The global collaborative robots market is projected to record a high-paced CAGR of 25.1% during the forecast period. The current valuation of the collaborative robots market is US$ 2.2 billion in 2023 and is anticipated to reach a high of US$ 20.5 billion, by the year 2033.
The potential to safeguard people is a crucial factor driving the sales of collaborative robots. Moreover, it manages the supplies that individuals might need when they shift to remote working and home learning. Besides, the introduction of 5G technology is projected to accelerate the deployment of cobots in the industrial industry. Nokia Corporation’s delivery of an industrial grade 5G wireless network to suit the requirements of Industry 4.0 is an example of such progress. The 5G wireless solution’s low-latency connectivity is estimated to assist OEMs in improving robotic automation and increasing the productivity, quality, and efficiency of manufacturing operations.
The use of robots in industrial operations has also lowered the amount of workplace accidents. Furthermore, they significantly improve product quality, which in turn are growing demand across a wide range of businesses and sectors. Several retailers and e-commerce behemoths have begun to invest in robotic technology, which play an important role in managing their logistics and supply chain activities. These businesses are currently implementing robotics to aid their warehouse workers. Growing demand for cobots in the logistics sector is expected to give profitable growth opportunities for the business over the predicted timeframe. Moreover, depending on the assembly process, throughput might be significant than in typical robotic systems.
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According to OICA, China was the predominant market for motor vehicle manufacturing in 2021, with more than 26 million automobiles and commercial vehicles manufactured. This amount was considerably higher than the total of the other nations’ output values.
Integration of robotics with artificial intelligence (AI) and machine vision technologies has helped businesses in obstacle identification, navigation, and products transportation. This has attracted suppliers interested in automating warehouses and placing robots in warehouses, fueling the collaborative robotics industry. Geek Plus Robotics, a developer of intelligent logistics robot solutions, introduced the world’s first interwoven sorting robot in 2019, which might be an alternative to conveyor systems. According to the International Federation of Robotics (IFR), the cost of cobots has declined over time as a result of increased demand for such machines in industries such as autos, electronics / electrical products, food and drinks, and life sciences/pharmaceuticals.
However, the initial high expense necessary for acquisition, integration, programming, accessories, and maintenance, among other things, may limit expansion. Furthermore, a lack of skilled personnel in undeveloped and developing countries is a significant factor impacting progress.
Key Takeaways:
- The United States is expected to hold a large share of the global collaborative robots market over the projected period. Industrial collaboration robots, or cobots, are being used in the operations of businesses of all kinds across the country. This enables them to reduce labour costs, increase production, and improve quality.
- Asia Pacific collaborative robots market, driven by China and South Korea, is predicted to be significant over the forecast period. The expanding consumer preference for automation, artificial intelligence, and the emergence of other necessary technology presents considerable growth opportunities for the area.
- Owing to its increasing use in extremely labor-intensive applications in the automotive, electronics, chemicals, and semi-conductor sectors to handle large, costly, and delicate materials in order to minimize labour costs, the “material capacity” application type is expected to hold the prominent revenue, through the forecast period.
- As the demand for electronic components and semiconductors is increasing rapidly across consumer electronics, the “electronic & semiconductor” end user type, and is the most creative segment for key companies, accounting for a sizable portion.
Competitive Landscape:
Owing to the existence of both foreign and local rivals, the global collaborative robots market share is fragmented. Many companies have a substantial market share in their respective businesses. Organic advances, such as product approvals and the incorporation of artificial intelligence (AI) and machine learning (ML) technology in industrial robots, are commonly valued by large corporations. These factors are anticipated to very certainly drive the global collaborative robots market ahead.
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Key Players:
- Universal Robots A/S
- AUBO Robotics
- Fanuc Corporation
- Stäubli International AG
- Robert Bosch GmbH
- KUKA AG
- Precise Automation Inc.
- Denso Wave Incorporated
- ABB Group
- Yaskawa Electric Corporation
- K2 Kinetics
Recent Developments:
- In May 2019, the Saudi government declared a US$ 30 billion investments to enhance warehousing facilities through the deployment of advanced autonomous robots in newly built warehouses across Saudi Arabia, consequently contributing to the growth of the cobots market in this region during the forecast period.
- In October 2019, the South Korean government pledged a US$150 million commitment to build intelligent robots for diverse industrial applications such as warehousing and logistics, therefore accelerating the expansion of the cobots industry.
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