The global collaborative robot market is projected to grow from USD 981 million in 2020 to USD 8 million by 2027; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 42% % during 2021-2027. The collaborative robot or cobot is intended to interact with humans in a shared workspace, physically. The growing adoption in the Small and Medium Enterprises (SMEs) and investments in automation of manufacturing processes are the key factor driving growth. Emergence of robots working along with humans in areas like smart parts assembly and electronics product assembly further fuels the demand.
Increasing demand for performing tasks requiring higher payload capacity is expected to contribute to the rising demand. The ability of cobots to work effectively with employees in an uncaged environment has led to an increased installation in the industry. The co-robots are designed with advanced sensors, software, and End of Arm Tooling (EOATs) that help prevent employee injuries.
Technological developments have led to the advancements across the robotic industry on a notable scale. Initially, these machines were expensive and came with limited or restricted functionalities such as a fixed axis or fixed rotation angles. However, with the advancements in technology, modern-day robots can perform amazing tasks efficiently and at a cheaper price. Moreover, they render a quick Return on Investments (ROI) owing to the optimization of overall expenditures and enhancement of the production rate.
Also, the deployment of robots in industrial practices has resulted in a decreased number of injuries and accidents occurring at workplaces. Also, it has elevated the quality of products and increased profits for a variety of businesses. The statistics and surveys validate the experience of the companies and enterprises adopting collaborative robots have realized huge financial reimbursements.
Industrial robots are witnessing a heavy demand across different industry verticals owing to their advantages and attractive ROI gained from the deployment of industrial robots. The cobots are anticipated to exhibit the fastest growth across the automotive, electronics, packaging and assembling, logistics, and machine tooling applications.
For instance, the retailer and giants of e-commerce such as Amazon are already adopting robotic technologies. These e-retailers, where logistics plays a prominent role in the entire supply chain, are actively embracing robotics to assist their labourers in warehouses. On account of the growing interest of the logistic sector in collaborative robots, the equipment manufacturers are designing robots within the logistic systems itself, in turn, reducing the technology expenditures and improving robotic capabilities to serve the exact client requirements.
Major companies in the collaborative robot market are Universal Robots (Denmark), Techman Robot (Taiwan), FANUC (Japan), KUKA (Germany), Doosan Robotics (South Korea), AUBO Robotics (US), ABB (Switzerland), YASKAWA (Japan), Precise Automation (US), Rethink Robotics (US). Apart from these, Automata (UK) Productive Robotics (US) are among a few emerging companies in the collaborative robot market
The collaborative robot market in Europe is expected to be surpassed by APAC by 2021. This is due to the large scale of manufacturing industries in APAC, especially for the automotive, electronics and metals sectors. Regional players such as Doosan Robotics (South Korea) and Techman Robot (Taiwan) have successfully developed cobots which can directly compete with cobot manufacturers from Europe. China has several low-cost manufacturers such as Elephant Robotics (China), Han’s Robot (China), and Siasun (China) who are driving the growing acceptance of collaborative robots
Growing focus on quality and precision of cobots in Asia Pacific has necessitated the implementation of maximum standards, by increasing the deployment of cobots in the region. The ability of the technology to produce better quality products, increased efficiency, reduced wastage, and standardize products is expected to extensively increase the adoption of collaborative robots over the projected period. Furthermore, with a greater emphasis on automation, adoption of artificial intelligence, and all the other requisite technological evolutions, the market has a significant potential to grow rapidly over the forecast period.