Transparency Market Research states that the competition in the global collaborative robot market is likely to intensify in the coming years. Several leading players are expected to show plans of expansion in emerging markets of the world. Kawasaki Heavy Industries Ltd., Robert Bosch GmbH, ABB Ltd., and Kuka AG are expected to focus on innovation and launch of new products to cater to the ever-changing needs of the dynamic end-industries. The companies are also expected to have heavy investments in research and development in the coming years to stay ahead of the competition with state-of-art products.
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The research report anticipates that the global collaborative robot market is likely to be worth US$ US$95.0 bn by 2024 from US$10.3 bn in 2016. During the forecast period of 2016 and 2024, the global market is estimated to rise at a whopping CAGR of 30.0%. In terms of regions, the Europe collaborative robot market is expected to stay ahead of others. Towards the end of the forecast period, this regional market is slated to acquire a share of 33.9% in the global market. Analyst anticipate that this regional will witness a minor slump, despite which, it will continue to lead the pack. Collaborative robots are extensively used in the areas of machine tending, material handling, quality testing, assembly welding, and packaging. Out of these, the report states, that the material handling segment will dominate the global market. In the coming years, the material handling segment is likely to hold a share of 23.8% in the overall market.
Demand for Automation Drivers Uptake of Collaborative Robots
The steady progress of the collateral robot market is predominantly attributable to the tremendous effort made by manufacturers to humanize the robots. Introduction of innovative technologies to make robotic effort more intuitive than just mechanical has had a major pay off over the years. This has translated into automation of several manufacturing processes in various industries across the globe. The growing awareness to automate processes in order to eliminate the errors of humans has provided the global collaborative robots market a significant impetus.
Mushrooming automobile sector that demands accurate automation at assembly lines has played a positive role in the progression of the global market. Remarkable precision and the ability of collaborative robots to work with humans in a completely safe manner has also prompted various end users to invest in these machines. The reasonable pricing of these robots against the tremendous profitability they ensure has also had a positive influence on the global market. The report states that the emerging economies will make a serious investment in collaborative robots to up their manufacturing game in the near future.
Slow Process Duration becomes Challenging for Global Market
On the other hand, despite the headstrong market driver, the global collaborative robot market faces a challenges. Currently, the global market faces the issue of slow production rate of collaborative robots, which has hampered the process duration. The slowdown in process duration has posed a major challenge to the global market.