Collaborative Robots Market by Payload Capacity (Up to 5 kg, Up to 10 kg, Above 10 kg), Industry (Automotive, Electronics, Metals & Machining, Plastics & Polymer, Food & Agriculture, Healthcare), Application, and Geography - Global Forecast to 2023
“Collaborative robots market projected to grow at a CAGR of 56.94% during forecast period”
The collaborative robots market is expected to grow at a CAGR of 56.94% between 2017 and 2023, to be worth USD 4.28 billion by 2023. High ROI and low price of collaborative robots attracting SMEs; and increasing investments in automation by industries are some of the key factors driving the collaborative robots market. Additionally, high potential for robot installations in many countries and demand for high-payload-capacity co-bots are the major opportunities for the market. However, the lack of capabilities related to faster cycle time and repeatability is a key restraining factor for the market.
“Co-bots with up to 5 kg payload capacity held largest share of market in 2016”
The co-bots with up to 5 kg payload capacity held the largest market share in 2016 and are further expected to lead the market (in terms of value and volume) between 2017 and 2023. The growth of the said market is mainly driven by the increase in demand for light as well as moderate payload capacity co-bots. This growth can be attributed to the high ease of deployment, high adaptability, affordability, and plug and play characteristics of co-bots, which are some of the essential parameters meeting the demands of a large pool of SMEs.
“Automotive, electronics, and metals and machining industries to hold large share of market”
Automotive, electronics, and metals and machining are the key industries (in terms of market share) in the global collaborative robots market. Co-bots are used to perform many assembly tasks, which are extensively used in the automotive industry. These robots are further used to perform various other tasks across the automotive production line—pick and place, quality inspection, packaging and palletizing, machine tending, and material handling—while deploying and redeploying co-bots in time- and cost- effective manner without impacting the overall layout of the production line.
“APAC to hold major share of collaborative robots market between 2017 and 2023”
Europe held the largest share of the collaborative robots market in 2016 and is expected to be surpassed by the APAC region by 2023. This high growth of the market in APAC is expected to be led by the increasing demand for collaborative robots in China, Japan, South Korea, and India, especially for industries such as electronics, automotive, and metals and machining. These countries are home to a large number of SMEs engaged in manufacturing processes across the said industries and are also making significant investments for automating their respective production processes, which adds to the growth of collaborative robots.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the collaborative robots marketspace. The breakup of the profiles of primary participants for the report has been shown below:
• By Company Type: Tier 1 = 28%, Tier 2= 52%, and Tier 3 = 20%
• By Designation: C-Level Executives = 38%, Directors = 41%, and Others = 21%
• By Region: Europe = 40%, North America = 33%, APAC = 22%, and RoW = 5%
The report profiles the key players in the collaborative robots market with their respective market share analysis. The prominent players profiled in this report are ABB (Switzerland), KUKA AG (Germany), FANUC Corporation (Japan), Robert Bosch GmbH (Germany), Universal Robots A/S (Denmark), Rethink Robotics (US), MRK-Systeme GmbH (Germany), Precise Automation, Inc. (US), Energid Technologies Corporation (US), F&P Robotics AG (Switzerland), MABI AG (Switzerland), Techman Robot for Quanta Storage Inc. (Taiwan), Franka Emika GmbH (Germany), AUBO Robotics Inc. (US), YASKAWA Electric Corporation (Japan), Comau S.p.A (Italy), and KAWADA Robotics Corp. (Japan).
This research report categorizes the global collaborative robots market on the basis of payload capacity, application, industry, and geography. The report describes the collaborative robots market dynamics (drivers, restraints, challenges, and opportunities) and forecasts the same till 2023.
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the collaborative robots market comprehensively and provides the closest market size projection for all the subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
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