Global collaborative robot (cobot) market is predicted to witness a noteworthy growth during the forecast period, 2019-2026. The North America region is expected to lead the market.
According to Research Dive published report, the global collaborative robot (Cobot) market is predicted to generate a revenue of $8,840.5 million at a CAGR of 41.2% during the forecast period.
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Regional Outlook
The North America region is anticipated to continue to dominate the market with the highest revenue during the forecast period. The North American industries have adopted the cobots earlier than anyone else. Industries such as machine manufacturing, electronics, and automobile have many applications of collaborative robots which help in increasing efficiency and productivity. This is the main reason enhancing the growth of the global collaborative robot market.
Segment Highlights
The report has divided the market into different segments based on payload capacity, component, application, end-use, and regional analysis.
- In payload capacity segment, cobots up to 5 kg payload capacity is expected to raise the highest revenue during the forecast period at CAGR of 41.4%. This type of cobots are comparatively low cost, minimum space requirement, and need of lesser number of sensors for the operation. This is reason enhancing the growth of the market segment.
- By component, the hardware sub-segment raised a market share of 58.0% in 2018 and is further expected to garner a revenue of $4,597.1 million by the end of 2026. The hardware components of the cobots include sensors, position controllers, power supply units, and other components which are required for the end-use industries increasing the demand and supply. This is the major factor behind the growth of the market segment.
- In application segment, the assembling & disassembling application is predicted to garner a revenue of $18565 million by the end of 2026. The implementation of collaborative robots for assembling and disassembling applications is expected to enhance the growth of the market.
- In end-use segment, the automotive sub-segment is predicted to generate the highest revenue during the forecast period. The factor behind this growth is the extensive application of collaborative robots in the automotive industry. Cobots help in reducing the production cost and increasing the productivity of the industry, which is boosting the growth of the market segment.
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Dynamics of the Market
Drivers: Cobots help in increasing productivity in manufacturing industries, process optimization and process intensification. Moreover, they are low cost and user-friendly which has increased the demand in small and medium enterprises. These are the major factors behind the growth of the market during the forecast period.
Restraint: Cyber security threats in the connected robots may be a restraining factor behind the growth of the market. Technological challenges for the designing and building of cobots is expected to be other growth eliminating factor for the market.
Opportunity: Surge in the demand of high payload capacity cobots by the manufacturing industries is expected to create many opportunities for the market in upcoming years.
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Key Market Players & Strategies
The leading players of the global collaborative robot (Cobot) market players include EPSON Robots, YASKAWA ELECTRIC CORPORATION, ABB Group, Universal Robots A/S, Rethink Robotics, Inc., Franka Emika GmbH, Comau S.p.A., Fanuc Corporation, DENSO Robotics, Precise Automation, Inc., KUKA AG, MRK-Systeme GmbH, F&P Robotics AG, MABI AG, Robert Bosch GmbH, and AUBO Robotics Inc. among others.
These companies are focusing on R&D, merger and acquisition, and many other strategies to sustain the growth of the market.
For example, in April 2021, Brooks Automation, a provider of automation, vacuum and instrumentation equipment for multiple markets, entered into a definitive agreement to acquire Precise Automation, Inc., a leading developer of collaborative robots and automation subsystems headquartered in Fremont, CA.
The report also reviews many other important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic development.
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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