LONDON--(BUSINESS WIRE)--The global collaborative robots market size is expected to grow by USD 6.83 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 51%. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on "Collaborative Robots Market Analysis Report by Application (Material handling, Assembly, Inspection and testing, Welding, and Painting and dispensing) and Geography (Europe, APAC, North America, South America, and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the increased adoption rate in the SME sector. In addition, the acquisitions and strategic partnerships among key market players are anticipated to boost the growth of the collaborative robots market.
The increase in the outsourcing of manufacturing operations to low-cost destinations has hampered the growth of the SME sectors in developed nations. To maintain the equilibrium of large, small, and medium-scale enterprises in developed nations, collaborative robots are increasingly being implemented for curtailing the high labor cost in the industrial sector. Hence, there is an increased interest among SMEs to deploy collaborative robots on their factory floor. During the forecast period, the market is likely to gain traction due to the demand for applications such as pick-and-place, machine tending, material handling, assembly line, welding, packaging, and inspection, especially by the SME sector.
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Major Five Collaborative Robots Companies:
ABB Ltd. has business operations under various segments, such as electrification, industrial automation, motion, and robotics and discrete automation. The company offers robots for various applications such as arc welding, assembly, coating, and other applications.
FANUC Corp. operates its business through three segments: FA business division, Robot business division, ROBOMACHINE business division. The company offers collaborative robot CR-4iA, collaborative robot CR-7iA and CR-7iA/L and others.
Festo SE & Co. KG
Festo SE & Co. KG has business operations under two segments: automation and didactic. The company offers bionic cobot for human-robot collaboration.
Hans Laser Technology Industry Group Co. Ltd.
Hans Laser Technology Industry Group Co. Ltd. operates its business through various segments, such as laser marking machines, laser welding machines, laser cutting machines, 3d printers, automation, inspection, and CNC and collaborative robots. The company offers collaborative robots for integrated automatic production line, assembly, pickup, welding, grinding, and painting.
Kawasaki Heavy Industries Ltd.
Kawasaki Heavy Industries Ltd. has business operations under various segments, such as aerospace systems, energy system and plant engineering, precision machinery and robot, ship and offshore structure, rolling stock, and motorcycle and engine. The company offers collaborative robots applied for assembly, material handling, material removal, spot welding.
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Collaborative Robots Application Outlook (Revenue, USD bn, 2020-2024)
- Material handling
- Inspection and testing
- Painting and dispensing
Collaborative Robots Regional Outlook (Revenue, USD bn, 2020-2024)
- North America
- South America
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