The global collaborative robot market is expected to grow at a CAGR of 30.04% between 2016 and 2024 from USD 110.0 Million in 2015 and is expected to reach approx. USD 3.3 Billion by 2024. The market is expected to be driven by factors such as higher return on investment and low price of collaborative robots are attracting the small and medium sized enterprises (SMEs) and the increase in investments for automation in industries.

Albany, NY -- (SBWire) -- 02/22/2017 --With the growing number of manufacturing sectors, the demand of robotics is mounting. Since Collaborative Robot (cobots) are flexible and lightweight that work side by side with human safety, rises the demand for collaborative robots in manufacturing industries especially small manufacturing enterprises (SME). This technology of robotics is possible to support responsive production procedures. Market Research Hub (MRH) recently inserted a new research report in its catalog, which is captioned as "Collaborative Robot Market – Global Industry Analysis" Forecast 2016-2024. This report analyzes the global market of co-robots on key regions such as North America, Latin America, Europe, Asia-Pacific and Middle East & Africa. According to the study findings, global market is estimated to grow at a CAGR of 30 % by the end of 2024.

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A Collaborative robot is a specially designed robot that collaborates with the human being in some way - either as an assistant in any type of process and task, or as a guide. Unlike self-directed robots (autonomous robot), which perform large works alone and also without any type of supervision, Collaborative robots ( also known as cobots or co-robots) are specially designed and programmed to work with human instruction, or otherwise reply to human command, behaviors and actions.

Collaborative robots are light in weight, effortless to amass and it can perform properly side by side with the human without blocking the security of the human being. Lightweight of the co-robots is one of the significant features due to which progress of co-robotic market is expected to rise. Co-robots are malleable in nature that lets to handle constant and short run jobs along with ergonomically very hard jobs. Due to the malleable nature of these co-robots, they are used in offices, home labs, hospitals, farms, warehouses, thereby permitting the robots to help in carrying out the work in an enhanced way.

According to the international standards ISO, basically, there are four types of collaborative features of robots.

Safety Monitored Stop
Hand Guiding
Speed and Separation Monitoring
Power and Force Limiting

This research report of MRH delivers a strategic study of the global co-robots market and the market growth forecast for the period of 2016 to 2024. This report also contains a competitive study of various market segments based on the payloads of co-robot, application and industries segments of the co-robots market.

Co-robot market by payloads:

Up to 5 Kg
6 – 10 Kg
Above 10 Kg

Collaborative robot market by Application segment, it includes; Packaging, Quality testing, Material handling, Assembly, Welding, Machine tending and others.

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This report also offers a comprehensive analysis of the co-robots market by the industry segment, it includes; Automotive, Aerospace, Food and beverage, Metals and Machining and Others.

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