Collaborative Robots Market Led by Europe due to Growing Development of Robotic Systems
Collaborative Robots Market
Industrial automation has become a necessity in the midst of high consumerization. Companies and organizations globally have readily integrated automation into their processes to cater to consumer demand. Collaborative robots or cobots are robots designed to work in tandem with humans to expedite the production rate. Their assistance in executing menial tasks and reducing worksite injuries can be considered one of the main reasons for their adoption. The global collaborative robots market report by Market Research Future (MRFR) outlines the latest trends in the industry.
The global collaborative robots market size can touch USD 3,538.46 million by 2023 by exhibiting 54.22% CAGR over the forecast period (2018-2023). The need to lower labor costs is one of the main drivers of the market. Advances in technologies such as machine learning, artificial intelligence, and robotics can bolster market growth substantially.
The healthcare sector is one of the biggest proponents of cobots with their application in surgeries and executing laborious tasks under human supervision. The growth in the healthcare industry coupled with rise in number of surgeries can boost the collaborative robots market growth. High need for precision in the automotive sector can trigger new demand in the market.
Development in cobot behavior due to its proximity with humans is expected to be the next biggest trend in the market. Manufacturers can embed various sensors to stop its functions in near proximity of humans to prevent injury or reduce its speed on the production floor contrary to its programming.
Leading players in the global collaborative robots market include KAWADA Robotics Corporation, YASKAWA Electric Corporation, Techman Robot, Universal Robots, MABI AG, F&P Robotics AG, Energid Technologies Corporation, Precise Automation Inc., MRK-Systeme GmbH, Rethink Robotics, Universal Robots A/S, Robert Bosch GmbH, FANUC Corporation, KUKA AG, and ABB.
In July 2019, Hanwha Precision Machinery signed an agreement with Wipro to develop and distribute automated factory solutions, including collaborative robots.
In June 2019, Veo launched a redesigned version of their industrial robotic solutions, incorporating 3D depth sensing and machine vision capabilities to make the robots aware of their surroundings and capable of adjusting their operations to keep the human workers safe.
The global collaborative robots market is segmented on the basis of payload, type, component, application, vertical, and region.
By payload, the market is segmented into up to 5kg, 5kg to 10 kg, and above 10 kg.
By type, the market is segmented into safety monitored stop, speed & separation, power & force limiting, and hand guiding.
By component, the market is segmented into controllers, drives, sensors, end effectors, and others.
By application, the market is segmented into pick and place, handling, packaging and palettization, assembling, quality testing, machine testing, welding and gluing, and others.
By vertical, the market is segmented into automotive, electronics & semiconductor, manufacturing, metals & mining, food & beverages, healthcare, aerospace, and others.
Collaborative Robots Market Research Report by Forecast to 2023 | MRFR
Collaborative Robots Market is expected to a value of USD 3538.46 million and Collaborative Robots…
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