Market Research Report
Collaborative Robots Market Forecasts to 2028 - Global Analysis By Arm Type (Articulated, Dual Arm) Application (Sampling, Welding & Bonding), End User (Fabricated Metals, Food & Beverage, Furniture and Equipment) and By Geography
|Collaborative Robots Market Forecasts to 2028 - Global Analysis By Arm Type (Articulated, Dual Arm) Application (Sampling, Welding & Bonding), End User (Fabricated Metals, Food & Beverage, Furniture and Equipment) and By Geography|
Published: February 1, 2022
Stratistics Market Research Consulting
Content info: 200+ Pages
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According to Stratistics MRC, the Global Collaborative Robots Market is accounted for $1.32 billion in 2021 and is expected to reach $15.04 billion by 2028 growing at a CAGR of 41.5% during the forecast period. Collaborative robots are human-scale robots that execute activities alongside human agents in a demanding environment while remaining mobile and productive on the work floor. They are constructed with safety features including integrated sensors, passive compliance, and over current detection to operate with humans. Additionally, these external forces get detected by the inbuilt sensors, which cause the robot to cease moving if the force is too great. Furthermore, combination of sensor data and simple technology including artificial intelligence & machine learning aids these robots to navigate in dynamic real-world environments & make real-time decisions.
Rise in demand for automation in numerous industrial processes
Generally, these Automation solutions can significantly reduce the cost of delivery. This is aided by current robot advancements, which allow businesses in a variety of industries to run autonomously with enhanced human aptitude and capacity. Additionally, the significant elements that are driving the robot deployment involve increased benefits and compensation rates, workforce shortages & longer training and on boarding. These automated solutions are becoming more common in distribution, fulfillment centers & warehousing. In the addition, the robotics is being embraced by a growing number of manufacturing operations across region as technology advances and applications are becoming broader and more versatile.
Lack of skilled workforce
The global market is expected to show substantial growth during the forecast period. However, there are some factors which may impact the growth. The initial high expenditure that is required for procurement, integration, programming, accessories, maintenance, etc. could restraint the growth. In addition, dearth of professional workforce in underdeveloped & developing regions is another factor affecting the growth to a significant extent. Also, the stringent government regulations can also be considered as a key factor hampering the global market growth.
Significant return on investment on cobots utilization
Cobots provide a high return on investment compared to other traditional industrial robots. Their & considerable return on investment are appealing to the small and medium businesses, along with potential growth of robot installation in many nations. In the addition, the cost of deploying collaborative robot-additional hardware is higher than the cost of this type of robot, whereas the cost of deploying standard industrial robots' additional hardware is higher than the cost of the robot itself. Therefore, the overall cost of traditional industrial bots including the additional hardware and components is higher compared to the cobots. Hence, cobots have a high return on investment compared to the traditional industrial robots as they only require a controller, an indicator & vision system.
Payload and speed limitations of collaborative robots
Most collaborative robots are generally limited to a maximum payload of 15 kg or less. An increase in payload often results in a decrease in repeatability of the robot and increase in weight due to the added sensors; hence, most collaborative robots are used for low payload applications. Collaborative robots are also designed to move at the speed of a human arm, which enables them to be deployed safely alongside a human. Designers of cobots have had to factor in performance restrictions in the robot's mechanical design, particularly in the motorized robot joints. Although an inherent quality, such speed restrictions not only decrease robot throughput but also increase cycle time. For instance, the low speed of collaborative robots limits some applications in food and beverage applications, where the robot may not be able to keep up with the speed of the process line. Hence, collaborative robots will not be able to replace traditional industrial robots, and as such, many industrial applications requiring high speed and payload will remain out of their reach.
The up to 9kg segment is expected to have the highest CAGR during the forecast period
The up to 9kg segment is growing at the highest CAGR in the market. Collaborative robots that operate on payload capacity of up to 9kg are used in the majority of factory automation tasks for applications such as material handling, palletizing, and machine tending. Automotive industry particularly engages cobots belonging up to 9kg payload category for pick and place of small engine and transmission components during assembly alongside a human worker.
The 10-20kg segment is expected to be the largest during the forecast period
The 10-20kg segment is expected to be the largest share during the forecast period due to their capability of handling bigger tasks requiring precision, reliability, and collaborating heavier-weight processes.
Region with highest share:
North America is projected to hold the largest share in the market. The primary reason for the growth of the market is the increasing adoption of these collaborative robots across numerous industries. Moreover, there has been significant adoption of robotic surgery in the United States. In order to build brand image and competitive advantage, robotic surgery has become the most rapidly adopted medical device over the past two decades. This is likely to fuel the need for robots in the medical and healthcare sector in the region.
Region with highest CAGR:
Europe is projected to have the highest CAGR due to the enormous application of cobots in different verticals such as electronics, logistics, and inspection. Also, the regional growth of the cobot's technology can be attributed to various advantages such as increased collaboration and efficient manufacturing optimization solutions offered by automation at workplace.
Key players in the market:
Some of the key players profiled in the Collaborative Robots Market include ABB, AUBO Robotics, MABI Robotic, Precise Automation, Productive Robotics Inc, Rethink Robotics, Robert Bosch, Techman Robot, Carbon Robotics, Doosan Robotics, Franka Emika, Hanwha Precision Machinery, Kawada Robotics, Universal Robots, and YASKAWA Robotics India Limited.
In December 2020: ABB Ltd. introduced a "Wizard Easy Programming" a block-based programming interface to keeping programming its single-arm YuMi cobot more easy. The company also claimed that it aims to make its cobots easier to set up for those who don't know how to program, decreasing the entrance barrier.
In March 2020: Universal Robots introduced UR+ application kits to make the deployment of Cobots easier for small, medium, and big businesses, as well as innovative solutions at MODEX 2020 that demonstrated the use of cobots to automate difficult-to-staff operations like palletizing and piece-picking.
In March 2020: Techman Robot (Taiwan), a global leader of the collaborative robot opened its first office in Europe, dedicated to providing instant services, training courses, and also as an inventory hub. The new office is located in the Netherlands, which allows Techman Robot to respond effectively to the growing needs of their partners and customers in Europe, and also supports more local businesses that are interested in implementing robotic solutions.
In February 2020: Universal Robots (Denmark) and Mobile Industrial Robots (Denmark) together announced expansion into a new cobot hub in Odense, Denmark, with the financial backing of their parent company, Teradyne (US). The new hub will help attract new employees to facilitate the continued growth expected by the two companies in the coming years.
Arm Types Covered:
Payload Capacities Covered:
Safety Methods Covered:
End Users Covered:
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.