborative robot progression in the market in near future.

Geographically, APAC, is the largest and fastest growing collaborative robot market surpassing Europe in last two years. Industrial revolution in China, Japan, India and other South-East Asian countries has increased robotics integration in various applications. Further, government and private firm investments in these countries will further up surge the growth of the collaborative robot market in years to come.

Further, US and Europe hold the second and third largest collaborative robots market share respectively, being large number of industries in the region and financially prosperous countries.

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Collaborative robot marketspace is highly competitive with large number of players working aggressively in developing new products at comparatively low price. Key players in the in the collaborative robot market includes some of global leading robotic manufacturers and system integrators. Further, new product development and global expansion are key strategies adopted by the OEMs in the market. For instance, in 2018, Universal Robots extended its distribution partnership with Bizit Systems, Servo Dynamics, Multitrade Asiapac, and T. E. M. Engineering to expand its presence in Asian countries.

Some of the key players operating in the collaborative robot market are ABB Ltd., Universal Robots, Rethink Robotics, Kuka AG, Fanuc Corporation, Yaskawa Electric Corporation, Mrk-Systeme GmbH, Precise Automation, Inc., F&P Robotics AG, and Franka Emika GmbH.

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