Collaborative robots market worth US$3.3B by 2022: MarketsandMarkets
August 8, 2016 by Manufacturing AUTOMATION
Aug. 8, 2016 – The global collaborative robots market will reach US$3.3 billion by 2022, and will grow at a CAGR of 60.04 per cent between 2016 and 2022, according to a new report by MarketsandMarkets.
Titled Collaborative Robots Market by Payload (Up to 5 Kg, Up to 10 Kg, & Above 10 Kg), Application, Industry and Geography – Global Forecast to 2022, the report believes the market will be driven by high ROI, the low price of collaborative robots, and increased investments in automation.
“The global collaborative robots market is driven by application in industries such as automotive, metal and machining, furniture and equipment, food and beverages, plastic and polymers, and others. Collaborative robots used in the automotive sector accounted for the largest share of the global collaborative robots market in 2015; this market is expected to grow at a significant rate between 2016 and 2022, driven by the growing focus of consumers on safety features provided by collaborative robots in the field of manufacturing and automation. In developed regions, such as North America and Europe, growth in the collaborative robots market in the automotive sector is expected to be driven by rise in safety rated manufacturing and the growing trend of precision which were not possible due to the common human errors, while, in developing regions, such as Asia-Pacific and RoW, it is likely to be driven by the rise in industrial automation during the forecast period,” noted the report.
Marketsandmarkets found Europe to be the largest market for collaborative robots in 2015, but it expects Asia-Pacific to surpass Europe by 2018 and hold a “large market share” through 2022.