Smart Home Market worth $135.3 billion by 2025, at a CAGR of 11.6%

 

According to the new research report "Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Entertainment, Home Healthcare), Software & Services (Proactive, Behavioural), and Region - Global Forecast to 2025", the global smart home market size is expected to grow from USD 78.3 billion in 2020 to USD 135.3 billion by 2025, at a CAGR of 11.6%. The growth of the market is driven by many factors, such as an increasing number of internet users, increasing disposable income of people in developing economies, the rising importance of home monitoring in remote locations, and the growing need for energy-saving & low carbon emission-oriented solutions. Moreover, the rapid proliferation of smartphones & smart gadgets, expansion of smart home product portfolio by a large number of players, growing concern about safety, security, and convenience among the general population will fuel the demand for smart home solutions.

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“The smart speakers market is likely to grow at a high rate during the forecast period.”

The growth of the smart speaker market is driven primarily by the increasing adoption of smart homes, high disposable income, the popular trend of personalization, and the rapid proliferation of multifunctional devices. Factors such as increasing focus of companies on enhancing customer experience and consumer preference for technologically advanced products over traditional products are expected to provide opportunities to smart speaker providers. Further, recent developments in artificial intelligence (AI) and natural language processing (NLP) to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart homes.

“The proactive type software and services segment to grow at a higher rate during the forecast period.”

Proactive type software and services facilitate the transmission of data, along with the best possible solutions, to end-users for actions to be taken after receiving the information. The proactive type enables the transfer of a larger volume of data than the behavioral type; it can provide inputs to end-users regarding effective energy usage and required actions on the physical parameters to reduce energy consumption.

Proactive solutions are more beneficial than the behavioral type as they can also send recommendation signals to end-users to take necessary actions to reduce energy consumption. Moreover, based on the user’s actions, measures to control electronic devices can be implemented. Due to these advantages, the market for proactive type software and services is expected to grow at a higher rate during the forecast period.

“The APAC smart home market is expected to grow at a high rate during the forecast period.”

The smart home market in APAC is expected to grow at a high rate during forecast period. Owing to the rising number of new residential projects and an increasing number of initiatives toward strengthening the building infrastructure in the region. There is a considerable demand for smart homes in APAC countries such as Japan, South Korea, China, and Rest of APAC (RoAPAC). Currently, China and South Korea are considered huge markets for smart home systems due to the high demand for various control devices, including lighting control solutions, in the country. The presence of a large base of end-users in advanced economies such as China, Japan, and South Korea and the high demand for energy management systems are the major factors that are likely to fuel the demand for smart homes in this region.

The smart home market is currently dominated by Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell International, Inc. (US), and Siemens AG (Germany).

Other players operating in the smart home market are Amazon, Inc. (US), Apple Inc. (US), Google (US), ADT (US), Robert Bosch Gmbh (Germany), ASSA ABLOY (Sweden), ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), ABB (Switzerland), Legrand S.A. (France), GE (US), Comcast Corp. (US), Hubbell Inc. (US), Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sony (Japan), Control4 Corp. (US), Lutron Electronics Co. Inc. (US), Vivint (US), and Axis Communication AB (Sweden), among others. Almost all companies, including key players, have adopted a few major strategies such as product developments and launches, mergers and acquisitions, and partnerships and collaborations to grow in the smart home market.

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Artificial Intelligence in Healthcare Market worth $45.2 billion by 2026

 

According to the new market research report on the "Artificial Intelligence in Healthcare Market with Covid-19 Impact Analysis by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-Aware Computing, Computer Vision), End-Use Application, End User and Region - Global Forecast to 2026", The global AI in healthcare market is expected to grow from USD 4.9 billion in 2020 and reach USD 45.2 billion by 2026; it is projected to grow at a CAGR of 44.9% during the forecast period. The major factors driving the growth of the market are the increasing volume of healthcare data and growing complexities of datasets, the intensifying need to reduce towering healthcare costs, improving computing power and declining hardware costs, growing number of cross-industry partnerships and collaborations, and rising imbalance between health workforce and patients driving the need for improvised healthcare services. Another major fueling the market growth currently is the adoption of this technology by multiple pharmaceutical and biotechnology companies across the world to expedite vaccine or drug development processes for COVID-19.

