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The global collaborative robots market size was USD 1.57 billion in 2018 and is projected to reach USD 23.59 billion by 2026, exhibiting a CAGR of 40.7% during the forecast period.
Collaborative robots are human-scale machines that perform tasks directly with human agents in a strenuous environment, while maintaining a high level of mobility and increasing productivity on the shop floor. They are fast developing segment in the robotics market and are capable to access computer vision to inspect flaws, transport materials, and avoid hazards using predictive intelligence
Conventional robots require high capital expenditure and also are large in size. Subsequent high investments and space requirements of conventional robots created a barrier in their adoption by SME’s. Emergence of cobots is therefore playing a significant role in transforming many industries, sectors and regions. Cobots adoption has witnessed growth across manufacturing facilities, with an aim to increase production processes and reduce overall energy consumption. The demand for cobots is increasing and is replacing conventional industrial robots.
Besides, the cobot market is expected to grow larger in the forecast period as a result of increasing awareness related to industrial accidents and employee safety. Similarly, collaborative robots have witnessed huge potential in automobiles manufacturing and in emergence of industry 4.0
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Contradictory to the number of drivers, the robotics industry has been facing challenges related to cybersecurity, technological changes, safety standards, and availability of skilled operators.
“Demand for Cobots Across Automotive Industry Is Influencing the Growth of the Market”
The automotive industry is pegging at the highest share and driving the market owing to its complex operations which requires high precision assembling of spares & parts. Moreover, introduction of smart factories and industry 4.0 is growing at a rapid pace which is allowing Original Equipment Manufacturers (OEMS) and suppliers to get early returns on investment and optimizing quality output. Moreover, integration of cobots across the automotive sector improves assembly lines and allows operators to work closely with the robots. Also, advantages such as mobility, light weight, power efficiency are ideal for small jobs which further contributed to the collaborative robots market.
“Adoption of Collaborative Robots in Agriculture and Retail Industry Bolstering the Market”
Demand for cobots is expected to accelerate over the forecast period owing to increasing deployment of machines for conducting various agricultural activities such as preparing the ground for crops, developing a prototype soil compaction mapping system, etc. For instance, according to The International Federation of Robotics, in 2017, farmers around the world purchased approximately 5,700 milking robots, which are rapidly becoming the de facto technique for milking cows. Equally, adoption of collaborative robots is gaining impetus in retail banking & financial sectors to provide guidance in banks and to carry out simple repetitive cashier functions. Also, shopping malls, receptionists and guides in hotels, airports, museums and amusement parks are contributing to the human robot collaboration market.
“11 Kg and Above is Anticipated to Exhibit Remarkable Growth Rate in the Forecast Years”
On the basis of payload capacity, the segment is drilled down into upto 5 kg, 6-10 kg, 11kg and above.
Among these, the 11 kg and above sub-segment is expected to show an exponential growth in the upcoming years owing to the demand from automotive industry to perform critical operations such as assembling spares & parts, build the powertrain – torqueing bolts for vehicles, etc.
6-10 kg and upto 5 kg sub-segment is expected to grow at a considerable rate for its characteristics to perform multiple and repetitive tasks at a high speed.
“Material Handling is Anticipated to Dominate the Collaborative Robots Market”
The application segment is further broken down into welding, material handling, quality testing, painting/spraying, assembling and others.
The material handling sub-segment is projected to hold the highest market size in the forecast period owing to the demand from automotive, food & beverages, electronics and semi-conductor industry. Moreover, material handling is highly critical task in such industries as some of the parts are delicate and requires smooth motion. In such scenario, the application of robots is widely adopted to reduce accidents and ensure employee safety.
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Assembling application is expected to exhibit considerable growth in the forecast period. Growth is likely to be driven by rise in automotive, metal machinery, electrical and electronic industry where customized spare parts are assembled and installed in the finished product.
Painting/spraying, welding and quality testing sub-segment is expected to grow at a moderate rate owing to growing demand for customized vehicles which requires high quality precision welding, high graphics painting, etc.
