According to GMI Research, “Global Collaborative Robots Market, By Payload Capacity, By Industry, By Application and by Geography, Opportunities & Forecast, 2016–2023”, the market for collaborative robots across the globe is projected to reach USD 4,367.1 million by the end of 2023, growing at a substantial CAGR of 56.6% during the forecast period rising from USD 189.5 million in 2016. The double-digit growth is anticipated on account of low average selling price and higher returns by investing on collaborative robots, increased focus towards automation by industries as well as growing demand for compact, lightweight and dexterous robots.
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Co-bots (above 10 kg payload capacity) are anticipated to corner the market exhibiting the highest CAGR during 2016–2023
The collaborative robots (Co-bots) of above 10 kg payload capacity are expected to command global collaborative robots market owing to increased demand from automotive, metals and machining as well as furniture and equipment industries. Moreover, the market attractiveness of co-bots is likely to increase substantially in the near future as these are much more safe and human friendly when compared with their counterparts such as industrial robots.
Automotive industry is predicted to lead the market through 2023
Automotive segment is estimated to hold a majority share in the market and is projected to grow at the fastest rate during the forecast period. The key factor propelling growth of the segment is surging demand by the automotive manufacturers to perform various tasks such as pick & place, assembly, machine tending, quality inspection, handling and packaging & palletizing. Apart from this, the growing applications of co-bots in various other industries such as food & agriculture, furniture & equipment, metals & machining, plastics & polymer, electronics and healthcare are further forecast to drive the market over the coming years.
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Assembly application dominated the market in 2016
Design of end effectors (grippers) and high amount of flexibility provided by co-bots in terms of effortless reprogramming make them a best fit for assembly application. Pick and place segment captured the second largest share in global collaborative robots market in 2016. The utilization of co-bots across varied industries such as automotive, electronics, metals & machining, furniture & equipment, among others is anticipated to stimulate growth of assembly application over the course of next five years.
Europe region captured the largest share in the market in 2016
Growing demand from the transportation sector, presence of large number of end-user industries as well as strong government support to promote factory automation solutions are the key factors propelling the growth of collaborative robots market in the region. Germany is the major economy in the European region with the highest usage of collaborative robots. North America and Asia-Pacific are the other key dominant regions in global collaborative robots market. The collaborative robots market in Asia-Pacific is projected to grow at a significant CAGR of during 2016–2023 owing to augmenting demand from various end-user industries, especially the automotive sector.
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