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Software segment in AI healthcare market projected to grow at highest CAGR during forecast period.

Many companies are developing software solutions for various healthcare applications; this is the key factor complementing the growth of the software segment. Growing adoption of AI-driven healthcare informatics solutions and healthcare operational support by hospitals and other healthcare service providers is expected to boost the demand for services in the later part of the forecast period.

Machine learning in AI healthcare market projected to grow at highest CAGR during forecast period.

Growing adoption of deep learning in various healthcare applications, especially in the areas of medical imaging, disease diagnostics, and drug discovery, and the use of different sensors and devices to derive a patient’s health status in real time are supplementing the growth of the market.

Medical imaging & diagnostics segment in AI healthcare market projected to grow at highest CAGR during forecast period.

The high growth of the medical imaging and diagnostics segment can be attributed to factors such as the presence of a large volume of imaging data, advantages offered by AI systems to radiologists in diagnosis and treatment management, and the influx of a large number of startups in this segment.

Patients segment in AI healthcare market projected to grow at highest CAGR during forecast period.

Increasing demand for personalized care, the need to reduce hospital readmissions, and the convenience offered by AI products and solutions are the key factors driving the growth of the patients segment in the AI in healthcare market.

AI in healthcare market in APAC projected to grow at highest CAGR during forecast period.

China is the highest healthcare spender among APAC countries and has charted out official plans to digitize medical records. In addition, the Chinese government is undertaking initiatives to encourage the adoption of AI technologies in healthcare. These will drive the market for AI in healthcare in China. Japan is likely to hold the second-largest market share during the forecast period.

Major players in the AI in healthcare market are NVIDIA Corporation (NVIDIA) (US), Intel Corporation (Intel) (US), International Business Machines Corporation (IBM) (US), Google Inc. (Google) (US), Microsoft Corporation (Microsoft) (US), Amazon Web Services (an Amazon.com, Inc. subsidiary) (AWS) (US), General Vision, Inc. (US), General Electric (GE) Healthcare (US), Siemens Healthineers (Germany), Medtronic plc (US), Johnson & Johnson Services, Inc. (Johnson & Johnson) (US), and Koninklijke Philips N.V. (Netherlands).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Industrial Control and Factory Automation Market worth $229.3 billion by 2025

 

According to the new market research report,  "Industrial Control and Factory Automation Market by Solution (SCADA, PLC, DCS, MES, PLM, PAM, Functional Safety), Component (Industrial Robots, Industrial 3D Printing, Control Valves, Machine Vision, HMI), Industry, and Geography - Global Forecast to 2025", the global industrial control and factory automation market size is projected to reach USD 229.3 billion by 2025 from USD 151.8 billion in 2020, at a CAGR of 8.6%. The growth of this market can be driven by the factors such as increasing use of enabling technologies in manufacturing, rising adoption of industrial robots in the manufacturing sector, connected supply chain along with mass production to meet the demands of rising population, government initiatives toward the adoption of industrial automation in various industries.

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“Sensors to capture largest market share of global industrial control and factory automation market for components”

Sensors are an essential part of industrial control and factory automation solutions. Manufacturers of sensors are continuously focusing on developing advanced solutions to help end users in enhancing their production efficiency. The smart sensor can transform simple motor into intelligent machines, which inform machine operators about the operating conditions of machines and about their servicing requirements to avoid unexpected machine breakdowns, optimizing the performance of machines. Hence, it is expected to capture the largest market share in the component of the industrial control and factory automation market by 2025.

