The collaborative robot market is projected to grow from USD 1.2 billion in 2021 to reach USD 10.5 billion by 2027; it is expected to grow at a CAGR of 43.4% from 2021 to 2027. The factors such as easy adaptability and benefits of collaborative robots for businesses of all sizes coupled with growing demand for collaborative robots across e-commerce and logistics industries due to contingency of COVID-19 are driving the growth of the collaborative robot market.
The Industrial Internet of Things (IIoT) and advancements in AI are anticipated to drastically improve the operational capabilities of collaborative robots in the next 5 years and provide a desired long-term outcome for increased production visibility, real-time guidance, and data-driven performance. The manufacturing sector is set to be the largest beneficiary of IIoT.
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Random bin picking is one of the challenges of industrial automation that is being solved by leveraging AI. While IIoT is helping with AI tasks such as predictive maintenance, 5G is set to complement AI functionalities. Ultra-reliable and low-latency communications (URLLC) is a new service category that will be supported in 5G New Radio (NR), created to meet the requirements for 5G deployed in industrial domains. 5G technology is set to make AI even more capable due to its low latency and high speed and bandwidth.
For instance, the higher bandwidth provided by 5G will enable the interconnectivity of a larger number of robots, end effectors, and vision systems within a network than what is currently possible. This will increase the scope for training and education for collaborative robots in the future.
The assembling & disassembling application is projected to have the fastest growth for the collaborative robot market during the forecast period. Assembling & disassembling application is predominantly undertaken by SMEs and large-scale companies in their manufacturing plants. Given the fact that the SMEs have a faster growth rate compared to the large-scale industries, the adoption of collaborative robots for automating the assembling & disassembling applications by such enterprises would also expect a rise during the forecast period. The electronics industry is driving demand for robotic screwdriving, a sub-type of the assembling & disassembling application, mainly due to the low weight of electronic items such as smartphones and hard drives. As far as nut-fastening application is concerned, collaborative robots are widely adopted for this application in automotive industries for fastening the nuts of medium and large sized workpieces such as fluid carrying components and transmission components during vehicle assembly. As a result, the electronics and automotive industries majorly deploy the collaborative robots for undertaking the assembling & disassembling applications Hence the existing players and new entrants from the collaborative robot space can target the SMEs as well as large-scale manufacturing companies mainly in the automotive and electronics sector wherein assembling & disassembling application is undertaken significantly as a part of the manufacturing processes, in order to increase their revenue.
Amongst the collaborative robots for industrial applications, the furniture & equipment industry is increasingly adopting cobots at a larger scale for making furniture from wood and automated sculpting of stones. With the increasing cost of labor, in countries such as the US and China, there is a growing demand for automation of operations in the woodworking and furniture industry. Much of the panel processing in the furniture industry is still very labour intensive. The use of automated robotics in the furniture industry is relatively small when compared to other industries, but the opportunities are compelling. The collaborative robots can be used in many aspects of building material production, including bonding, placing, mixing, packaging, all types of welding, palletizing, packaging, and much more. A cobot will use exact measurements at the time of mixing ingredients and is extremely precise with cutting and joining of materials. Cobots can be employed in this industry for application such as sanding, polishing, and finishing, as well as machine loading and part transfer to ensure higher degree of efficiency and productivity. Thus, the collaborative robot manufacturers can capitalize on the automation trend and target the furniture & equipment industries as well in order to augment their revenues.
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APAC is projected to be the fastest-growing market for collaborative robots. APAC is considered as a major manufacturing hub in the world, which is expected to provide ample growth opportunities to the collaborative robot market. The collaborative robot market is estimated to exhibit considerably high growth in emerging economies like Thailand, India, Taiwan, China and Japan. Automotive and electronics companies in the APAC region are expected to be the largest contributors for the growth of collaborative robot market. Factors such as low production costs, easy availability of economical labor, lenient emission and safety norms, and government initiatives for foreign direct investments (FDIs), booming electronics sector in the APAC region are conducive for the growth of the collaborative robot market. The rise in the geriatric population of the Asian countries and the shortage of skilled labour has further contributed to the growth in this region. Thus, there is immense scope for automation in the APAC countries owing to their regional demographics which have been instrumental in pushing the indigenous industries towards automation, the collaborative robot manufacturers can benefit by targetting APAC countries such as India, China, Japan, and Taiwan which can be major revenue-generators for them.
