Why Are Collaborative Robots's Market Giants Expected To Spend More By 2025?

 Collaborative Robots Industry Overview

The global collaborative robots market size was valued at USD 649.1 million in 2018 and is projected to expand at the CAGR of 44.5%, from 2019 to 2025.

The collaborative robot or cobot is intended to interact with humans in a shared workspace, physically. The growing adoption in the Small and Medium Enterprises (SMEs) and investments in automation of manufacturing processes are the key factor driving growth. Emergence of robots working along with humans in areas like smart parts assembly and electronics product assembly further fuels the demand.

Gather more insights about the market drivers, restrains and growth of the Global Collaborative Robots Market

 

Increasing demand for performing tasks requiring higher payload capacity is expected to contribute to the rising demand. The ability of cobots to work effectively with employees in an uncaged environment has led to an increased installation in the industry. The co-robots are designed with advanced sensors, software, and End of Arm Tooling (EOATs) that help prevent employee injuries.

Technological developments have led to the advancements across the robotic industry on a notable scale. Initially, these machines were expensive and came with limited or restricted functionalities such as a fixed axis or fixed rotation angles. However, with the advancements in technology, modern-day robots can perform amazing tasks efficiently and at a cheaper price. Moreover, they render a quick Return on Investments (ROI) owing to the optimization of overall expenditures and enhancement of the production rate.

Also, the deployment of robots in industrial practices has resulted in a decreased number of injuries and accidents occurring at workplaces. Also, it has elevated the quality of products and increased profits for a variety of businesses. The statistics and surveys validate the experience of the companies and enterprises adopting collaborative robots have realized huge financial reimbursements.

Industrial robots are witnessing a heavy demand across different industry verticals owing to their advantages and attractive ROI gained from the deployment of industrial robots. The cobots are anticipated to exhibit the fastest growth across the automotive, electronics, packaging and assembling, logistics, and machine tooling applications.

For instance, the retailer and giants of e-commerce such as Amazon are already adopting robotic technologies. These e-retailers, where logistics plays a prominent role in the entire supply chain, are actively embracing robotics to assist their laborers in warehouses. On account of the growing interest of the logistic sector in collaborative robots, the equipment manufacturers are designing robots within the logistic systems itself, in turn, reducing the technology expenditures and improving robotic capabilities to serve the exact client requirements.

 

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Collaborative Robots Market Segmentation

Grand View Research has segmented the global collaborative robots market based on payload capacity, application, vertical, and region:

• Collaborative Robots Payload Capacity Outlook (Revenue, USD Million, 2014 - 2025)
  • Upto 5kg
  • Upto 10kg
  • Above 10kg

 

• Collaborative Robots Application Outlook (Revenue, USD Million, 2014 - 2025)
  • Assembly
  • Pick & Place
  • Handling
  • Packaging
  • Quality Testing
  • Machine Tending
  • Gluing & Welding
  • Others

 

• Collaborative Robots Vertical Outlook (Revenue, USD Million, 2014 - 2025)
  • Automotive
  • Food & Beverage
  • Furniture & Equipment
  • Plastic & Polymers
  • Metal & Machinery
  • Electronics
  • Pharma
  • Others

 

• Collaborative Robots Regional Outlook (Revenue, USD Million, 2014 - 2025)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

 

Market Share Insights

• In 2018: KUKA AG through its subsidiary KUKA Robotics Korea Co. Ltd. entered into a strategic partnership with the Hyundai Robotics-a robotics division of Hyundai Heavy Industries Holdings. The partnership has assisted the latter in extending its product portfolio in Korean geographies.

 

Key Companies profiled:

Some prominent players in the Collaborative Robots market include

• ABB Group
• DENSO Robotics
• EPSON Robots
• Energid Technologies Corporation
• Fanuc Corporation
• Universal Robots and many others

 

Order a free sample PDF of the Collaborative Robots Market Intelligence Study, published by Grand View Research.