The global collaborative robot industry was estimated 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
Collaborative Robots commonly known as Cobots are designed to share a workspace with humans which are making automation easier for businesses of all sizes. The increasing return on investment and the declining cost offered by the collaborative robots are the major factors driving the growth of the global collaborative robot market. Collaborative robots perform all sorts of high-precision tasks such as assembling & disassembling, welding and soldering, dispensing, processing, inspection, and quality testing, and many more. Owing to these functions, collaborative robots have wide application in several industries such as automotive, food & beverages, healthcare, and many more.
The rise in the adoption of collaborative robots by these industries to improve their efficiency is another factor driving the global collaborative robot market. For instance, Atria Scandinavia, a Swedish food production firm specialized in producing vegetarian products and high-quality gourmet, uses UR5 cobots to reduce the time needed in their small production facility produces. Due to the use of UR5 cobots in their production process, every production line in the company is now able to prepare on average 228 items per hour for delivery.
Moreover, rapid technological advancement in collaborative robots such as hand guiding, safety monitored stop, separation, and speed monitoring, and force & power limiting is positively driving the global collaborative robot market. For instance, FANUC’s CR Series Cobots have stop sensor technology which allows them to safely work around the people without the need for safety fences. In addition, the company’s Hand Guidance feature helps in teaching Cobots by enabling them to lead paths and use it to lift heavy objects manually. In addition, collaborative robots have the ability to adapt to the changing requirements as they can be easily re-deployed and reprogrammed. This feature has helped several SMEs and large manufacturing companies to reduce the production cost and improve the ergonomic work conditions of the workers.
Impact of COVID-19 in the Global Collaborative Robot Market
The outbreak of the Covid-19 pandemic has impacted the economies on a global level. Therefore, enterprises are now reassessing their business models to improve their efficiency in the post covid period. Thereby, many companies are now rapidly adopting robots in their day-day operations as the pandemic has restricted the use of a large amount of human labor workforce. The adoption of robotics and automation is therefore playing an important role in many businesses by safeguarding the people. Moreover, the Covid-19 outbreak has also resulted in an increasing need for collaborative robots in the healthcare industry as they are playing a vital role in disinfecting hospitals. These factors are positively driving the global collaborative robot market.
The Global Collaborative Robot Market Segmentation:
Based on Application, the solution segment has shown the most lucrative growth in the Global Collaborative Robot Market in 2020 and is expected to exhibit similar trends during the forecast period
On the basis of application, the global collaborative robot market is segmented as Assembling & Disassembling, Welding and Soldering, Dispensing Processing, Inspection, and Quality Testing, and others. Among these, the assembling & dissembling segment has shown the most lucrative growth in the collaborative robot market in 2020 and is expected to exhibit similar trends during the forecast period. Collaborative robots are widely used for various assembling and dissembling applications in both small and large workpieces. In smaller workpieces, collaborative robots help in providing better repeatability in comparison to traditional handheld screw driving systems. They provide the right depth and torque along with the ability to work with workers which in turn speeds up the assembling and dissembling process. However, in large-sized workpieces, collaborative robots are used for nut fastening. Due to these functions, they are majorly adopted by several industries and thereby driving the collaborative robot market growth. For instance, Universal Robots, a Danish manufacturer of smaller flexible industrial collaborative robot arms, have designed collaborative robots to specifically work along with humans and relieve them from difficult and tedious assembly jobs such as drilling screws, welding small pieces, and many more.
Based on the End-Use Vertical, on Automotive segment has dominated the Global Collaborative Robot Market and is expected to hold a large share in the forecast period
Based on the End-Use Vertical, the global collaborative robot market is segmented as Automotive, Electronics, Metals and Machining, Plastics and Polymers, Food & Beverages, Healthcare, and Others. Among these, the automotive industry has dominated the collaborative robot market and is expected to hold the same position during the forecast period. This is due to the rising demand for Cobots by key car manufacturers and OEMs in this industry. The increasing demand for customization in the cars by several customers has forced manufacturers to be always prepared for accepting the changes in their production layout and addressing according to the customer needs. Therefore, along with the efficiency and precision of traditional industrial robots, the need for flexibility has also become a major factor influencing the manufacturing process. Collaborative robots are utilized in performing these ergonomically unfavorable tasks in the automotive industry. Moreover, due to the large-scale operations and manufacturing ecosystem of the industry, it is expected to hold the largest share in the collaborative robot market during the forecast period.
Based on region, North America dominated the Global Collaborative Robot Market in 2020 and is expected to show similar trends in the forecast period
Based on the region, the global collaborative robot market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America dominated the Collaborative Robot Market in 2020 and is expected to show similar trends in the forecast period. This is due to the manufacturing industries in this region, particularly in the United States are currently undergoing the trend to automate their production processes. This will however result in strengthening the US industries in both international as well as domestic markets. In addition, the government in this region is also offering favorable support for the adoption and development of advanced technologies in the robotics market by taking several initiatives. For instance, In November 2016, the National Science Foundation (NSF) launched National Robotics Initiative to strengthen the capabilities of the robotics research community in the U.S. and foster innovation and workforce development, which will thereby increase the demand for collaborative robots in the region.
The unique insights provided by this report also includes the following:
The report also provides an in-depth analysis of the global collaborative robot market dynamics such as drivers, restraints opportunities, and challenges
The report also provides an in-depth analysis of key market trends:
The report also provides an in-depth analysis of recent News Developments and Investments
The key players operating in the market are :
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Section 1: Introduction
Section 2: Research Methodology
Section 3: Executive Summary
Section 4: Premium Insights
Section 5: Market Overview & Competitive Landscape
Section 6: Market Size and Share Analysis
Section 7: Market Dynamics
Section 8: Future Forecast & Impact of COVID-19
Section 9: Regional Market Size and Share Analysis
Section 10: Company Profile