Industrial automation has become a necessity in the midst of high consumerization. Companies and organizations globally have readily integrated automation into their processes to cater to consumer demand. Collaborative robots or cobots are robots designed to work in tandem with humans to expedite the production rate. Their assistance in executing menial tasks and reducing worksite injuries can be considered one of the main reasons for their adoption. The global collaborative robots market report by Market Research Future (MRFR) outlines the latest trends in the industry.
The global collaborative robots market size can touch USD 3,538.46 million by 2023 by exhibiting 54.22% CAGR over the forecast period (2018-2023). The need to lower labor costs is one of the main drivers of the market. Advances in technologies such as machine learning, artificial intelligence, and robotics can bolster market growth substantially.
The healthcare sector is one of the biggest proponents of cobots with their application in surgeries and executing laborious tasks under human supervision. The growth in the healthcare industry coupled with rise in number of surgeries can boost the collaborative robots market growth. High need for precision in the automotive sector can trigger new demand in the market.
Development in cobot behavior due to its proximity with humans is expected to be the next biggest trend in the market. Manufacturers can embed various sensors to stop its functions in near proximity of humans to prevent injury or reduce its speed on the production floor contrary to its programming.
The collaborative robots market is segmented by visor type and application.
By payload, the market is segmented into up to 5kg, 5kg to 10 kg, and above 10 kg. By type, the market is segmented into safety monitored stop, speed & separation, power & force limiting, and hand guiding.
By component, the market is segmented into controllers, drives, sensors, end effectors, and others. By application, the market is segmented into pick and place, handling, packaging and palettization, assembling, quality testing, machine testing, welding and gluing and others.
By vertical, the market is segmented into automotive, electronics & semiconductor, manufacturing, metals & mining, food & beverages, healthcare, aerospace and others.
By region, the market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Europe dominated the global collaborative robots market in 2017 thanks to integration of factory automation solutions. This trend is buttressed by manufacturing and automotive sectors in Germany, France, and the U.K. The Industry 4.0 trend supported by governments in the region can propel market growth to new heights over the forecast timespan.
North America can hold onto a significant market share owing to adoption of cobots in Mexico, Canada, and the U.S.
The APAC collaborative robots market is set to experience massive growth due to need for robots in China, India, and Japan. Emphasis on accuracy coupled with new industry standards designed to cater to consumer demand is likely to boost market growth. Reduced wastage of raw materials, improved workflow, and manufacture of high-quality products are other factors which can bode well for the market.
Collaborative Robots Market is expected to a value of USD 3538.46 million and Collaborative Robots…
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