“Process automation and control in industrial manufacturing plant drives growth for DCS ”

DCS held the largest market share of the industry control and factory automation market. This growth is attributed to a high rate of industrialization in developing economies. Developing countries have expansion and capacity addition plans related to the power sector, which would boost the demand for DCS. DCS provides process automation and control in industrial manufacturing plants that drive the industrial control and factory automation market. The advantages of using DCS systems in manufacturing plants are decision integrity, simplified operations, and increasing productivity. Some of the application areas of DCS are oil & gas, automobile, chemical, food & beverages, and pharmaceuticals industries.

 “APAC to be largest market for industrial control and factory automation during forecast period.”

The market in Asia Pacific (APAC) comprises Japan, China, India, and RoAPAC. APAC is expected to be the fastest-growing region for the industrial control and factory automation market due to the technological innovations and high adoption of automation technologies in various industries. The major application areas for industrial control and factory automation in APAC are chemicals, oil & gas, water, semiconductor, electronics, food, and automobiles. China is one of the major players from the APAC region in the industry control and factory automation market. China has been working on an innovative industrial practice by implementing automation technologies in manufacturing. In addition, research institutes and corporates are collaboratively working to improve Chinas manufacturing processes. Further, in China, industrial intellectualization and information integration remain the main focus of the government industrial policy. This initiative is expected to increase the demand for industrial control and factory automation in this country.

Major players operating in the industrial control and factory automation market Emerson (US), ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider (France), Endress+Hauser (Switzerland), Yokogawa (Japan), Honeywell (US), WIKA (Germany), Azbil (Japan), Fuji Electric (Japan), 3D Systems (US), HP (US), FANUC (Japan), STRATASYS (US), Progea (Italy), Hitachi (Japan), Vega (Germany), Danfoss (Denmark), Tegan Innovations (Ireland), Krohne (Germany), Rockwell (US), Chaos Prime (US), and Dwyer (US), among many others.

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Real-Time Location Systems Market worth $10.3 billion by 2025, at a CAGR of 24.8%

 

According to the new market research report "Real-Time Location Systems Market (RTLS) with COVID-19 Impact Analysis by Offering (Hardware, Software, Services), Technology, Vertical (Healthcare, Manufacturing, Retail, Education, Govt., Sports), Application/Use case, Geography- Global Forecast to 2025" , The RTLS market is expected to grow from USD 3.4 billion in 2020 to USD 10.3 billion by 2025; it is expected to grow at a CAGR of 24.8% from 2020 to 2025. The RTLS market has been witnessing significant growth over the past years, mainly owing to the high adoption of RTLS solutions in the healthcare, manufacturing & automotive, retail, and transportation & logistics verticals, and growing adoption in emerging use cases. However, the COVID-19 outbreak is likely to result in a decline in the growth rate of the RTLS market, especially in 2020 and 2021. This is because organizations in most of the major demand-generating verticals are currently or were non-operational in various countries, thereby negatively impacting the demand for RTLS solutions. Additionally, COVID-19 has also disrupted the supply chain of the RTLS market, which is hindering the manufacturing, distribution, and installation of RTLS solutions.

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Wi-Fi segment to hold the largest share of the RTLS market, by technology, in 2020

Wi-Fi segment will lead the RTLS market, by technology, in terms of size, in 2020. A number of RTLS vendors have been using the existing Wi-Fi infrastructure to lay out RTLS solutions for the purpose of data sharing. This has resulted in the greater use of Wi-Fi technology for RTLS applications, especially in newer verticals and emerging markets.

The market for supply chain management & operational automation/visibility segment to grow at the highest CAGR during the forecast period

The supply chain management & operational automation/visibility application segment is expected to witness highest growth in the RTLS market during the forecast period. In this segment, RTLS solutions are gaining popularity for locating inventory in warehouses as well as throughout supply chains. RTLS technologies allow better visualization of supply chain dynamics in real time. As companies move toward Industry 4.0, there arises the demand for greater visibility to facilitate faster decision-making. Real-time data of supply chain operations allows quicker response times for any alterations in normal operations.

