Collaborative Robots Market is expected to reach USD 15.2 Billion, at a CAGR of 44.72% by 2024

Asia-Pacific region is projected to occupy 23% share of total collaborative robots market. Asia-Pacific collaborative robots market was valued USD 0.18 billion in 2016 and expected to register healthy growth during the forecast period.

Global Collaborative Robots Market Outlook 2024: Global Opportunity and Demand Analysis, Market Forecast, 2016-2024:- The global collaborative robots market is expected to reach USD 15.2 billion by 2024 from USD 0.79 billion in 2016, growing at a CAGR of 44.72% over the forecast period i.e. 2016 - 2024..

Top Companies: Robert Bosch GmbH, Synopsis, Business Strategy, Product Portfolio, SWOT Analysis, ABB Ltd., KUKA AG, Universal Robots, FANUC Corporation.

Segmented Regions: North America, Latin America, Europe, Asia-Pacific, Middle East and North Africa, Rest of World

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Market Overview
Collaborative robots are new generation robots which are used for different application and are capable of accomplishing complex task. Growing demand of industrial automation is increasing the annual supply of collaborative robots. In 2013, more than 65,000 units of industrial robots were supplied in automotive industry. Countries such as China, Japan and Germany are holding largest market share of industrial robots. Due to impressive expansion of collaborative robots in several industries different types of companies are investing in robotic solutions for high productivity and efficiency. For instance, in 2016, Whirlpool and Deco Lighting have invested in collaborative robots for Asian and European robotic industries.

Key industry players of collaborative robots are continuously investing in R&D manufacturing of innovative industrial robots. For instance, APAS is the first collaborative solution robot introduced by Bosch in October 2014. APAS is a certified collaborative robot in assistance system without any further shielding with people. In 2015, YuMi a collaborative robot with flexible hands and camera based robot controller is introduced by ABB Ltd. YuMi is used to improve manufacturing productivity in machinery and electronics industry. Implementation of robots to improve the performance in utilities, automotive and other industries is likely to propel the demand of collaborative robots across the globe.

Market Size and Forecast (2016-2024)
In 2015, collaborative robots hold nearly 3% of total robots sold in units. Over 22,000 units of collaborative industrial robots were sold in 2016 and the supply is expected to reach over 400 million units by the end of 2024. The ability of machines to work and co-ordinate with humans with safety is fuelling the demand for collaborative robots across the globe. The global collaborative robots market is expected to reach USD 15.2 billion by 2024 from USD 0.79 billion in 2016, growing at a CAGR of 44.72% over the forecast period i.e. 2016 - 2024.

Collaborative robots for automotive industry are the dominating segment based on end-user segment. Over 45% of total industrial robots supplied annually are acquired by automotive industry. However, electronics industry is expected to occupy over 20% share of total supply of industrial robots. Easy integration of robotic arms into several electronic productions such as mobile phones, devices, computers etc. is expected to raise the demand for collaborative robots in electronics industry. Global collaborative robots market is also projected to be driven by the vast application in furniture and equipment, food & beverage and plastics & polymers industry. Market share of handling application was nearly 25% of total collaborative robots market. Growing awareness about safety operations such as welding, gluing and machine tending are projected to propel the growth of global collaborative robots market.

Europe collaborative robots market is expected to grow at CAGR of 43.2% over the forecast period of 2016-2024.
Rising adoption of industrial automation in countries such as China, Japan and South Korea is increasing the demand for collaborative robots in Asia-Pacific region. Asia-Pacific region is projected to occupy 23% share of total collaborative robots market. Asia-Pacific collaborative robots market was valued USD 0.18 billion in 2016 and expected to register healthy growth during the forecast period.
North America collaborative robots market is expected to reach USD 4.10 billion by the end of 2024 from USD 0.21 billion in 2016.

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Key Drivers and Challenges
High precision in performance and flexibility to be programmed for any task is increasing the adoption rate of collaborative robots by different industries. Rising investment in industrial automation and higher return is driving the demand for collaborative robots globally. Lack of skilled labors and increasing labor cost are the major factors which is increasing the inclination of manufacturing industries towards collaborative robots.

However, currency devaluation and economic crisis in several countries is obstructing the growth of collaborative robots market. As collaborative robots works at a certain pace, change in work environment put strain in the productivity of collaborative robots. Low price robots are still facing challenge to meet industrial demand with high speed. This is the major factor which is obstructing the adoption of collaborative robots by small enterprises. To meet the productivity demand maintaining its speed is a barrier for manufacturers of collaborative robots.

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