Collaborative Robot Market: Advanced technologies & growth opportunities in global Industry by 2024

This report offers strategic analysis of the global collaborative robot market, and the market growth forecast for the period 2016 to 2024. The scope of the report contains competitive analysis of various market segments based on the payloads, application and industries of the collaborative robot market across different geographic segments.

Collaborative robots are designed to help human beings as a guide in specific tasks. In general robots are designed and programmed to operate autonomously wherein collaborative robots operate simultaneously with humans. Lightweight of the collaborative robots is one of the important factor due to which growth of collaborative robotic market is likely to increase.

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Collaborative robots are tools designed and developed for automating tasks and making work simpler for humans. The continuous development in the automation industry is expected to boost the growth of the global collaborative robot market in the coming years. The safety of these robots has increased their demand in various end-user industries are they can perfectly work in tandem with the human workforce. The report states that the global collaborative robot market is expected to be worth US$95.0 bn by the end of 2024 as compared to US$10.3 bn in 2015. Between the forecast years of 2016 and 2024, the global market is anticipated to expand at a CAGR of 30.0%.

The global collaborative robot market is expected to be fueled by the wide range of collaborative robots that have allowed automation companies the chance to pick the perfect product. Furthermore, the ability of these machines to work with other workforces without interference and without any stringent needs for safety are also augmenting the demand for collaborative robots. The movements of these robots can be easily programmed through logical processes that include intuitive tools.

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The report states the growing need for automation in sectors such as packaging, automotive, food and beverages among others will definitely contribute to the soaring revenue of the global market. Currently, these robots are predominantly being used for material handling, packaging, machine tending, and assembly tasks. A unique feature of collaborative robots is their force-limited joints, which have been designed with utmost deliberation to identify forces due to impact and react quickly. The low weight of collaborative robots has played an important role in the growth of the global market.

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