North America to hold the largest share of RTLS market by 2020

North America is expected to hold the largest share of the RTLS market by 2020. The US leads the market in North America owing to its well-established economy that encourages government and private investments in new technologies. Europe is expected to account for the second-largest share of the RTLS market during the forecast period. The UK and Germany are significant demand-generating countries for RTLS solutions in this region.

A few key players operating in the RTLS market are Stanley Black & Decker (US), Zebra Technologies (US), Aruba Networks (US), Impinj (US), Savi Technology (US), TeleTracking Technologies (US), AiRISTA (US), Ubisense Group (UK), Decawave (Ireland), and Litum Technologies (Turkey).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Indoor Air Quality Monitor Market worth 4.63 Billion USD by 2022

 

According to the new market research report "Indoor Air Quality Monitor Market by Product (Fixed, and Portable Indoor Monitor), Pollutant Type (Chemical, Physical, and Biological), End–User Application (Government Buildings, Industrial, Commercial, Residential) - Global Forecast to 2022", the market is expected to grow from USD 2.52 Billion in 2015 to USD 4.63 Billion by 2022, at a CAGR of 9.22% between 2016 and 2022. The rising demand for indoor air quality monitoring products is due to the increasing adoption of smart home & green-building technologies, growing consumer preference for pollution-free indoor environments, and development and commercialization of innovative wearable air-quality monitoring devices.

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Market for portable indoor monitor to grow at the highest rate during the forecast period

On the basis of product, the global air indoor quality monitor market has been segmented into fixed and portable indoor monitors. The market for portable indoor monitors is expected to grow at the highest rate during the forecast period. The market growth can be attributed to the increasing adoption of smart homes and green-building technologies (including effective ventilation, air quality monitoring and control, and indoor dust & gas level management) and growing consumer preference for healthy and pollution-free indoor environments.

Chemical pollutant held the largest share of the indoor air quality monitor market in 2015

Chemical pollutants accounted for the largest share of the global indoor air quality monitor market in 2015. This can be attributed to factors such as the increasing number of stringent government regulations for effective monitoring and control of industrial exhausts, growing public concerns about the health implications of air pollution, and ongoing development and commercialization of innovative gas and chemical detection sensors.

Government buildings held the largest share of the indoor air quality monitor market in 2015

Government buildings accounted for the largest share of the overall indoor air quality monitor market in 2015. This can be attributed to the increasing focus of governments toward green buildings and growing health concerns due to rising air pollution. The governments in the countries such as the U.S., the U.K., and China, among others, have made stringent regulations for air pollution monitoring and have released funding for installing air quality monitors within their premises for continuous monitoring.

North America to hold the largest size of the indoor air quality monitor market during the forecast period

North America (comprising the U.S., Canada, and Mexico) is expected to hold the largest size of the indoor air quality monitor market during the forecast period. North America is a mature market, with the high penetration of advanced pollution monitoring technologies and the presence of well-established distribution channels for the supply of indoor air quality monitoring products. The U.S. is expected to dominate the market in this region in 2016. The market growth in the U.S. can be attributed to the significantly large end-user base for industrial and indoor air pollution monitoring products in the country compared to Canada. The major factors driving the growth of the market in the U.S. include significant public-private funding and investments to support air pollution monitoring-based researches and ongoing technological advancements in the field of gas analyzers and particulate sensors.

