A report investigates the collaborative robots market and provides critical insights for the forecast period of 2019 to 2029. As per the findings of the report, the global collaborative robots market is anticipated to experience substantial growth over the forecast period due to multiple driving factors such as, growing adoption of automation in end-use industry and reduction in labour cost coupled with high precision work and high regional demand for collaborative robots.
Estimated to exhibit an impressive CAGR of ~26% during the period 2019 to 2029, growing automotive and electronic & semiconductors industry, incessant technological advancements, and enhanced range of applications of collaborative robots will remain instrumental to the market growth, according to the report analyst.
East Asia region is projected to boost the growth of collaborative robots market, owing to the significant rate of automation across industries. South Korea is the leading country in robots per 10,000-person ratio, whereas China has currently registered the highest growth rate in the same ratio.
Inclination of these countries towards collaborative robots fuelled with significant innovations in the technology is magnifying the market. Japan holds a major share of the market in the East Asia region. To that end, East Asia is expected to generate substantial growth opportunities in the forecast years.
The global collaborative robots market has been segmented based on the different types of payload capacities, their multiple applications, end use industry and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa.
Collaborative robots with payload capacity up to five kilogrammes is projected to have the dominant share of growth in the upcoming years. Lightweight collaborative robots with payload capacity up to 5kg are being widely used for a range of applications. The segmental growth is followed by five to ten kilogrammes payload capacity collaborative robots.
On the basis of application, material handling is expected to hold a majority share of the global collaborative robots market which is implemented in a number of end-use industry. General assembly is another segment which is projected to have a fair share in the market growth.
Electronics and Semiconductors industry is projected to have significant share in the global collaborative robots market. Demand for high speed and precision work fulfilled by collaborative robots is benefiting the industry on a large scale.