Albany, NY -- (SBWIRE) -- 03/15/2017 -- Collaboration is defined as an action of working with someone in order to produce or create something. Collaborative robots are machines that serve the manual job consistently, efficiently, and accurately. As per the International standards ISO 10218, there are typically four types of collaborative features of robots: safety monitored, hand guiding, speed and separation monitoring, and power and force limiting. With the rising population, several industries are in need to increase their production capacity and consequently, the demand in the global collaborative robots is increasing. According to a recent report by Transparency Market Research, the global market for collaborative robots had an opportunity worth US$10.3 bn in 2015, and rising at a robust CAGR of 30.0% during the forecast period of 2016 to 2024, the valuation is estimated to reach US$95.0 bn by the end of 2024.

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Which segments of global collaborative robots markets are most lucrative?

Several industries require collaborative robots, such as electronics, automotive, metal and machining, plastic and polymers, food and beverages, furniture and equipment, and pharma and chemistry. Out of these, flourishing automotive sector is currently serving the maximum demand, followed by metal and machining, and food and beverages. In addition to incremented production, manufacturing companies now have taken a note of safety benefits brought in by the collaborative robots, and hence the report expects the growth rate of the market to remain significant over the course of next few years.

In terms of application, the report segments the global collaborative market into packaging, material handling, quality testing, assembly, machine tending, and welding. Among these, although anticipated to experience a slight slump, the report expects the segment of material handling to remain most lucrative, accounting for 23.8% of the global market by the end of 2024.

Which factors are influencing the growth rate of the market?

The demand to increase production capacity in an error-free manner is prompting manufacturers to shift towards innovative approaches with the help of collaborative robots. In the recent times, technological advancements have led to various sizes of collaborative robots, which now allows automation companies to choose from an extended range of products. Moreover, the ability of collaborative robots to work in tandem with human is another factor favoring the uptake. The report expects the prosperity of several industries such as food and beverage, packaging, and automotive to reflect positively on the global collaborative robot market.

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What is the nature of the competition in the market?

The global market for collaborative robot is marked by the presence of a few global players along with several local and regional players. Major players such as ABB Ltd., Kawasaki Heavy Industries, Ltd., Kuka AG, and Robert Bosch GmbH are expected to acquire smaller players during the course of the forecast period to extend their regional outreach.