Pune, India -- (SBWIRE) -- 02/28/2020 -- The global collaborative robots market is likely to derive growth from recent technological advancements in the manufacturing of the products. According to a report published by Fortune Business Insights, titled "Collaborative Robots Market Size, Share & Industry Analysis, By Payload Capacity (Upto 5 Kg, 6-10 Kg, 11 Kg, and Above), By Application (Welding, Material Handling, Quality Testing, Painting/Spraying, Assembling, Others), By Industry (Automotive, Electronics & Semi-Conductors, Food & Beverages, Retail, Metal & Machining, Rubber & Plastic, Others) and Regional Forecast, 2026," the market size was USD 1.57 billion in 2018 and is projected to reach USD 23.59 billion by 2026, exhibiting a CAGR of 40.7% during the forecast period.

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Collaborative robots are gaining rapid popularity among users across numerous industries. The demand for these products is likely to increase further in the coming years. Concepts such as artificial intelligence (AI) and the internet of things (IoT) have enabled rapid advancements in these products. The integration of the latest concepts has allowed better operational efficacies and an overall increase in the precision and accuracy involved with these devices. Automation has played a major role towards the advancements that these devices have made in recent years. The use of embedded systems has created several growth opportunities for companies operating in this market. Collaborative robots (cobots) are used to assist humans for handling heavy loads and perform repetitive tasks at workplaces. They are used for manufacturing purposes such as assembly and material handling of large equipment.

The report offers detailed insights into the collaborative robots market. It highlights key aspects of the market and focuses on leading elements of the market. Moreover, it discusses the competitive landscape of the market. Through a combination of primary and secondary research approaches, forecast values of the market have been evaluated and presented in this report, specifically for the period of 2026.

High Investment and Automated Concepts Have Ignited Several Product Innovations

The potential held by collaborative robots has attracted several investors in recent years. Increased investments have subsequently led to several product innovations. Recent product innovations, with regard to operational time, precision, and efficiency will aid the growth of the market in the coming years. The report highlights a few of the leading products of recent years and discusses their impact on the market. In September 2019, Universal Robots announced the launch of a new robotic model aimed at handling heavy payloads. The company introduced the UR16e, a system that can handle almost 16 kg of payloads and subsequently serve large-scale industrial purposes. Universal's latest model will help the company generate substantial collaborative robots market revenue in the coming years. Additionally, this model will have a direct impact on the growth of the market.

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Segmentation

1. By Payload Capacity
Upto 5 Kg
6-10 Kg
11 Kg and Above

2. By Application
Welding
Material Handling
Quality Testing
Painting/Spraying
Assembling
Others (Packaging, etc.)

3. By Industry
Automotive
Electronics & Semi-Conductors
Food & Beverages
Retail
Metals & Machining
Rubber & Plastic
Others (Agriculture, Aerospace, etc.)

4. By Region
North America (U.S. and Canada)
Europe (U.K., Germany, France, and Rest of Europe)
Asia Pacific (China, Japan, India, Southeast Asia, and Rest of Asia Pacific)
Middle East & Africa (GCC, South Africa and Rest of Middle East & Africa)
Latin America (Brazil, Mexico, and Rest of Latin America)

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Asia Pacific Projected to Hold a Dominant Market Share; Trends of Customized Machinery to Aid Growth

The report segment the collaborative robots market on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these, Asia Pacific is projected to hold the highest cobots market share in the coming years. The increasing demand for customized machinery have offered a wider potential for the companies operating in several countries across this region. As of 2018, the market in Asia Pacific was worth USD 780.1 Mn and this value is likely to increase further in the coming years, driven by the increasing number of cobots manufacturers in China. Besides Asia Pacific, Europe and North America will witness considerable growth due to the presence of several renowned companies.

Some of the leading companies that are operating in the global market are:

Universal Robots
Rethink Robotics GmbH
Denso Wave Incorporated
Fanuc Corporation
Bosch Rexroth AG
ABB
Yaskawa America, Inc.- Motoman Robotics Div.
AUBO Robotics
Stäubli International AG.
K2 Kinetics
Key Industry Developments:

September 2019: OnRobot A/S announced the launch of a new interface to accelerate the operations of existing products. The 'OnRobot A/S' is a unified electrical and mechanical system interface for its end-of-arm tooling.

February 2017: Universal Robots A/S offered online training modules with a view to spreading knowledge on automated concepts and initiate maximum user-engagement.

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Table of Content

5. Global Collaborative Robots Market Analysis, Insights and Forecast, 2015-2026

5.1. Key Findings / Summary

5.2. Market Sizing Estimations and Forecasts – By Payload Capacity (Value)

5.2.1. Upto 5 Kg

5.2.2. 6-10 Kg

5.2.3. 11 Kg and Above

5.3. Market Sizing Estimations and Forecasts – By Application (Value)

5.3.1. Welding

5.3.2. Material Handling

5.3.3. Quality Testing

5.3.4. Painting/Spraying

5.3.5. Assembling

5.3.6. Others (Packaging, etc.)

5.4. Market Sizing Estimations and Forecasts – By Industry (Value)

5.4.1. Automotive

5.4.2. Electronics & Semi-Conductors

5.4.3. Food & Beverages

5.4.4. Retail

5.4.5. Metals & Machining

5.4.6. Rubber & Plastic

5.4.7. Others (Aerospace, Agriculture, etc.)

5.5. Market Analysis, Insights and Forecast – By Geography (Value)

5.5.1. North America

5.5.2. Europe

5.5.3. Asia Pacific

5.5.4. Middle East & Africa

5.5.5. Latin America

6. North America Collaborative Robots Market Analysis, Insights and Forecast, 2015-2026

6.1. Key Findings / Summary

6.2. Market Sizing Estimations and Forecasts – By Payload Capacity (Value)

6.2.1. Upto 5 Kg

6.2.2. 6-10 Kg

6.2.3. 11 Kg and Above

6.3. Market Sizing Estimations and Forecasts – By Application (Value)

6.3.1. Welding

6.3.2. Material Handling

6.3.3. Quality Testing

6.3.4. Painting/Spraying

6.3.5. Assembling

6.3.6. Others (Packaging, etc.)

6.4. Market Sizing Estimations and Forecasts – By Industry (Value)

6.4.1. Automotive

6.4.2. Electronics & Semi-Conductors

6.4.3. Food & Beverages

6.4.4. Retail

6.4.5. Metals & Machining

6.4.6. Rubber & Plastic

6.4.7. Others (Aerospace, Agriculture, etc.)

6.5. Market Analysis, Insights and Forecast – By Country (Value)

6.5.1. United States

6.5.2. Canada

7. Europe Collaborative Robots Market Analysis, Insights and Forecast, 2015-2026

7.1. Key Findings / Summary

7.2. Market Sizing Estimations and Forecasts – By Payload Capacity (Value)

7.2.1. Upto 5 Kg

7.2.2. 6-10 Kg

7.2.3. 11 Kg and Above

7.3. Market Sizing Estimations and Forecasts – By Application (Value)

7.3.1. Welding

7.3.2. Material Handling

7.3.3. Quality Testing

7.3.4. Painting/Spraying

TOC Continued...!