The collaborative robot market is estimated to grow from USD 710 million in 2018 to USD 12,303 million by 2025, at a CAGR of 50.31% from 2018 to 2025
NEW YORK, Nov. 6, 2018 /PRNewswire/ -- Collaborative robot market projected to grow at a CAGR of 50.31% from 2018 to 2025
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The collaborative robot market is estimated to grow from USD 710 million in 2018 to USD 12,303 million by 2025, at a CAGR of 50.31% from 2018 to 2025. Reduced cost of ownership, thereby increasing return on investment (RoI); increased investments in automation by industries to support the evolution of Industry 4.0; rise in the adoption of co-robots by small- and mid-sized enterprises (SMEs); high integration of artificial intelligence (AI) into existing robotics infrastructure; and enhancements in 3D machine vision technology are a few key factors driving the collaborative robot market growth. Additionally, the ability of co-bots to offer safe working conditions creates substantial demand for co-bots from the automotive, electronics, metals & machining, plastics and polymers, and food & beverages industries. However, lack of capabilities related to faster cycle time and repeatability and high installation cost of these robots for low-volume production applications still act as key restraining factors for the market growth.
Co-bots having payload capacity between 5 and 10 kg expected to grow at a highest CAGR during the forecast period
Co-bots with up to 5 kg payload capacity held the largest market share, in terms of value and volume, in 2017, and a similar trend is likely to continue from 2018 to 2025.However, the market for co-bots having payload capacity between 5 and 10 kg is expected to grow at the highest CAGR from 2018 to 2025.
This growth is mainly attributed to the expected demand for collaborative robots with medium payload capacity in industries such as automotive, furniture and equipment, and metals and machining. Co-bots within this payload capacity range can perform all the collaborative operations that the co-bots with up to 5 kg can do, and they can also meet the intended application requirements of the widest range of end-user industries.
Automotive, electronics, and metals and machining industries to hold larger market shares
Automotive, electronics, and metals and machining are the key industries (in terms of market shares) in the global collaborative robot market in 2017.Co-bots are used to perform many assembling tasks, which are extensively used in the automotive industry.
These robots are further used to perform various other tasks, such as pick and place, quality inspection, packaging and palletizing, machine tending, and material handling, across the automotive production line while deploying and re-deploying co-bots in time- and cost-effective manner without impacting the overall layout of the production line.
Asia Pacific to hold major market share of collaborative robot market
Europe held the largest share of the collaborative robot market in 2017 and is expected to be surpassed by the APAC region by 2025.This high growth of Asia Pacific is expected to be led by the increasing demand for collaborative robots in China, Japan, and South Korea, especially for industries such as electronics, automotive, and metals and machining.
These countries are home to several SMEs engaged in manufacturing processes across said industries and also making significant investments for automating their production processes, which adds to the growth of the collaborative robot market.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key industry experts in the collaborative robot marketspace. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 -- 26%, Tier 2 -- 58%, and Tier 3 -- 16%
• By Designation: C-level Executives -- 40%, Directors -- 38%, and Others -- 22%
• By Region: North America -- 35%, Europe -- 39%, Asia Pacific -- 22%, and RoW -- 4%
The report profiles the key players in the collaborative robot market with their respective market share analysis. Prominent players profiled in this report are Universal Robots A/S (Denmark), Rethink Robotics (US), ABB (Switzerland), KUKA AG (Germany), FANUC Corporation (Japan), Robert Bosch GmbH (Germany), MRK-Systeme GmbH (Germany), Precise Automation, Inc. (US), Energid Technologies Corporation (US), F&P Robotics AG (Switzerland), MABI AG (Switzerland), Techman Robot by 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).
Research Coverage:
This research report categorizes the global collaborative robot market on the basis of payload capacity, application, industry, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the collaborative robot market and forecasts the same till 2025.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the collaborative robot market comprehensively and provides the closest market size projection for all 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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