The worldwide collaborative robot market is forecast to grow from $10 billion in 2015 to $95 billion by 2024 – nearly a 10-fold increase.
A new report by Transparency Market Research says major robotics companies are gearing to expand their operations with the acquisition of smaller and local automation companies.
Leading companies such as ABB, Kuka, Kawasaki Heavy Industries, and Robert Bosch are expected to launch products in the coming years to service the increasing global demand.
The research report predicts the global collaborative robot market will expand at a growth rate of 30 per cent during the forecast period from 2016 to 2024.
Despite a slight slump, the material handling sector is expected to lead the growth, with a share of 24% in the global market.
Strong demand for collaborative robots is also tipped in the packaging, warehousing, food and beverage, automotive, pharmaceutical, machinery, test and measurement, assembly and welding sectors.
Europe to remain dominant
The assembly segment is also projected to showcase steady growth in the global market during the forecast period.
Europe, which now has a leading share in the global market and is expected to remain dominant throughout the forecast period.
However, strong demand from North America, Asia Pacific, the Middle East and Africa, and Latin America is also expected.
The research report attributes the increasing demand for collaborative robots to new innovative approaches at humanizing robots to simplify mechanical tasks.
Collaborative robots have become more compact and versatile, giving automation companies a broad range of products from which to choose.
Improvements in workplace safety – with collaborative robots working safely in tandem with humans – has also fuelled demand.
But the accuracy, precision, reliability and efficiency that collaborative robots bring to the workplace is the key growth driver of the global market.
Remarkably affordable
Also, price of collaborative robots continues to fall meaning higher returns on investment. This is expected to keep the demand for these products steady throughout the forecast period.
And the falling price of computer processing capacity and sensors have made the price of collaborative robots remarkably affordable in recent years.
In coming years businesses will require robots that work even faster and more efficiently, says Transparency.
This will be the major challenge for robotics companies in the next decade.