The major players operating in this market include Thermo Fisher Scientific, Inc. (U.S.), Siemens AG (Germany), Emerson Electric Co. (U.S.), 3M Company (U.S.), TSI, Inc. (U.S.),  Ingersoll Rand Plc. (Ireland), HORIBA, Ltd. (Japan), Testo AG (Germany), Aeroqual (U.S.), and Nest Labs Inc. (U.S.), among others.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Edge AI Hardware Market Shipment to reach 1559.3 million units by 2024

 

The report "Edge AI Hardware Market by Device (Smartphones, Cameras, Robots, Automobile, Smart Speakers, Wearables, and Smart Mirror), Processor (CPU, GPU, ASIC and Others), Power Consumption, Process, End User Industry, and Region - Global Forecast to 2024", The edge AI hardware market is expected to register a shipment of 610 million units in 2019 and is likely to reach 1559.3 million units by 2024, at a CAGR of 20.64% during the forecast period. Major drivers for the market’s growth are growing demand for low latency and real-time processing on edge devices and emergence of AI coprocessors for edge computing. Further, underlying opportunities for the edge AI hardware market include growing demand for edge computing in IoT and dedicated AI processors for on-device image analytics. Major restraints for the market are limited on-device training and limited number of AI experts. Power consumption and size constraint pose major challenges to the edge AI hardware market.

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In Term of Device Type, the Market for Cameras is Expected to Grow at the Highest CAGR During the Forecast Period in the Edge AI Hardware Market

Cameras have been an integral part of various smart devices with Wi-Fi support, smart functions, superior speed, and enhanced performance for years. However, cameras as standalone smart devices with vision processing units (VPU) that help deliver power-efficient solutions for vision and artificial intelligence are now entering the market. Such devices are designed to run deep neural networks at high speed and low power without compromising on accuracy, which enables devices to see, understand, and respond to their environment in real time. The VPU market is constantly witnessing advancements. For instance, the previous-generation Myriad 2 VPU developed by Movidius offered deep neural network support at relatively low power. The new Myriad X VPU (introduced by Intel (US) in August 2017), however, can achieve roughly 10X better performance; with multiple neural networks running simultaneously, to offer extended autonomous capabilities across wide range of applications such as drones, robotics, VR, and smart cameras. Due to developments like these, the market is witnessing an influx of cameras powered by AI chips that allow these devices to judge moment’s best suited to capture stills or videos.

Smartphones is Expected to Hold the Largest Market for Edge AI Hardware

Dedicated AI chip or AI processors were one of the major developments in the smartphone technology last year. Increasing demand for real-time speech and voice recognition and analysis, as well as technical advancements in smartphone image recognition is driving the market for AI processors in smartphones. A majority of AI processors have an additional inbuilt Neural Processing Unit (NPU) that can handle significant amounts of parallel processing, uses low power, and is capable of cognitive tasks. Till date, most AI-related processing like prediction, detection, pattern matching, and classification tasks on mobile apps and assistants take place primarily in the cloud. However, with AI processors built in a phone, these AI tasks could be carried out right on the device, even without any connectivity; this would not only improve performance of the device, but also reduce strain on the battery. The AI features in smartphones at present are mainly focused on imaging and photography, power efficiency and security

In APAC, China is the Largest Contributor for Edge AI Hardware Market in Terms of Market Share

Currently, China is undertaking many projects, especially in the infrastructure sector, such as rail, airport, stadiums, and highway systems that are expected to require high-definition surveillance systems, which can capture clear images even in darkness. China is home to video surveillance players such as Dahua (China) and Hikvision (China) that dominate the video surveillance hardware market. Both Hikvision and Dahua have already launched deep learning surveillance cameras in the market. China has already started deploying cloud AI based surveillance cameras to monitor its citizens. This development will lead to adoption of edge AI in surveillance cameras. China is among the highest spenders on the manufacturing sector in APAC. The manufacturing sector in China is growing rapidly, resulting in the introduction of new robotics and big data technologies. In addition, China, being a global manufacturing hub, holds immense potential for the automotive industry. These factors are expected to fuel the growth of the edge AI hardware market in China as AI is increasingly being used in the country’s automotive and transportation sectors.

