FREMONT, California, Sept. 10, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled "Global Collaborative Robot (Cobot) Market − Analysis and Forecast 2019-2024", the collaborative robot market registered a revenue of $580.8 million in 2018 and is projected to reach $9.13 billion by 2024. The market is projected to grow at a compound annual growth (CAGR) of 58.79%, during the forecast period from 2019-2024, in terms of value.
The need for safe and flexible robots to work in collaboration with humans resulted in the invention of collaborative robots. As the term suggests, the collaborative robots or co-bots work with humans in a shared workplace as opposed to the industrial robots that work in a controlled environment and perform a set of predefined instructions with negligible human intervention.
The high growth witnessed by the market is due to the growing need for improved productivity, speed, and efficiency, continuous decrease in size of the available workforce, and overcoming the safety concerns for labor working around robots in shared workplaces. Furthermore, the rise in awareness regarding collaborative robots is propelling their demand, especially in the developing economies.
Moreover, the increase in demand for industrial robotic and automation solutions is expected to be able to serve multiple industries, resulting in their high adoption in developing as well as developed countries.
The research and development activities on collaborative robots have continuously been going on since the latter years of the 20th century. However, these developments increased rapidly in the last decade. Companies such as Universal Robots A/S, Techman Robot, and Rethink Robotics have first-mover advantages, and they acquired a major portion of the market. However, leading industrial robot manufacturers, such as KUKA AG and ABB ltd., have also entered the collaborative robot market which has increased the overall competitiveness of the industry.
According to Sudheer Uniyal, Lead Analyst at BIS Research, "The increasing demand for collaborative robots in every manufacturing industry is compelling the cobot manufacturers to develop cobots with more payload capacity, as the cobot with high payload capacity can perform the same tasks more easily than low capacity cobot."
The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and technological developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financial summary, and SWOT analysis. The overall market has been segmented into payload, application, industry, and region. The segmentation on the basis of the industry has been done into automotive, electrical, electronics & semiconductor, plastics & polymers, pharma & chemistry, food & beverage, aerospace & defense, metal & machining, and others. Based on application, the market has been segmented into material handling, small parts assembly, CNC machine tending, molding operations, test & inspection, packaging & palletizing, polishing, screw driving, gluing, dispensing welding, and others. The report also includes a comprehensive section on the geographical analysis for North America, Europe, Asia-Pacific, and Rest-of-the-World analysis including country-wise analysis for more than 24 different countries.
Some of the key players in the global collaborative robot market are ABB Ltd, Universal Robot A/S, Rethink Robotics, Aubo Robotics, Yaskawa Motoman., Bosch Rexroth AG, Comau SPA, Denso Robotics, Inc, Nachi Robotic Systems, Inc., Precise Automation, Inc., Productive Robotics, Inc., Seiko Epson Corporation, and Techman Robot.
Key Questions Answered in the Report
What was the revenue generated by the global collaborative robot market in 2018, and how much is it expected to grow and reach during the forecast period from 2019 to 2024?
What are the major trends, driving forces, challenges, and opportunities influencing the demand for the global collaborative robot market during the forecast period 2019-2024?
How is the global collaborative robot market is analyzed based on product assortment and pricing module?
How much revenue is expected to be generated by different segments of the global collaborative robot market during the forecast period from 2019 to 2024:
On the basis of payload, including less than 5 Kg, between 5-9 Kg, and more than 9 Kg
On the basis of industry, including automotive, electrical, electronics, and semiconductors, plastic and polymer, pharma and chemistry, food and beverage, aerospace and defense, metal and machining, and others
On the basis of application, including material handling; small parts assembly; CNC machine tending; molding operations; test and inspection; packaging and palletizing; polishing; screw driving; gluing, dispensing, and welding; and others
On the basis of region, including North America, Europe, Asia-Pacific, and Rest-of-the-World
Which are the key players in the global collaborative robot market, and what are the new strategies adopted by the market players to make a mark in the industry?
What is the competitive strength of the key leading players in the collaborative robot market?
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends, which are likely to disrupt the dynamics of the market. With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.