Global Collaborative Robots Industry Insight
The study on the global Collaborative Robots Market 2020 by Market Research Future has been conducted with the bird’s eye view of the current proceeding within the collaborative robots industry. The report also considers the impact of the novel COVID-19 pandemic on the collaborative robots market. It offers a clear assessment of the projected market fluctuations during the forecast period (2018-2023) at a pace of 54.22% CAGR while anticipating a valuation of USD 3538.46 million in the same years.
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Collaborative robots are majorly being employed in industries such as electronics, automotive, aerospace, furniture & equipment, packaging, metals & machining and more due to pandemic caused by Coronavirus. This virus has led to contact-less activities. Such a scenario has encouraged usage of advanced robots to avoid contact with products. In this sudden environment, rising demand for robotics in industries has acted as a significant driver for the global collaborative robot market. Also, the growing demand for automation in industries worldwide is escalating the demand for robotics for future trends.
Collaborative robots market is closely related to the market of robots that are proposed to work along with humans and physically interact with humans. Collaborative robots, as compared to traditional industrial robots, are designed to function with limited human guidance or autonomously. Supportive advanced proximity, pressure & other sensors ensure the safety of accompanying humans.
Market Segmentation
The global collaborative robots market has been segmented based on application, components, regions, type, vertical, and payload.
On the basis of application, the market for collaborative robots is segmented based on assembling, handling, machine testing, packaging and palettization, quality testing, welding and gluing, pick and place, and others. Additionally, the market on the basis of components, is segmented into drives, end effectors, sensors, controllers, and others.
The global market for collaborative robots is also covered based on type segment which is further split into hand guiding, power & force limiting, speed & separation, and safety monitored stop.
On the basis of verticals, the market for collaborative robots is segmented based on aerospace, electronics & semiconductor, food & beverages, healthcare, manufacturing, metals & mining, automotive, and others. Additionally, the market on the basis of payload, is segmented into 5kg, 5kg to 10 kg, and above 10 kg.
Major elements such as technical complexities could obstruct the collaborative robots market growth. However, according to the collaborative robots market research report, implementation of artificial intelligence along with the growing trend for human-robot collaboration will propel growth throughout the forecast period. The collaborative robots market is set to register growth at a high CAGR owing to these key factors.
The exploration of application, components, regions, type, vertical, and payload segments along with regional markets has been given in the global collaborative robots market research report. The research analysts studying the collaborative robots market have put out market forecasts in the collaborative robots market research report in order to support collaborative robots market-based companies. The collaborative robots market research report provides an extensive understanding of the collaborative robots market based on the information and forecasts till 2023.
Regional Overview
North America, Europe, Asia Pacific and the rest of the world regional market for collaborative robots are predominantly covered in the global collaborative robots market research report. Country-level collaborative robots markets spread across North America – the United States, Canada, and Mexico are also covered in the report.
In South America – Brazil and other country-level collaborative robots markets are covered in the report. In Asia-Pacific (APAC) region, the country-level collaborative robots markets covered are Japan, India, China, and others. The collaborative robots market research report also explores the regional market for collaborative robots present in Europe in the United Kingdom, France, Italy, Spain, and Germany, etc. The collaborative robots market research report also covers regional markets from the rest of the world alongside collaborative robots markets of Africa and the Middle East.
Competitive Landscape
Adoption of industry 4.0 standards is expected to drive the collaborative robots market growth worldwide. The global collaborative robots market could be challenged by budget restrictions among small and medium businesses, nevertheless, organizations in the collaborative robots market will carry the growth rate forward. The collaborative robots market research report presents company profiles of major companies active in the collaborative robots market globally. Furthermore, the global collaborative robots market report offers an all-inclusive analysis of the market collected from the collaborative robots market’s primary and secondary sources covering both decision makers and thought leaders. The collaborative robots market research report highlights such key areas assisting businesses operating in the collaborative robots market to build better growth strategies.
Industry News
South Korea's first ever thermal management module, integrated into EV drive and battery components has successfully been developed by HYUNDAI WIA. HYUNDAI WIA was the first company to create the 'Integrated Coolant Service Module' (ICSM), an electric vehicle heat management system. This module will be set on the Electric Modular Platform (E-GMP) of the Hyundai Motor Group, and mass production will be facilitated by 2023. This is confirmed on the Battery Electric Vehicle Group (BEV). In order to drive transformation of the company from power train parts to environment-friendly parts maker, HYUNDAI WIA aims to use this R&D achievement as a step forward.
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