Collaborative robots are tools designed and developed for automating tasks and making work simpler for humans. The continuous development in the automation industry is expected to boost the growth of the global collaborative robot market in the coming years. The safety of these robots has increased their demand in various end-user industries are they can perfectly work in tandem with the human workforce. The report states that the global collaborative robot market is expected to be worth US$95.0 bn by the end of 2024 as compared to US$10.3 bn in 2015. Between the forecast years of 2016 and 2024, the global market is anticipated to expand at a CAGR of 30.0%.

The global collaborative robot market is expected to be fueled by the wide range of collaborative robots that have allowed automation companies the chance to pick the perfect product.

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Material Handling Segment Offers Unprecedented Support to Global Collaborative Robot Market

The report states the growing need for automation in sectors such as packaging, automotive, food and beverages among others will definitely contribute to the soaring revenue of the global market. Currently, these robots are predominantly being used for material handling, packaging, machine tending, and assembly tasks. A unique feature of collaborative robots is their force-limited joints, which have been designed with utmost deliberation to identify forces due to impact and react quickly. The low weight of collaborative robots has played an important role in the growth of the global market.

On the basis of application, the global collaborative robots market is segmented into packaging, material handling, quality testing, assembling, machine tending, welding, and others. Material handling segment accounted for the highest market share in the global collaborative robot market.

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Europe Dominates Global Market as Region Emphasizes on Automation

On the basis of geography, the global collaborative robot market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. As of 2015, Europe dominated the global market in 2015 in terms of revenue.

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The key players operating in the global collaborative robot market are ABB Ltd., Fanuc Corporation, Kuka Ag, Teradyne Inc., Robert Bosch GmbH, Rethink Robots, Energid Technologies, F & P Robotics AG, Nachi Robotic Systems, Inc., and Kawasaki Heavy Industries, Ltd. among others.