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The global collaborative robots market size was USD 725.8 million in 2019 and is projected to reach USD 11,684.7 million by 2027, exhibiting a CAGR of 42.0% during the forecast period.
Collaborative robots are human-scale machines that perform tasks directly with human agents in strenuous environments, while maintaining a high level of mobility and productivity on the shop floor. This market is anticipated to grow exponentially in the forecast period owing to increasing awareness related to industrial accidents and employee safety. Also, the adoption of cobots is widening across manufacturing facilities with an aim to optimize production processes and reduce overall energy consumption. Further, fusion of sensor data and intuitive technology including machine learning (ML) and artificial intelligence (AI) helps such robots to make real-time decisions and navigate in dynamic real-world environments. For instance, in December 2019, FANUC America Corporation introduced the new CRX-10iA and CRX-10iA/L (long arm version) collaborative robots capable of working alongside with the user for industrial and manufacturing jobs.
Outbreak of COVID-19 Pandemic to Drastically Slowdown the Manufacturing Industry
The unprecedented COVID-19 crisis has caused considerable economic damage. Subsequent lockdowns have disrupted the overall supply chain ecosystems across all industries. Also, industries such as automobile and general manufacturing, wherein robotics solutions play a pivotal role, are undergoing a period of steep downfall. For instance, China accounts for 27% of India’s automotive parts imports. Imbalance in the supply-demand ecosystem has halted production processes and blocked investments and cash outlays. Further, in March 2020, French automaker PSA Group declared to cease its European production plants located in France, Germany, Portugal, United Kingdom, Slovakia and Spain, as governments announced national quarantine amid the rapid spread of COVID-19. Similarly, other automotive manufacturers have also shut down production facilities to combat the spread of the disease to factory workers. However, this significant market is expected to flourish in the post-pandemic period owing to its ability to perform repetitive tasks efficiently and in a precise manner.
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Adoption of Collaborative Robots across New Industry Verticals to Boost the Market
The 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, and many others. Another key market trend is the adoption of these robots in the retail banking & financial sectors to provide guidance in banks and to carry out simple repetitive cashier functions, which is stoking the collaborative robots market growth. For instance, in May 2018, the collaboration of Universal Robots with Giesecke + Devrient, a bank-note processing company in India, is enabling to introduce of a holistic solution for note counting to reduce pilferage in cash management. Besides, the emergence of next-generation healthcare laboratories is enabling the robots vendors to introduce cobots capable of performing multiple functions in minimal time. For instance, in July 2019, ABB announced collaborative robots for hospital lab services to speed up manual laboratory processes and eliminate bottlenecks and ensure safety and consistency.
Rising Demand for Cobots in the Automotive Industry to Propel Growth
The adoption of cobots is widening across the automotive industry owing to its complex operations, which require high precision assembling of spares & parts. Also, 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. In addition to that, integration of cobots across this industry improves assembly lines and allows operators to work closely with the robots. Furthermore, advantages such as mobility, lightweight, and power efficiency are ideal for small jobs, which are contributing to this market. For instance, in February 2020, FANUC and BMW AG signed a framework agreement, under which FANUC will supply 3,500 robots for new production lines and plants. These robots will be deployed in developing the existing and future generations of BMW models.
High Initial Cost of Investments and Maintenance May Hinder Market Growth
The cobots market is anticipated to show robust growth in the coming years. However, the high cost of investments required in the initial stages can be challenging for companies, especially for small and medium enterprises. Such companies find it difficult to park large amounts of funds owing to low-volume production and slow return on investments (ROI). Further, heavy capital expenditure is required for procurement, integration, programming, accessories, maintenance, etc. This could limit the growth of the market.
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11 Kg and Above Segment to Exhibit Remarkable Growth Rate Backed by Rising Demand for Lifting Heavy Weight Equipment and Components
On the basis of payload capacity, the segment is further categorized into up to 5 kg, 6-10 kg, and 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 the automotive industry to perform critical operations such as assembling spares & parts, build the powertrain – torquing bolts for vehicles, etc.
The 6-10 kg and up to 5 kg sub-segments are expected to grow at a considerable rate owing to their capacity to perform multiple and repetitive tasks at high speeds.
Material Handling Segment to Dominate the Market Share Backed by Increasing Usage of Hazardous and Bulky Materials at Factory Floor
On the basis of application, the market is categorized into welding, material handling, quality testing, painting/spraying, assembling, and others.
