The global collaborative robot market was valued at USD 725.6 million in 2020, and it is expected to reach USD 11,684.8 million by 2027, registering a CAGR of 41.8%, during 2021-2027.
The increasing return on investment and the declining cost of collaborative robots followed by rapid technological advancement is majorly driving the collaborative robot market.
The increasing affordability and improved ease in the programming of collaborative robots or Cobots are the prominent factors accelerating the growth of the global collaborative robot market. Collaborative robots perform several functions such as welding and soldering, dispensing, assembling & disassembling, processing, inspection, and quality testing, and many more. This has provided many organizations an opportunity to improve their productivity and efficiency as these repetitive functions can be easily performed by robots. However, this leads to the increasing deployment of collaborative robots in industries of all verticals from manufacturing to healthcare. For instance, in November 2019, Tomenson Machine Works adopted UR3 cobots by Universal Robots to achieve automation in its pin stamping application. The cobot-powered solution delivered helped in a 40% reduction in misloads and increased the company’s profitability by providing ROI within 6-7 months.
Moreover, the rising awareness of industrial accidents and employee safety is also expected to drive the global collaborative robot market. The International Labour Organization (ILO) stated that approximately 2.3 million people across the globe succumb to work-related accidents or diseases every annual year. This corresponds to more than 6000 deaths every day. Therefore, collaborative robots play a vital role in applications where there is a possibility of human workers getting injured. In many cases, cobots take over where tasks are in repetitive motion and not ergonomic that could hurt a human worker. For instance, Festo Scharnhausen, a German industrial control firm has deployed Usehi cobots to improve efficiency and avoid such accidents. The collaborative robot manufactured by Ushei has unique sensors which detects and slow down when coming in contact with any human co-workers to ensure workplace safety.
However, rising cybersecurity threats in connected collaborative robots is the major factor restraining the growth of the collaborative robot market. In addition, technological challenges faced in building and designing customized collaborative robots for specific work and other difficulties are expected to hamper the growth of the global collaborative robot market.
Global Collaborative Robot Market by Region Outlook (Revenue, USD Billion, 2021-2027)
Based on region, Asia Pacific is expected to witness the fastest growth in the collaborative robot market. This is primarily due to the large-scale activities of manufacturing industries especially electronics, automotive, metals sectors, and many others who are rapidly deploying collaborative robots in the region. Countries in the region such as Japan, South Korea, China and India hold the largest share of automotive vehicles in the region, whereas China, South Korea, and Taiwan hold the largest share in the electrical and electronics industry across the globe. Moreover, the presence of strong key players in the region such as Doosan Robotics in South Korea; Techman Robot in Taiwan, and FANUC in Japan are further driving the growth of collaborative robots in the region. However, North America held the largest share in the collaborative robot market in 2020. This is because North America is one of the leading innovators in adopting robotics across several industries verticals. In addition, the rising use of robots in performing surgery in the United States is also driving the cobots market in the region.
The Global Collaborative Robot Industry Segmentation:
Global Collaborative Robot Market by Payload Outlook (Revenue, USD Billion, 2021-2027)
Global Collaborative Robot Market Component Outlook (Revenue, USD Billion, 2021-2027)
Global Collaborative Robot Market Application Outlook (Revenue, USD Billion, 2021-2027)
Global Collaborative Robot Market End-Use Vertical Outlook (Revenue, USD Billion, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the market are:
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