The global collaborative robots market is poised to rise with a CAGR of 50.02% over the forecast period of 2018-2026. The market is largely driven by factors like growing need for user-friendly automation, increasing demand for robotics, low capital investment in cobot's leading to a high return on investment (ROI), heavy investments in the research & development field of robotics, the increasing applications of collaborative robots, and rising government support.
The global collaborative robots market is segmented by components, payload type, end-user industries, and applications. The market by components is further divided into drives, controller, end effector, sensor, etc. The payload type is divided into- payload up to 5kg, payload from 6-10kg and payload above 10kg. The end-user industries for the market include electronic & semiconductor, automotive, food & beverage, aerospace, plastic & polymer, metals & machining and other end-user industries whereas the market finds its application in assembling, packaging, material handling, quality testing, machine tending and other applications.
The global collaborative robots market is geographically spread over North America, Europe, Asia-Pacific and the rest of the world. The Asia Pacific collaborative robots market is expected to be the fastest growing market for the forecast period, owing to the increasing demand for automation across varied industries in the region. The European market accounted for the biggest market share in the year 2017. The market is chiefly being driven by active government support, high investments in R&D and the presence of major companies in the region.
Strategies such as partnership, merger & acquisition, contracts, new product launch, etc. are increasingly being implemented by the market giants to compete in the market. Some of the major market players include ABB Ltd, Aubo Robotics, Energid Technologies Corporation, Epson, Fanuc Corporation, F&P Robotics Ag, Kawasaki Heavy Industries Ltd, Kuka Ag, MRK-Systeme GmbH, Nachi Robotics Systems, Precision Automation & Robotics India Ltd, Rethink Robots Inc, Robert Bosch GmbH, Teradyne Inc and Yaskawa Electric Corporation.