“Automotive Industry is Anticipated to Dominate the Collaborative Robots Market as a Result of Manufacturing Plants Modernization”
In the scope of study, the application segment includes automotive, electronics & electrical, food & beverages, retails, metals & machining, rubber & plastic and others.
Automotive is projected to hold a dominant share in the forecast period with the increasing concerns of manufacturers to reduce operational costs, assemble the spares & parts with reduction in time, painting & coating, and to improve overall workplace ergonomics etc.
In Automotive, cobots are used in engine foundries, laser-cutting rigs, forming presses, molding machines, and packaging and palletizing lines
Electronic & semi-conductor sub-segment is expected to show a considerable growth rate in the coming years owing to increase in electronic goods consumption, emergence of different nano-technologies, and introduction of sensitive conductors.
Metals & machining sub-segment is anticipated to show a considerable growth in the forecast period owing to increasing manufacturing facilities wherein heavy and customized machines are installed, welding heavy metals with precision, etc.
Food & beverages, retail and rubber & plastic sub-segment are showing a steady growth with the rising domestic food consumption, deployment of cobots in banking and financial services, etc. However, market of collaborative machines is widening in agricultural sector with the rising automation trend in farming.
Geographically, the scope of study covers five major regions including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America, that is further categorized into countries.
The market in Asia Pacific generated revenue of USD 780.1 million in 2018. This region is projected to hold a dominant collaborative robots market share across diverse industries. The growth in the region is attributable to the increasing demand for customized machinery and automobiles, which requires high precision and fast production capacity. Also, China has the maximum number of local registered and unregistered collaborative robots manufacturers, which results in having a significant presence across the country.
Asia Pacific Collaborative Robots Market Size, 2018 (USD million)
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Followed by Asia Pacific, Europe and North America is also expected to witness significant collaborative robots market growth. This is mainly owing to the presence of prominent players in countries including Spain, Germany, and Netherlands. Emergence of smart factories and industry 4.0, demand for customized & compact robotic systems is one of the key factor for growth in Europe and North America. Additionally, manufacturers are expecting early yielding return on investments (ROI) as the manufacturing process is accelerated and production capacity is enhanced.
Collaborative robots market in the Middle East and Africa and Latin America is expected to exhibit moderate growth as a result of technological expansions and development in robotics industry
“Universal Robots, Rethink Robotics GmbH amongst Others Are Focusing on Integrating Advanced Technologies”
Manufacturers are focusing on offering machines that can be used in close proximity to humans featuring with no risk of injury from crushing edges and a surface that is easy to clean and prevents dirt traps. Also, integration of artificial intelligence, Internet of Things (IoT), cloud-computing, and data mining technologies are creating several growth opportunities and boosting cognitive capabilities. Evolvement of such advanced technologies is bolstering the human robot collaboration market.
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The collaborative robots market report provides a detailed analysis of the market and focuses on key aspects such as leading companies and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments, policies and regulations. It also includes macro and microeconomic factors, SWOT analysis, competitive landscape which helps to gauge the overall outlook of the collaborative robots market.
Value (USD billion)
By Payload Capacity
Fortune Business Insights says that the collaborative robots was valued at USD 1.57 billion in 2018.
By 2026, the collaborative robots market is expected to be valued at USD 23.59 billion.
The market will exhibit a remarkable CAGR of 40.7% in the forecast period (2019-2026)
Asia Pacific is expected to hold a significant market share in the collaborative robots. The market of collaborative robots in this region is valued at USD 780.1 million in 2018.
Within the industry segment, automotive is expected to be the leading sub-segment in collaborative robots during the forecast period.
Demand for cobots integrated with artificial intelligence and internet on things functionalities is expected to drive the growth of the global collaborative robots market
Universal Robots, Denso Wave Incorporated, Bosch Rexroth AG, are the top players in collaborative robots owing to their major focus on integrating advanced technologies in robots.
The automotive industry is expected to drive the market of collaborative robots to build the powertrain – torqueing bolts for vehicles.
11 Kg and above payload capacity robots is anticipated to spur the market owing to its major demand from the automotive industry.