The Global collaborative robots market was valued at USD 573 Million in 2020 and is expected to reach USD 1870 Million by 2028, expanding at a CAGR of 23.06%, during the forecast period, 2021 – 2028. The growth of the market is increasing adoption of products in the small and medium enterprises (SMEs). Moreover, rising investments in automation of manufacturing processes are driving the market growth.
A collaborative robot or cobot is intended to interact with humans in a shared workspace, physically. Collaborative robots are majorly used in material handling, manufacturing and lab facilities. They work in direct collaboration with humans to accomplish various tasks. The declining production cost of robots and high return on investment offered by the robots are expected to create a positive impact on the market. Collaborative robots are becoming inexpensive, easier to use, and less complex for training purposes.
Collaborative Robots Market Segment Insights
Based on payload capacity, the market is divided into up to 5 kg, 5-10 kg and above 10 kg. The up to 5 kg segment is estimated to hold large share of market during the forecast period. On the other hand, the 5-10 kg segment is expected to grow at a considerable rate owing to the capacity of this segment robot to perform multiple and repetitive tasks at high speed. In 2020, the above 10 kg segment accounted for significant share of the market owing to the capability of handling bigger tasks than other segment robots, and having sound precision during the task.
In terms of applications, the market is segregated into assembly, material handling, pick & place, quality testing, packaging, machine trending and welding. In 2020, the assembly segment accounted for large market share owing to the ability to combine both repetitive and complex assembly processes easily. Conversely, the machine trending and welding segment is expected to grow at a healthy rate during the forecast period owing to rapid growth in the automotive industry.
In terms of industry, the market is segregated into automotive, metal & machinery, electronics, pharmaceuticals, plastic & polymers, and food & beverages. The automotive segment is projected to hold a dominant share in the forecast period owing to rapid growth in the automotive industry owing to rising disposable income and rising technological advancements. On the other hand, the food & beverage segment is expected to witness a steady growth owing to rising domestic food consumption.
In terms of regions, the market is classified as North America, Europe, Asia Pacific, Middle East & Africa and Latin America. The Europe segment is anticipated to emerge as a dominant region in the collaborative robots market during the forecast period. This, in turn, is due to the presence of major auto manufacturers in the region. Conversely, the market in Asia Pacific is anticipated to grow at a robust growth owing to boost in the manufacturing industry in emerging countries such as India and China.
Market Trends, Drivers, Restraints, and Opportunities
- Longer training period and increasing compensation rates of labours are driving the demand for cobots across the globe.
- Rising demand for cobots in the automotive industry is expected to propel the growth of the market.
- Increasing adoption of collaborative robots across various industry verticals is anticipated to spur the market growth.
- The outbreak of COVID-19 pandemic had drastically slowed down the manufacturing industry. However, the market is slowly recovering and is expected to reach the pre-COVID level soon.
- High initial cost of investment and maintenance may hinder the market growth.
- Increasing demand for automation in various industrial processes is driving the market growth.
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