Global Collaborative Robots Market Is Driven by Increase in Labor Cost and Growth in Adoption of Robots in Industrial Sector

Global Collaborative Robots Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1.3 Billion by 2024 from $0.1 Billion in 2016, growing at a CAGR of 33.2% from 2016 to 2024. By geography, Asia Pacific and Europe are expected to grow at a CAGR of 34.9% and 33.0%, respectively, during the forecast period.
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Major factors supporting the growth of collaborative robots market are, growing use of robots in automotive industry, surge in demand from plastic industry, and lack of skilled labors. Moreover, increased labor cost and growing adoption of robots in various industrial sectors would boost the market. However, economic decline in major countries may hamper the market growth. Additionally, non-industrial sector would provide several growth opportunities for the market in the coming years.
The global collaborative robots market is segmented by payload, application, industry, and geography. The segmentations by payload include, 5kg, 6-10kg and above 10kg. Moreover, assembly, quality testing, handling, packaging, machine tending, welding, and others are the various classifications of application segment. By industry, the market is categorized into plastic & polymers, automotive, food & beverage, metal & machining, aerospace, and others.
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Geographical classifications of the market include, North America, Europe, Asia-Pacific, and Rest of the World (RoW). The countries covered under North America are U.S., Canada, and Mexico wherein Europe covers U.K., France, Germany, Italy, Spain, and Rest of Europe. China, India, Japan, South Korea, Australia, and Rest of Asia-Pacific are the country wise spit of the Asia-Pacific region. South America, Middle East, and Africa are the country wise analysis done under Rest of the World (RoW).
In 2016, 6-10 kg and up to 5kg accounted for the major share in the market, in the overall payload segment. Moreover, by application, handling accounted for the highest revenue. The market share of handling was 21.2% in the year 2016. Asia-Pacific is the fastest growing region in the global collaborative robots market, and is expected to continue this trend in the coming few years, driven by rapid urbanization and industrialization. In the year 2016, Europe generated the maximum market revenue followed by North America. The market share of Europe was 34.9% in 2016, which is the highest regional share.
The major key players operating in the global collaborative robots market are ABB Ltd., Kawasaki Heavy Industries, Ltd., Robert Bosch GmbH, Universal Robots A/S, KUKA AG, FANUC Corporation, F&P Robotics AG., Energid Technologies Corporation, Precise Automation Inc., and Rethink Robotics, among others.

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