Collaborative Robot Market | North America Dominates Owing To Presence of Major Players

The global collaborative robot market is likely to witness high competition, as the leading players in the market are constantly expanding their geographical reach in various regions and strengthening their position at the global level. Robert Bosch GmbH, Kuka AG, Kawasaki Heavy Industries Ltd., Nachi Robotic Systems, Inc., and ABB Ltd. are some of the prominent players in the market. Innovation and technological advancements are important strategies that is being imposed by these players. Moreover, to meet the growing needs from the end use industries, players are introducing new products. They are also investing heavily in research and development activities for collaborative robots that will in turn expand the market’s growth in the near future.

According to Transparency Market Research, the global collaborative robot market is projected to rise at healthy CAGR of 30.0% during the forecast period between 2016 and 2024. Thus, at this CAGR the valuation of the market is expected to touch US$95.0 bn by the end of tenure in 2024 by progressing from US$10.3 bn as estimated in 2015.

The application of collaborative robot is widely seen in material handling segment. This segment is projected to lead the global collaborative robot market throughout the forecast period by holding highest share in the market. This is because robot plays an important role in storing materials in warehouses and in distribution centers. Based on regional analysis, in 2015, Europe dominated the market in terms of revenue and the region held 36.4% of share in the overall market. However, Asia Pacific is likely to offer lucrative opportunities, as the manufacturing activities are gaining momentum in this region.

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Advanced Technologies Used by Manufacturers to Benefit Collaborative Robot Market

The main factor considered for the growth of collaborative robot is their ability to select perfect product assisting largely in the automaton companies. Adding to it, these robots are also capable of working with other machines with zero interference and no strict requirement for safety. Thus, these applications has grown the demand for collaborative robots in various industries that is likely to benefit markets growth in the coming years. Moreover, manufacturers are constantly making efforts in humanization of these robots by using advanced technologies that are also escalating the demand in the global collaborative robot market.