Global Collaborative Robots Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1.3 Billion by 2024 from $0.1 Billion in 2016, growing at a CAGR of 33.2% from 2016 to 2024. By geography, Asia Pacific and Europe expected to grow at a CAGR of 34.9% and 33.0%, respectively, during the forecast period.
High technological advancements and adoption of robots in various sectors could fuel the growth of the market. Moreover, increasing use of robots in automotive, plastic industry and electronic assembly coupled with rising labor cost and lack of skilled labors could support the growth of the market.
By payload, 6-10 kg and up to 5kg accounted the major share in the market with 47.0% and 37.8% respectively, in the year 2016. Furthermore, by applications, Handling, assembly and packaging accounted 21.2%, 18.7% and 15.5% respectively, in 2016. In industries, aerospace had market share of 25.0% followed by automotive with 22.2%, in 2016.
Asia Pacific is the fastest growing region in the global advanced collaborative robots market, and is expected to continue this trend due to rapid growth of industrialization and urbanization. Europe accounts the largest share of the market with 34.3% followed by North America with 30.9%, in the year 2016.
The key players in the market include Robert Bosch GmbH, Kawasaki Heavy Industries, Ltd., Energid Technologies Corporation, ABB Ltd., Universal Robots A/S, F&P Robotics AG., KUKA AG, Rethink Robotics, Precise Automation Inc., and FANUC Corporation.