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“Collaborative robot market is projected to grow at CAGR of 41.8% during 2020–2026”
The global collaborative robot market is expected to grow from USD 981 million in 2020 to USD 7,972 million by 2026; it is expected to grow at a CAGR of 41.8% during the forecast period. Collaborative robots are being increasingly adopted for various applications due to several advantages, such as increased productivity and better employee utilization.
Collaborative robots (cobots) provide a reduction in the overall cost of manufacturing and enable a fast RoI. Hence, they are being adopted by both SMEs, as well as large manufacturers across all major industries. However, many of the cobot manufacturers have not invested in developing an intuitive programming interface for their cobots, thereby limiting its adoption.
“Market for collaborative robots with payload capacity of more than 10 Kg to grow at highest CAGR during forecast period”
The market for cobots with a payload capacity of more than 10 kg is expected to grow at the fastest rate. Advances in robotic hardware is enabling cobot manufacturers to manufacture high payload cobots, with long reach without sacrificing speed, accuracy, or repeatability when compared to low payload cobots. For instance, Universal Robots (Denmark) recently introduced the 16 kg payload UR16e cobot, which maintains the same accuracy, repeatability, and safety compared to the lower payload cobots. However, due to the increase in the number of sensors and complex drive sand motor required, these cobots are much more expensive.
“Hardware to hold larger share of market in 2020”
The hardware component accounts for the majority cost of a collaborative robot. Improvements in hardware components such as robot arms, end effectors, controller, drives, sensors, motors, and power supply will also lead to improved speed, accuracy, and payload capacity of the collaborative robot. However, due to the standardization of various hardware components in the robot, the overall cost of a collaborative robot is expected to decrease over time.
“Europe to hold largest share of collaborative robot market in 2020”
The European manufacturing industry was one of the early adopters of collaborative robots. With the introduction of Industry 4.0 manufacturing principles, both SMEs and large companies have adopted collaborative robots to modernize and improve their production capabilities. Europe also houses several key collaborative robot companies, such as Universal Robots (Denmark) and KUKA (Germany). KUKA, for instance, was one of the first manufacturers to offer cobots to the market. Universal Robots has been the market leader for cobots for several years now. Although Europe is expected to hold the largest market in 2020, APAC is expected to hold the largest share of the market from 2021 onwards. This is to the large scale of manufacturing facilities in APAC who are now adopting collaborative robots in their automation process.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the collaborative robot marketspace. The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
- By Designation: C-level Executives – 40%, Directors – 40%, and Others – 20%
- By Region: North America – 40%, APAC – 30%, Europe – 20%, and RoW – 10%
The report profiles key players in the global collaborative robot market with their respective market ranking analysis. Prominent players profiled in this report 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), MABI Robotic (Switzerland), Franka Emika (Germany), Comau (Italy), F&P Robotics (Switzerland), St?ubli (Switzerland), Robert Bosch (Germany), Productive Robotics (US), Kawada Robotics (Japan), Kawasaki Robotics (Japan), Siasun (China), Hanwha Precision Machinery (South Korea), Han’s Robot (China), Automata (UK), ST Robotics (US), and Carbon Robotics (US).
This research report categorizes the global collaborative robot market based on payload, component, application, industry, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the collaborative robot market and forecasts the same till 2026. Apart from these, the report covers leadership mapping and analysis of all the companies included in the collaborative robot ecosystem.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
- This report segments the collaborative robot market comprehensively and provides the closest market size projection for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
- This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
- The analysis of the top 25 companies, based on the strength of the product portfolio, as well as the business strategy, will help stakeholders visualize the market positioning of these key players.
- Geographic analysis and country-wise information that will shape the market in the coming years have also been covered in this report.