Albany, NY -- (SBWIRE) -- 10/01/2018 -- With constant geographical expansion of leading players, such as Kawasaki Heavy Industries Ltd., ABB Ltd., Robert Bosch GmbH, and Kuka AG, across various regions, the competition within the global collaborative robots market is likely to intensify in the near future, finds a new research study by Transparency Market Research (TMR). These players are also projected to emphasize on the technological advancements, innovation, and new product launches to meet the ever-changing requirements of the end-use industries. Analysts expect heavy investments for the research and development of collaborative robots by participants in the years to come, notes the research study.
According to the estimations of the research report, the global market for collaborative robots was worth US$10.3 bn in 2015. Researchers at TMR expect this market to rise exponentially at a robust CAGR of 30.0% between 2016 and 2024 and cross US$95.0 bn mark by the end of 2024. These robots finds significant application in the automotive, packaging, and the food and beverages sectors. As of now, these robots are mostly being utilized for machine tending, packaging, material handling, and assembly tasks. However, the base of their application is expected to expand considerably in the years to come.
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On the regional basis, Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa have emerged as the key contributors to the global market for collaborative robots. Among these, Europe, with a share of 36.4%, led the overall market in 2015. The regional market is likely to remain leading throughout the forecast period. Amongst other regional markets, North America is projected to also record steady growth in its market for collaborative robots over the next few years, states the research report.
"The ability to select the perfect product, which the wide array of collaborative robots has provided the automation companies with, is the main factor behind the growing demand for these robots across the world," says an analyst at TMR. Apart from this, the ability of these robots to work with other machines with zero interference and no stringent requirements for safety are also fueling their adoption in a number of industries, reflecting positively on the growth of the global market for collaborative robots.
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Over the forthcoming years, the ongoing efforts by manufacturers for more and more humanization of these robots, using latest technologies, is projected to boost this market substantially. The increasing investments by them will also support this market in the years to come, notes the market study.
On the flip side, the global market for collaborative robots will face a challenge from the slow production rate of collaborative robots, which has extended the duration of the process, in the near future, reflecting negatively on the market. However, the rise in the automotive industry, which has surfaced as a key end user of collaborative robots, is anticipated to support the growth of this market over the forthcoming years, normalizing the impact of the aforementioned restraint, state the research report.