The global Collaborative Robot Market is estimated to be valued at US$ 1156.76 Mn in 2023 and is expected to exhibit a CAGR of 46.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Collaborative robots, also known as cobots, are robots intended for direct interaction with human workers without the need for safety cages or barriers. Cobots are designed to work cooperatively with humans in a shared workspace. Some of the key advantages of cobots include increased productivity, enhanced safety, reduced labor costs, improved quality control, and increased efficiency. Their flexibility allows for easy reprogramming as production needs change. With industries aiming to automate manual and repetitive tasks, the demand for cobots is growing significantly.
Market key trends:
One of the major trends in the collaborative robot market is the increasing adoption across small and medium enterprises. Earlier, the high costs of traditional industrial robots restricted their adoption to large automotive companies. However, cobots have lowered the entry barriers for SMEs owing to their affordable prices and easy integration. Their plug-and-play capabilities have enabled SMEs across industries like electronics, food and beverage, and plastics to automate various tasks. Furthermore, ongoing technological advancements focused on improving the payload capacity, reach, and speed of collaborative robots are supporting their increased adoption in logistics, packaging, and palletizing applications.
Porter's Analysis
Threat of new entrants: Low capital requirements and availability of small collaborative robots make threat of new entrants moderate.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and technology focused product differentiation.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of alternative suppliers and dependence of collaborative robot manufacturers on supplier innovation.
Threat of new substitutes: Threat of new substitutes is low as collaborative robots offer differentiated productivity benefits over conventional methods.
Competitive rivalry: High due to presence of numerous international players and continuous technology innovation.
Key Takeaways
The Global Collaborative Robot Market Size is expected to witness high growth, exhibiting CAGR of 46.% over the forecast period 2023 to 2030, due to increasing factory automation and adoption of collaborative robotics technology across industries.
The Asia Pacific collaborative robot market is projected to exhibit the fastest growth over the forecast period. This is attributed to increasing industrialization, rising labor costs and lack of skilled workforce in Asia Pacific countries. China holds the major market share in the APAC collaborative robot market due to presence of notable electronic and automotive industries.
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€TMs Robot, ST Robotics, and Others. Collaborative robot manufacturers are focused on technological innovations such as artificial intelligence, machine learning, automation and improving compatibility with Industry 4.0 technologies to strengthen their market position.
Read More: https://www.trendingwebwire.com/collaborative-robot-market-scope/
The logistics industry is one of the emerging industries in which transformation is expected with the introduction of collaborative robots.
Cobots are expected to transform the supply chain in the logistics and warehouses facilities.
This can help in carrying out more hazardous experiments without putting human life in danger and risky situations.
Also, cobots are being used in emerging applications such as healthcare services, filming, dairy operations, as well as food and baking industries.
Researchers at the University of Southern Denmark (SDU) developed a system for collecting the patient’s sample for the COVID-19 test.
The system has Universal Robot’s UR3 cobot arms and a custom 3D-printed end-effector for taking a throat swab sample.
