New York, March 16, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Collaborative Robots Market Size, Share, Trends and Growth Forecasts to 2025 - Global Analysis and Forecasts by Payload (Up to 5 Kg, 5-10 Kg, and Above 10 Kg), Application (Assembly, Material Handling, Pick & Place, Quality Testing, Packaging, Machine Tending, and Welding) and End-user Industry (Automotive, Metal & Machinery, Electronics, Pharmaceuticals, Plastic & Polymers, and Food & Beverage)”,the global collaborative robots market size to register a CAGR of 51.4% from 2018 to 2025, it is estimated to reach from USD 0.128 million in 2017 to USD 3.51 billion by 2025.
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Global Collaborative Robots Market– Report Scope:
| Market Size Value in | USD 0.128 Billion in 2017 |
| Market Size Value by | USD 3.51 Billion by 2025 |
| Growth rate | CAGR of 51.4% from 2018 to 2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2017 |
| No. of Pages | 198 |
| No. of Tables | 96 |
| No. of Charts & Figures | 72 |
| Historical data available | Yes |
| Segments covered | Payload, Application, and End-user Industry |
Collaborative Robots Market: Competitive Landscape and Key Developments
ABB, Robert Bosch, Fanuc, Universal Robots, and Kawasaki are among the key collaborative robots market players operating globally. During this study, several other market players were analyzed to get a holistic view of the collaborative robots market size and its ecosystem.
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Collaborative Robots Market Insights – Regional Dynamics
Manufacturing industry plays a vital role in the North American economy. The region comprises of developed nations i.e. the U.S., and Canada, as well as Mexico as a developing country. The availability of efficient infrastructure in the developed nations has enabled the manufacturing companies to explore the limits of science, technology, and commerce. Currently, the U.S. manufacturing industry is expected to grow faster during the coming years due to several favorable factors including, increased productivity owing to presence of new technologies; decreasing gas prices; rising labor costs in emerging markets; as well as better protection available to companies regarding their intellectual property. The automotive industry is one the largest manufacturing sector in the U.S. According to OICA data, total car production in year 2016 was 4.2 million in the U.S. Further, the country has a strong aerospace & defense manufacturing sector. Recently, the federal government pledged to bring back the manufacturing companies to the U.S., which shifted overseas for attaining cost-competitiveness. The government announced its plans to offer tax-cuts to manufacturers based in the U.S. as well as to impose higher tariffs on overseas manufacturers. This will further propel the growth of manufacturing industry in the country thereby, accelerating the growth of collaborative robots market in the U.S. Also, currently. Canadian manufacturing is turning more favorable, with improving numbers for coal, metal, and oil products. These factors are further contributing to the growth of the global collaborative robots market. Canada enjoys privileged entrance to some of the world’s largest and most significant automotive markets through Under NAFTA as well as the free trade agreement with the EU. These trade agreements enable automotive investors in the country to gain advantage from integrated global supply chains as well as grab new export market prospects. The country has a recognized automotive supply sector consisted of several largest auto parts companies. The presence of these manufacturers is anticipated to positively influence the collaborative robots market growth in Canada. Mexico’s proximity to the U.S., and South American countries and availability of cheap and skilled labor force in the country is one of the major cause that is attracting foreign investment. Other than this, the government also provides tax credits & incentives and duty free imports enabling companies to import equipment and materials in a tax or duty free environment and then re-exporting finished products. These factors are driving the growth of various manufacturing industries including, automotive component manufacturing in the region and thereby, the market for collaborative robots in Mexico is anticipated to experience a growth during the forecast period.
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The global manufacturing industry is rapidly expanding as more and newer regions are investing to adopt manufacturing plants in their localities. Countries like China and India are promoting local manufacturing with various policies like Make in India and Make in China 2025. The expansion in the manufacturing industry is further highly driven by the economic growth worldwide. Also, the industry is presently found to be in the middle of a technological renaissance, which is changing the outlook, systems, and processes of the modern factory. This technological revolution in the factories has been encouraging the manufacturing industries to further invest into these emerging technologies to enhance their productivity and production cycle. Thus, the rapid expansion in the manufacturing industry is expected to drive the demand for collaborative robots globally, thereby contributing to the collaborative robots market growth.
Collaborative Robots Market: Application Overview
Based on product type, the collaborative robots market size is segmented into material handling, pick & place, quality testing, packaging, machine tending, & welding and others. The pick & place segment accounted for the largest share of the market in 2017. Deploying collaborative robots for pick & place operations adds value to the production and significantly improves quality at the same time. These pick & place application is mostly performed by collaborative robots across manufacturing industries, and automotive industries, among others. Increasing accuracy, reducing wastage, increased efficiencies are some of the advantages offered by collaborative robots in the pick & place operations.
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