DUBAI, United Arab Emirates, 04 Feb. 2022 (GLOBE NEWSWIRE) — The world Collaborative robots market is estimated at the top of the United States$1.71 billion by the end of 2022. The introduction of advanced robots capable of working with humans in areas such as the assembly of smart parts and the production and assembly of electronic components is fueling the demand for collaborative robots.
A new market study by Future Market Insights on the Collaborative Robots Market contains a global industry analysis 2014-2021 and an opportunity assessment 2022-2029. The report studies the collaborative robot market and provides essential information for the forecast period 2022-2029.
According to the findings of the report, the global collaborative robot market is expected to witness substantial growth over the forecast period owing to several driving factors such as increasing adoption of automation in end-use industry and the reduced labor costs associated with high precision work. and strong regional demand for collaborative robots.
|Estimated size of the collaborative robots market in 2022||US$1.71 billion|
|Projected size of the collaborative robots market in 2029||US$8.65 billion|
|Historical CAGR of the Collaborative Robots Market (2014-2021)||50.4%|
|CAGR Based on Collaborative Robots Market Value (2022-2029)||26.0%|
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East Asia Market Creates Significant Growth Opportunities
The East Asia region is expected to drive the growth of the collaborative robot market, owing to the high rate of automation across all industries. South Korea is the top country for the ratio of robots per 10,000 people, while China has currently recorded the highest growth rate in the same ratio. The inclination of these countries towards collaborative robots powered by significant technological innovations is amplifying the market. Japan holds a large share of the market in the East Asian region. To this end, East Asia is expected to generate substantial growth opportunities over the forecast years.
Affordable price and multitude of collaborative robot applications contributing to market growth
The global collaborative robot market has been segmented on the basis of different types of payload capacities, their multiple applications, end-use industry, and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa.
- Collaborative robots with a payload capacity of up to 5 kg are expected to have the dominant share of growth in the coming years. Lightweight collaborative robots with a payload capacity of up to 5 kg are widely used for a range of applications. Segmental growth is tracked by collaborative robots with a payload capacity of 5-10 kg.
- Based on the application, material handling is expected to hold a majority share in the global collaborative robot market which is implemented in a number of end-use industries. General assembly is another segment expected to have a fair share in the market growth.
- The electronics and semiconductor industry is expected to have a major share in the global collaborative robot market. The demand for high-speed and precision work met by collaborative robots benefits large-scale industry.
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|Historical data available for||2014-2021|
|Market analysis||Billions of US dollars for value|
|Key regions covered||Americas, Europe, Middle East and Africa, South Asia and Pacific and East Asia|
|Main countries covered||USA, Canada, Germany, UK, France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, North Africa, South Africa|
|Key Segments Covered||Payload Capacity, Applications, End Use and Region|
|Profiled Key Companies||• Universal Robots A/S
• AUBO robotics
• Fanuc Corporation
• Stäubli International AG
• Robert Bosch GmbH
• KUKA S.A.
• Precise Automation, Inc.
• Denso Wave Incorporated
• ABB Group
• Yaskawa Electrical Company
• Kinetics K2
|Report cover||Market forecasts, brand share analysis, competitive intelligence, DROT analysis, market dynamics and challenges, strategic growth initiatives|
How is the surge in demand for industrial process automation driving the growth of the collaborative robot market?
As the fourth industrial revolution “Industry 4.0” is about to take the entire manufacturing and supply chain by storm, industrial players are increasingly making efforts to increase their productivity, reduce the production time and improve resource utilization through the integration of advanced technologies.
Rising labor costs even in traditional low-cost carrier (LCC) countries such as China and India are further encouraging manufacturing companies to adopt advanced automated technologies, especially in automotive and electronics sectors.
As collaborative robots improve the pace of production and decrease repetitive labor costs, they are increasingly gaining popularity in applications such as welding, painting, quality testing and material handling, among others, which in turn propels the demand in the market.
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Collaborative Robots Market: Vendor Insights
The report sheds light on some of the major market players, who have established themselves as leaders in the global collaborative robot market. Some examples of key players in the market are Universal Robots A/S, AUBO Robotics, Denso Wave Incorporated, Fanuc Corporation, Stäubli International AG, Robert Bosch GmbH, KUKA AG, Precise Automation, Inc., ABB Group, Yaskawa Electric Corporation and K2. Kinetics among others. The global collaborative robot market is largely dominated by certain players with large market shares. These players engage in strategic alliances, collaborations, mergers and acquisitions. For example, the ABB Group announced a collaboration with Kawasaki Heavy Industries Ltd. to share knowledge and works on joint technical and outreach opportunities.
Learn about FMI’s extensive ongoing coverage in the field of industrial automation
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