Collaborative Robots Market worth $1671 Million by 2028 with a CAGR of 15.2%

New York, United States, June 13, 2022 (GLOBE NEWSWIRE) -- Cobots are technologically advanced robots that are capable of performing multiple tasks at a time so that they can support the Homo sapiens in a wide range of applications such as material handling, finishing, welding injection moulding, brazing, lathing, etc. The cobots are much easier to program than the typical industrial robots, and hence they can be easily programmed by the experts & are highly preferred for usage in the various industries.

In terms of Applications, the ‘Assembly’ segment held the lion’s share of around 35.12 % in 2020. Based on region, the Asia Pacific territory held the largest share of around 43.17% of the entire market. 

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The report prepared by Strategic Market Research (SMR) on the Collaborative Robots Market is segmented in terms of:

Payload

• Above 10 Kg
• Up to 10 Kg
• Up to 5 Kg
  
  

Applications

• Assembly
• Machine Tending
• Quality Testing
• Material Handling
• Others
  
  

End-User

• Electronics & Electrical
• Automotive
• Food & Beverages
• Metals & Machining
• Others 
  
  

Regions:

North America

• Canada
• United States of America
• Mexico
• Rest of North America

Europe

• Finland
• Germany
• Switzerland
• France
• Turkey
• U.K
• Spain
• Russian Federation
• Belgium
• Netherlands 
• Italy
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Singapore
• Indonesia
• Malaysia
• Thailand
• Philippines
• New Zealand
• South Korea
• Australia
• Rest of APAC/Asia Pacific

LAMEA

• Uruguay
• Saudi Arabia
• Brazil
• Argentina
• The rest of LAMEA
  
  

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Pertinent factors accelerating the market growth:

• A substantial rise in demand for the cobots due to their high production quality is one of the most significant factors propelling the overall market growth. As per a research study, it was figured out that the year-after-year growth in installations of the collaborative robots peaked in 2018, reaching around 70%. In 2020, there were around 22,000 cobots installed worldwide, which was almost a surge of 6% in comparison to the previous year.
  
  

• Further, the high ROI amounts obtained by the various cobot manufacturing organizations around the globe like Yaskawa, ABB, KUKA, etc., along with their cost-effectiveness as compared to the industrial robots, are driving the market growth significantly. As per a research study, it was found that the price of a single cobot system can range anywhere around USD (3,000 to 100,000), whereas the price of an industrial robotic system costs, even more, ranging somewhere around USD (15,000 to 150,000).
  
  

In terms of Payload, the ‘Up to 5 kg’ segment accounted for the largest share.

In terms of Payload, the market is demarcated into (Up to 5 Kg, Upto 10 Kg, and Above 10 Kg). The ‘Up to 5 kg’ segment held the largest share in 2020 owing to its lightweight, flexibility, and the capability of the machine in optimization of low-weight collaborative processes such as picking, placing, & testing. 

The Above 10 kg segment held the fastest growth rate due to its capability to handle bigger tasks that require reliability, precision, & heavier-weight processes. These cobots are likely to witness exponential growth in the future with a robust CAGR.

In terms of Applications, the ‘Assembly’ segment led the market share in 2020.

Based on Applications, the market is ramified into Assembly, Machine Tending, Quality Testing, & Material Handling. The ‘Assembly’ segment dominated the market in all respects in 2020 with a share of around 35.12 % due to its ability to perform both the repetitive & easy tasks simultaneously, along with many other complicated problems associated with the assembly processes. A research study revealed that at present, there are around 2.7 million robots working in the assembly industries worldwide. Each year, nearly 400,000 new cobots arrive at the assembly firms. Currently, South Korea has the highest rate of robotics density, with almost 900 robots out of every 10k employees.

By End-User, the ‘Assembly’ segment led the market share in 2020.

Based on End-User, the market is ramified into Electronics & Electrical, Automotive, Food & Beverages, Metals & Machining, and Others. The ‘Automotive’ segment spearheaded the market comprehensively in 2020 with a share of around 32.11 %. The automotive cobots are used to perform a variety of tasks like spraying paints on the cars, moving materials, and inspecting different parts of a vehicle, which in turn is augmenting the overall growth of this sector. A research study has shown that by 2025, nearly 75% of all automobiles in the world will run on robotic productions.

The Asia-Pacific segment is likely to dominate throughout the prevised frame of time.

The Asia-pacific/APAC region led the market with a share of 43.17% in 2020. The presence of highly advanced technologies, continuous rise in cobot productions, and presence of highly skilled labour workforce in the countries like China, India, and Japan are fuelling the market growth of this region. A research study has revealed that China is likely to ship almost 50% of the overall collaborative robots in the world by 2023. The overall Chinese market share through the shipment of cobots is expected to surge from around 49.22% in 2021 to nearly 56.31% in 2028, with a CAGR of around 29.77%, the highest among all the other regions in the world.

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Key players that are operating widely in the Collaborative Robots Market:

• ABB
• FANUC 
• YASKAWA
• KUKA
• Techman Robot
• Rethink Robotics 
• Doosan Robotics
• Universal Robots  
• Precise Automation 
• MIP Robotics
• F&P Robotics  
• Wyzo
• Elite Robot
• Denso Corporation 
• Neura Robotics 
  
  

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Recent Developments:

• On June 2nd 2022, ABB announced that it would showcase its latest innovations on collaborative robots at Automate 2022 in Detroit, USA. These innovative techniques would include the highly advanced software that can be implemented to reduce the various program complexities and the different kinds of robotic controllers that are integrated with highly advanced motion-control technologies to operate sensors and other peripherals.
  
  
• In 10th May 2022, KUKA successfully introduced its highly advanced cobot, Cobot LBR iisy. The Cobot LBR iisy, is a highly powerful cobot that runs entirely based on the operating system (OS) and hence can be configured and programmed within a short span of time. The Cobot LBR iisy can be easily operated by anyone starting from a cobotics newcomer to an automation expert.
  
  

• On March 1st 2022, FANUC introduced its 3 highly advanced collaborative robots, namely CRX-20iA/L, CRX-5iA, and CRX-25iA, to enhance their workforce capabilities and overcome the various labour issues. With the introduction of these cobots, FANUC is likely to offer a vast line-up of the easy-to-use cobots in the market worldwide.
  
  

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