This research delves into the possible growth opportunities for the global Collaborative Robots market and the chronological growth of the market throughout the forecast period.
Latest market study on “Cobots Market – Global Analysis and Forecast”, the Cobots Market is projected to witness a significant growth propelled by the significant adoption of cobots by small and mid-sized enterprises (SMEs) across the globe due to the considerable benefits of cobots such as decreased total ownership cost for buyers in comparison to other low-payload industrial robots, unique solution offering for safe working environment along with industrial automation solutions to different industry verticals.
The cobots above 10kg payload capacity are estimated to grow significantly owing to their capability of handling immense tasks with high precision and reliability. Assemble and pick & place application are expected to witness significant growth over the forecast period owing to their high flexibility for performing application-specific tasks with easy programming and changing end grippers.
The assembly application growth is attributed to the growing demand in major industries which include electronics, automotive, and furniture & equipment.
The market is expected to witness significant growth owing to the substantial traction because of reduced total cost of ownership and benefits associated with co-bots from small and medium size enterprises. The significant growth of cobots is spurred by three key markets which include electronic manufacturers’ service companies and electronics manufacturers, manufacturers seeking optimized agile production methodologies and SME’s.
The global collaborative robots (Cobots or Co-robots) market was valued at USD 145.3 Million in 2016 and is expected to witness enormous growth over the forecast period. The force-limited joint is the unique feature of cobots which has been designed to identify forces due to impact and respond quickly.
The robots offers advanced industrial automation solutions to end-user industries and are considered as the one-stop solution for safe working environment. The low price of co-robots with high return on investment is projected to spur the industry growth over the forecast period.
The Cobots are designed with advanced software and sensors which has further reduced the injuries of the employees.
Cobots with payload capacity of above 10kg is anticipated to grow significantly during forecast period
The automotive industry is estimated to dominate the application segment in 2016 owing to the huge application in assisting employees in the production line and assembly line for enhancing the operational efficiency and productivity of the process. The growth is attributed by the increased efficiency in deployment of cobots for enhanced productivity.
Although, various industries are deploying the cobots at a significant rate, however rapidly changing robotics industry, lack of skilled force and compliance with stringent regulations are few factors are projected to hinder the growth over the forecast period.
The collaborative robots market is segmented based on payload capacity, industry, application and region. The payload capacity segment include upto 5kg, upto 10kg, and above 10kg, whereas the application segment is segregated into assembly, pick & place, handling, packaging, quality testing, machine tending, gluing & welding and others.
The industry using the technology includes automotive, food & beverage, furniture & equipment, plastic & polymers, metal & machinery, electronics, and pharmaceutical.
Europe dominates the market for cobots with the presence of strong automotive industry however, Asia Pacific is anticipated to grow significantly during the forecast period. The accelerating automation in industries across developing economies of Asia Pacific and the mounting trend of precision coupled with need for safety-rated manufacturing across the world is anticipated to support the growth of cobots industry.
Additionally, regulations for mitigating the impending collisions and safety fences requirements between robots and human are also noticed as significant growth factors for cobots market. The automotive segment is projected to be the highest revenue generating segment attributed to the strong automotive market in Japan and China also, the constantly increasing growth in the demand of passenger cars is expected to influence the growth by the Asia Pacific automotive segment.
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