Intel Corporation (US), NVIDIA Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Huawei Technologies Co., Ltd. (China), Google Inc. (US), MediaTek Inc. (Taiwan), Xilinx Inc. (US), Imagination Technologies Limited (UK), and Microsoft Corporation (US) are a few major players in the edge AI hardware market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Collaborative Robot Market (Cobot) expected to reach $7,972 million by 2026

 The report "Collaborative Robot (Cobot) Market by Payload, Component (End Effectors, Controllers), Application (Handling, Assembling & Disassembling, Dispensing, Processing), Industry (Electronics, Furniture & Equipment), and Geography - Global Forecast to 2026", is expected to grow from USD 981 million in 2020 to USD 7,972 million by 2026, at a CAGR of 41.8%. Collaborative robots are increasingly being adopted by various industries due to advantages such as increased productivity and effective employee utilization, as well as improved workplace safety. Small- and medium-sized businesses manufacturers, especially in developed countries, are expected to quickly adopt collaborative robots, as many of these smaller sized businesses are yet to adopt robotic automation in their production processes. Collaborative robots (cobots) can adapt to changing requirements as they are easily re-deployable and reprogrammable, which benefit small companies. Cobots are being adopted by large manufacturing companies as well for increased cost savings and improving the ergonomic work conditions for workers.

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Browse 84 market data Tables and 42 Figures spread through 180 Pages and in-depth TOC on "Collaborative Robot (Cobot) Market by Payload, Component (End Effectors, Controllers), Application (Handling, Assembling & Disassembling, Dispensing, Processing), Industry (Electronics, Furniture & Equipment), and Geography - Global Forecast to 2026"

View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/collaborative-robot-market-194541294.html

Automotive industry to hold largest share of market throughout forecast period

Cobots in the automotive industry are not only being used by major car manufacturers, but also by numerous OEMs that supply automotive parts to these car manufacturers. As customers are demanding a greater degree of customization in their cars, manufacturers always have to be prepared for changes in their production layout to address changes in customer demands. Therefore, besides the precision and efficiency of traditional industrial robots, flexibility has also become a key factor in the manufacturing process. Cobots are also being used to perform ergonomically unfavorable jobs in the automotive industry. Due to the large-scale and manufacturing ecosystem of the automotive industry, which consists of OEMs and suppliers besides the large automotive companies, it is expected to hold the largest share of the market throughout the forecast period.

Market for assembling & disassembling applications to grow at highest CAGR during forecast period

Cobots are being used for assembly applications for both small and large workpieces. For smaller workpieces, cobots provide a greater degree of repeatability than traditional handheld screwdriving systems providing the right torque and depth, while also having the ability to work alongside workers, speeding up the overall assembly process. For medium and large-sized workpieces, cobots are being used for nut fastening. Hence cobots can perform simple assembly tasks more consistently, while the worker can simply supervise the operation to maintain quality control.

Collaborative robot market in APAC to grow at fastest rate during 2020–2026

The collaborative robot market in Europe is expected to be surpassed by APAC by 2021. This is due to the large scale of manufacturing industries in APAC, especially the automotive, electronics, and metals sectors who are increasingly deploying cobots. China, Japan, and South Korea account for most of the automotive vehicles in APAC, whereas Taiwan, China, and South Korea, account for the largest electrical and electronics manufacturers in the world. Regional players such as Doosan Robotics (South Korea) and Techman Robot (Taiwan) have successfully developed cobots, which can directly compete with cobot manufacturers from Europe. China has houses several low-cost manufacturers such as Elephant Robotics (China), Han’s Robot (China), and Siasun (China) who are driving the growing acceptance of cobots.

Major companies in the collaborative robot market are Universal Robots (Denmark), Techman Robot (Taiwan), FANUC (Japan), KUKA (Germany), Doosan Robotics (South Korea), AUBO Robotics (US), ABB (Switzerland), YASKAWA (Japan), Precise Automation (US), and Rethink Robotics (US). Apart from these, Automata (UK) Productive Robotics (US) are among a few emerging companies in the collaborative robot market.

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