Dublin, Sept. 25, 2020 (GLOBE NEWSWIRE) -- The "Collaborative Robots Market by Component (Hardware and Software), Payload (Less than 5Kg, 5 to 10 Kg), Application (Material handling, Assembly line), End-user (Automotive, Electronics, Metal and Machinery), and Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The collaborative robots market is expected to grow at a CAGR of 22.6% from 2020 to 2027 to reach $1.43 billion by 2027. In terms of volume, the market is projected to reach 56,479 units, growing at a CAGR of 26.1% during the forecasted period (2020-2027).

Succeeding an extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out an impact analysis of the key industry drivers, restraints, and opportunities. The overall collaborative robots market is driven by the factors such as advancements in human-machine interface to enhance industrial production, rapidly evolving advanced software to enhance human safety, and increasing adoption due to ease of programing of collaborative robots. However, the lack of proper training for human operators and lack of high-speed operation and faster cycle time capabilities will obstruct the growth of this market to some extent.

The global collaborative robots market study presents historical market data in terms of value (2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of application, component, payload, end-user, and geography. The study also evaluates industry competitors and analyses the market at a country level.

Based on component, the hardware segment is estimated to command the largest share of the overall collaborative robots market in 2020. However, the software segment is projected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the factors such as rising requirements of computer vision to improve cobot's efficiency, increasing adoption of AI and industry 4.0, and growing need to process sensor data gathered from cobots in real-time to efficiently handle any complicated task.

Based on application, the material handling segment is estimated to command the largest share of the overall collaborative robots market in 2020. However, the assembly line segment is projected to grow with the fastest CAGR during the forecast period. The growing deployment of collaborative robots to make the assembly line operations risk-free and faster, produce higher repeatability and quality product, and prevent damage to parts is contributing to the rapid growth in the demand for collaborative robots for assembly line during the forecast period.

Based on end-user, the automotive segment is estimated to command the largest share of the overall collaborative robots market in 2020. The factors attributed to the largest share of this segment is the growing need to automate complex manufacturing processes that require high precision and accuracy in the automotive industry. For instance, collaborative robots in the automotive industry are used for loading and unloading of machine parts, installation of door panels, and assembling of small parts such as motors or pumps. However, the electronics segment is projected to grow with the fastest CAGR during the forecast period.

Geographically, Asia Pacific region is estimated to command the largest share of the global IVD reagents market in 2020, followed by Europe. The major share of Asia Pacific is mainly attributed to the presence of large-scale manufacturing industries in the region especially in the automotive, electronics, and metal and machinery sectors. The declining cost of collaborative robots and a shortage of skilled labor are also contributing to the growth of the market in this region. Further, the demand for robots has significantly increased due to the growing need for automation in diverse industries such as food and beverages, providing an attractive opportunity for collaborative robots market players in the Asia Pacific region.

Scope

Market by Application

Market by End-User

Market by Component

Market by Payload

Market by Geography

Companies Mentioned

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