Collaborative Robot Market to Cross US$95.0 Billion by the End of 2024, Says TMR

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Oct 08, 2018, 06:00 ET

ALBANY, New York, October 8, 2018 /PRNewswire/ --

The global collaborative robot market witnesses a high degree of competition, which is forecast to intensify further in the forthcoming years. In a new study, Transparency Market Research (TMR) analyses the prevailing competitive rivalry among the market players and profiles a few such as Robert Bosch GmbH, ABB Ltd., Kawasaki Heavy Industries Ltd., and Kuka AG. As per TMR, these companies are emphasizing on technological advancements and innovations to gain a competitive edge. Besides these, they are relying on product launches to cater to the dynamic consumer preferences. Together these factors are likely to help the global collaborative robot market gain impetus in the coming years. Furthermore, the rising investment towards research and development activities is also expected to open new avenues for growth of the collaborative robot market.

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TMR forecasts the global market to exhibit a remarkable rise at a CAGR of 30% between 2016 and 2024. At this pace, the market will cross the US$95 bn mark by the end of the forecast period. In 2015, the global collaborative robot market stood at US$10.3 bn. Collaborative robots find considerably rising application in packaging, food and beverages, and the automotive sectors. Furthermore, the demand for collaborative robots is expected to rise considerably in packaging, assembly, material handling, and assembly tasks.

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Europe to Remain Dominant Regional Market through Forecast Period

Regionally, the global collaborative robot market can be segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. Of these, Europe held dominance in the global market with a share of 36.4% in 2015. Furthermore, TMR expects the region to remain dominant through the course of the report's forecast period. In addition, TMR projects steady growth for the collaborative robot market in North America.

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Recent Advances in Edge Computing to Fuel Growth Opportunities

In the coming years, the demand for collaborative robots is expected to rise. As per TMR, the market will significantly gain from the recent advances in edge computing, which have made collaborative robots easier to implement. Furthermore, programming is seldom required for installing them. This significantly brings down the integration costs. In addition, collaboration robots offer great flexibility, which pave way for a wide range of novel applications and tasks that can be easily automated using collaborative robots.

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Slow Production of Collaborative Robots May Have an Overall Negative Impact

Besides the aforementioned factors, the ability of collaborative robots to operate with other machines with no strict requirement and minimum or no interference is fuelling their adoption across various industries. Against the backdrop of the rising demand for latest technologies, investment in collaborative robots is expected to rise in the coming years, in turn enabling growth in the market. On the downside, the slow production of collaborative robots may reflect negatively on the overall market. Nonetheless, the rising demand from automotive industry will keep the demand for collaborative robots high in the forthcoming years.

This review is based on a TMR study, titled "Collaborative Robot Market (Payload - Up to 5 Kg, 6 - 10 Kg, and Above 10 Kg; Application - Packaging, Material Handling, Quality Testing, Assembly, Machine Tending, and Welding; Industry - Automotive, Food and Beverages, Aerospace, Plastic and Polymers, and Metals and Machining) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024."

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The report segments the global collaborative robot market as:

By Payloads

Up to 5 Kg
6 - 10 Kg
Above 10 Kg

By Application

Packaging
Material Handling
Quality Testing
Assembly
Machine Tending
Welding
Others

By Industry

Automotive
Food and beverage
Aerospace
Plastic and Polymers
Metals and Machining
Others

By Geography

North America
- U.S.
- Canada
- Rest of North America
Europe
- U.K.
- Germany
- France
- Italy
- Rest of Europe
Asia Pacific
- India
- China
- Japan
- Rest of Asia Pacific
Middle East & Africa
- Saudi Arabia
- Rest of Middle East and Africa
Latin America
- Brazil
- Rest of Latin America

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