Collaborative Robot Market To Witness High Growth Owing To Increased Productivity And Output
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:
The collaborative robot market involves robots equipped with sensors and controllers allowing them to work alongside humans without the need for protective cages or other safety devices. Collaborative robots, or cobots, work in close proximity with humans to perform a variety of tasks like assembly, machine tending, packaging, and palletizing. They are increasingly being deployed in various industries like automotive, metals and machining, foods and beverages, furniture and equipment, and plastics and polymers due to benefits like increased productivity and output.
Market Dynamics:
The growth of the collaborative robot market is majorly driven by its ability to increase productivity and output. Collaborative robots can improve productivity by taking over repetitive and dull tasks from humans, allowing workers to focus on more value-added activities. They can work 24/7 without breaks, minimizing downtime. Furthermore, cobot technology advances like advanced sensors, controllers and end effectors have made them flexible to adapt to various tasks, further boosting productivity.
Another key driver is the rising labor costs. As labor wages rise across major economies, industries are increasingly automating tasks through collaborative robots to minimize costs. Cobots perform tasks for a fraction of human labor costs over their lifespan. Additionally, their compact sizes allow for operation in confined spaces not feasible for traditional industrial robots. This has increased uptake in SMEs as well.
SWOT Analysis
Strength: Collaborative robots help improve workplace safety by separating humans from hazardous industrial environments. Their inherent safety enables interaction between humans and robots. They are cost-effective alternatives to traditional industrial robots as they require lower upfront investment and integration costs. Cobots can work side by side with humans to perform repetitive and boring tasks.
Weakness: Cobots have limited payload capacity and range of motion compared to conventional robots. Their control systems need regular updates to ensure safety protocols work properly. Small and medium enterprises may find cobots unaffordable due to high initial costs. Lack of technical expertise is another barrier to the adoption of collaborative robots.
Opportunity: Growing trends of industry 4.0 and smart automation offer opportunities for increased deployment of collaborative robotics in manufacturing. Expanding applications in logistics, healthcare, food processing, and electronics manufacturing will further drive the demands. Development of application-specific cobots catering to niche industrial needs presents a major market opportunity.
Threats: Strong competition from alternative automation technologies limits the scope of collaborative robots. Technological advancements in fields of artificial intelligence and robotics threaten to make cobots obsolete at a fast pace. Issues regarding data security and privacy also pose challenges. Economic uncertainty and changing trade policies affect capital budgeting decisions of end users.
Key Takeaways
The Global Collaborative Robot Market Size is expected to witness high growth, exhibiting CAGR of 46% over the forecast period, due to increasing demand for workplace safety and flexibility. The collaborative nature of cobots enhances human-robot collaboration in various industrial processes.
Regional analysis
The Asia Pacific collaborative robot market is forecast to be the fastest growing as well as the dominating regional market. Factors such as rising labor costs, shortage of skilled workforce and growing industrial automation drive the growth of collaborative robot adoption in the region. Countries like China, Japan, South Korea are global manufacturing hubs with immense growth potential.
Key players
Key players operating in the collaborative robot market are 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. These players are focused on developing innovative collaborative robot models to expand their market share.
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