The material handling sub-segment is projected to hold the highest market share during the forecast period owing to the demand from automotive, food & beverages, electronics, and semi-conductor industries. Moreover, material handling is a highly critical task in such industries as some of the parts are delicate and require smooth motion. In such scenarios, the application of robots is widely adopted to reduce accidents and ensure employee safety.
The assembling application segment is expected to exhibit considerable growth in the forecast period. Growth is likely to be driven by advancements in the automotive, metal machinery, and electrical & electronic industries, where customized spare parts are assembled and installed in the finished product.
The painting/spraying, welding, and quality testing sub-segments are expected to grow at a moderate rate owing to the growing demand for customized vehicles, which require high quality precision welding, high graphics painting, and others.
Automotive Industry to Dominate the Market Backed by Manufacturing Plants Modernization
Based on industry, the market is segmented into automotive, electronics & electrical, food & beverages, retails, metals & machining, rubber & plastic, and others.
The automotive segment is projected to hold a dominant share in the forecast period, with increasing concerns of manufacturers to reduce operational costs, assemble the spares & parts with reduction in time, painting & coating, and to improve overall workplace ergonomics. In the automotive industry, cobots are widely used in engine foundries, laser-cutting rigs, forming presses, molding machines, and packaging and palletizing lines.
The electronic & semi-conductor sub-segment is expected to show considerable growth in the coming years owing to an increase in electronic goods consumption, the emergence of different nano-technologies, and introduction of sensitive conductors.
The metals & machining sub-segment is anticipated to show considerable growth in the forecast period owing to increasing number of manufacturing facilities, wherein heavy and customized machines are installed and welding of heavy metals needs to be performed with precision.
The food and beverage, retail, and rubber & plastic sub-segments are showing steady growth with the rising domestic food consumption, deployment of cobots in banking and financial services, etc. Moreover, the market for collaborative robot machines is expected and widening in the agricultural sector with the rising automation trend in farming.
Europe Collaborative Robots Market Size, 2019 (USD Million)
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Geographically, the market is grouped into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
Europe is anticipated to emerge dominant in the collaborative robots market share during the forecast period. Growth witnessed in the region is likely to be driven by proactive government support to promote factory automation solutions such as Industry 4.0, smart factories, and others. Also, massive investments for research and development of cobots are further propelling the market growth.
Asia Pacific region is anticipated to show robust growth in the coming years owing to presence of authorized and unauthorized players operating in this business segment in China, increasing manufacturing output, rising small and medium enterprises, and others. Also, increasing demand for customized machinery and automobiles, which requires high precision and fast production capacity, in this region proving to be an important contributing factor for the cobot market growth.
North America is expected to exhibit high growth in the forecast period with rising manufacturing industries, involvement of governmental bodies to boost SMEs, emergence of smart factories and industry 4.0, and others.
The market in the Middle East and Africa and Latin America is expected to exhibit moderate growth as a result of technological expansion and development in the robotics industry.
Major Key Players are Focusing on Integrating Advanced Technologies
Manufacturers are focusing on offering machines that can be used in close proximity to humans, 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 is creating several growth opportunities and boosting cognitive capabilities. Evolution of such advanced technologies is bolstering the human-robot collaboration domain.
An Infographic Representation of Collaborative Robots Market
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The market research report provides detailed information regarding various insights of the industry. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the collaborative robots market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2020 to 2027 to provide financial competency. The information gathered in the report has been taken from several primary and secondary sources.
Value (USD Million)
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Fortune Business Insights says that the global collaborative robots market size was USD 725.8 million in 2019 and is projected to reach USD 11,684.7 million by 2027.
In 2019, the Europe market value stood at USD 352.3 million.
Growing at a CAGR of 42.0%, the market will exhibit exponential growth in the forecast period (2020-2027).
The 11 Kg and Above sub-segment is expected to be the leading segment in this market during the forecast period.
Rising penetration of cobots across the automotive industry is a major factor driving the growth of the market.
Universal Robots, Fanuc Corporation, and ABB are the major players in the global market.
Europe dominated the market share in 2019.
High initial cost of investment is expected to hamper the market.
The material handling application is expected to drive the market.
Evolution of various technologies streamlined in robots is the current market trend.
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