Collaborative Robots Market will take to be boost the next level from 2018 to 2024

A comprehensive research study on collaborative robots market introduced by Global Market Insights, Inc. provides insights into the market size and growth trends of this industry over the forecast timeline. The study evaluates key aspects of market in terms of the demand landscape, driving factors and growth strategies adopted by market players.

The above 10 kg load capacity segment in the collaborative robots market is expected to account for the highest demand over the forecast period. The growth of this segment is credited to the high capacity of carrying loads, which reduce the number of cycles for performing loading, unloading, and transporting operations. Additionally, they also deliver higher bulk outputs as compared to the low payload capacity devices. The implementation of this segment requires a lesser number of similar systems as they can perform the task of two or more systems. The 5-10 kg load capacity systems are growing steadily in the market owing to their use in small manufacturers or warehousing companies, which do not have large bulks of products and complex operations.

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The pick and place application in the market holds high growth potential growth shares and is expected to dominate in the coming years. The high demand for this segment is due to the ease in loading/unloading operations, reduction in human involvement in picking and placing of bulk products, and time-saving as these machines are faster than human laborers. The assembly application segment in the collaborative robots market is expected to gain large revenue and growth shares over the forecast years. This growth is attributed to the easy programming of these systems to carry out assembly operations. These machines can be easily guided and controlled by humans to ensure an effective performance by assembling the correct products in their appropriate places.

The U.S. is expected to witness large growth and revenue shares owing to the rapid adoption of the automation and robotics technology. Presence of major manufacturers of these systems and increasing investment power of companies to implement these systems in their environment, drive the collaborative robots market growth. Furthermore, the region also accounts for high labor cost and unavailability of efficient laborers for performing complex operations. India, China, and Japan in the Asia Pacific region is witnessing a high demand for these machines in the recent years. The market growth in China is due to the presence of a large number of manufacturing companies such as consumer electronics and e-commerce companies, which implement these systems in a number of tasks such as assembly, transportation, sorting, and packaging of products.

The technologies are highly susceptible to cyber and physical security threats. Malfunctioning and power surges can lead to injuries and loss of human life. However, these problems can be overcome while manufacturing by implementing efficient security systems that limit the force and power of clamps to prepare for the worst-case scenarios, increasing market share. Hand guiding these robots while performing complex operations on floors is an issue hindering the market growth. The systems move on commands received from controller units, which are sometimes missed, resulting in incorrect operations and damages to the products. These systems require regular technical upgrades, mandating companies to expend large financial funds and negatively impacting the collaborative robots market demand. SMEs and start-ups most often have limited funds and cannot afford timely system upgrades and repairs.

Collaborative Robots Market is driven by the increasing demand for robotics and automation technology in several industry verticals such as e-commerce, retail, and manufacturing sectors. Companies are increasingly implementing automated technologies as a replacement for human labor as they are affordable, easily trainable, and flexible as compared to humans, driving the collaborative robot market. The prices of sensors are declining continuously due to the high penetration of sensor manufacturers and their varied uses ranging from high-end to low-end applications, cutting down the total cost of manufacturing these technologies. The ease of training and the deployment of these systems as compared to traditional and bulky equipment is fueling the market growth.

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