The global collaborative robot market is estimated to be valued at US$791.0 million in 2022 and is expected to exhibit a CAGR of 46.24% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Collaborative robots, also known as cobots, are designed to work alongside humans in a shared workspace. These robots provide numerous advantages such as increased productivity, improved safety, and reduced labor costs. The need for collaborative robots has grown significantly in industries such as automotive, electronics, and healthcare, where there is a demand for automation to optimize operations and achieve greater efficiency.
Market Key Trends:
The key trend driving the collaborative robot market is the increasing adoption of cobots in small and medium-sized enterprises (SMEs). These enterprises often face challenges in terms of cost and space limitations for implementing traditional industrial robots. Collaborative robots offer a flexible and cost-effective solution for SMEs, enabling them to automate their processes without the need for extensive infrastructure modifications.
Porter's Analysis:
Threat of new entrants: The collaborative robot market is expected to face a moderate threat of new entrants. The high initial capital requirement and the need for specialized technology and expertise act as barriers to entry for new players. However, with the growing demand for collaborative robots, the market may attract new entrants, leading to increased competition.
Bargaining power of buyers: The bargaining power of buyers in the collaborative robot market is high. Buyers have a wide range of options to choose from, and they can compare prices and features to make informed decisions. Additionally, as the market continues to grow, buyers are likely to enjoy more favorable terms and conditions from suppliers.
Bargaining power of suppliers: The bargaining power of suppliers in the collaborative robot market is moderate. While there are several key players and a healthy level of competition among suppliers, the specialized nature of the technology and the limited number of suppliers could give them some leverage in negotiations.
Threat of new substitutes: The threat of new substitutes in the collaborative robot market is relatively low. Collaborative robots offer unique capabilities and advantages, such as increased safety and the ability to work alongside humans. The high demand and adoption of these robots indicate that they are difficult to substitute with other solutions.
Competitive rivalry: The competitive rivalry in the collaborative robot market is intense. The market is dominated by established players such as ABB, Universal Robots, and FANUC Corporation, who have a strong presence and a wide range of offerings. Additionally, new players and startups are entering the market, intensifying the competition. To gain a competitive edge, companies are focusing on innovation, product differentiation, and partnerships.
Key Takeaways:
The Global Collaborative Robot Market Demand is expected to witness high growth, exhibiting a CAGR of 46.24% over the forecast period of 2023-2030. This growth can be attributed to the increasing adoption of collaborative robots across various industries, including manufacturing, automotive, and healthcare. Collaborative robots offer increased efficiency, improved safety, and reduced costs, driving their demand in the market.
In terms of regional analysis, Asia Pacific is projected to be the fastest-growing and dominating region in the collaborative robot market. The region is witnessing significant industrialization and automation, especially in countries like China, Japan, and South Korea. The presence of major market players and the increasing demand for collaborative robots in industries such as electronics, automotive, and e-commerce are fueling market growth in this region.
Key players operating in the collaborative robot market include ABB, Universal Robots, FANUC Corporation, Techman Robot, AUBO Robotics, KUKA, Kawada Robotics, Productive Robotics, Kawasaki Robotics, Precise Automation, Yaskawa, F&P Robotics, Rethink Robotics, Robert Bosch, MABI Robotic, Siasun, Franka Emika, Hanwha Precision Machinery, Carbon Robotics, Han's Robot, ST Robotics, and others. These key players are focusing on product innovations, strategic partnerships, and acquisitions to strengthen their market position and meet the growing demand for collaborative robots globally.
In conclusion, the collaborative robot market is poised for significant growth in the coming years. The market is driven by factors such as increased automation, technological advancements, and the advantages offered by collaborative robots. With a favorable CAGR and a positive market outlook, key players in the industry are well-positioned to capitalize on the growing demand for collaborative robots across various sectors.
Read More:
https://www.marketwebjournal.com/collaborative-robot-market-analysis-trends-and-forecast/
