The Global Collaborative Robot Market is projected to reach a value of over USD 25.8 billion by 2027 at a CAGR of around 48.9%.
The collaborative robot also known as cobot is a type of robot which intended to interact physically with the human in a shared workplace. Most collaborative robots have a rounder shape without any internalized wires and motors and pinch points. These robots also have the ability to detect abnormal motion force applied to their joints. Collaborative robots also programmed to respond by immediately reversing or stopping the position when they come into human contact. Collaborative robots are used in many industrial applications such as pick and place, packaging and palletizing, quality inspection, lab analysis, and testing, assembly, polishing, and machine tending among others. Key players in the collaborative market are Fanuc Corporation, ABB, Universal Robots, and KUKA among others.
Market Driver:
Currently, artificial intelligence and machine learning are being applied in limited ways to enhance the capabilities of robotics systems. Artificial intelligence (AI) and machine learning will completely improve industrial robotic accuracy, profitability, consistency, and efficiency. AI, machine learning, and edge computing will have a transformative impact on collaborative robots. These technologies are used in collaborative robots for detecting and recognizing the items, to control the obstacle avoidance and dynamic interaction for maintaining productivity, and to understand physical and logistical data patterns.
Hence, the adoption of AI and machine learning in robotics is expected to boost the market during the upcoming years.
In recent years, industries are becoming more versatile, flexible, safer, and collaborative to maintain the level of the ecosystem. Many manufacturing and automotive industries are adopting industry 4.0 for constantly operating at high speed, reducing operating costs, increasing reliability, flexible outputs, and achieving greater accuracy. With the help of sensors, detectors, motors, and cameras, collaborative robots can serve flexible output in terms of the finished product. The major object of using collaborative robots in the industry to perform various operations such as packaging, quality control, testing, and many others. Hence, the adoption of industry 4.0 will help manufacturers for increasing productivity as well as accuracy is expected to drive the market during the forecast period.
Market Restraints:
Many global players use collaboration robots for mass production with greater accuracy, flexibility, and reducing the operation time. In terms of the medium-scale manufacturers, they can not afford this technology due to it requires huge initial investment costs. Moreover, the high maintenance cost of the collaborative robot due to less operating work among others is expected to restrain the market growth during the upcoming years.
The report on the collaborative robot market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2018-2027 |
Base Year for Market Calculation |
2019 |
Forecasted Period |
2020-2027 (2021 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million) |
Segments Included |
Load Capacity, Type, Component, Application, and End-User |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
COLLABORATIVE ROBOT Market, by Load Capacity
COLLABORATIVE ROBOT Market, by Type
COLLABORATIVE ROBOT Market, by Component
COLLABORATIVE ROBOT Market, by Application
COLLABORATIVE ROBOT Market, by End User
COLLABORATIVE ROBOT Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE COLLABORATIVE ROBOT MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY