New York, USA, April 26, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global collaborative robot (cobot) market is estimated to garner a revenue of $8,840.5 million at a CAGR of 41.2% during the forecast period. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Factors Impacting the Growth of the Collaborative Robot (Cobot) Market
Manufacturing companies are adopting collaborative robots to automate the process and increase productivity. This is the main factor behind the growth of the global collaborative robots market during the forecast period.
Connected cobots are prone to cyber security threats because of the incorporation of internet of things (IoT). This is one of the factors restricting the growth of the market.
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Cobots, when paired with autonomous mobile robots (AMR) and automatic guided vehicle (AGV), provide more flexibility, easier installation, cheaper, and more collaborative advantages. This is a growing trend in the collaborative robots market which is expected to create numerous opportunities for the market in upcoming years.
Segment-wise Analysis of the Market
The report has divided the market into different segments based on payload capacity, component, application, end-use, and regional analysis.
5kg Sub-Segment expected to be the Most Lucrative
In payload capacity segment, 5 kg sub-segment is expected to raise the highest revenue at a CAGR of 41.4% during the forecast period. Because of its low cost, minimum required space, and lesser number of sensors for the operation and control of up to 5kg payload, this segment gets high preference from new customers. This is the reason behind the growth of the segment.
Hardware Component Sub-Segment Expected to be the Most Profitable
In component segment, the hardware component sub-segment is expected to garner a major revenue of $4,597.1 million by the end of 2026. The standardization of several hardware components including power supply units, sensors, position controllers and other components is the main reason behind this growth.
Assembling & Disassembling Application Segment Predicted to Earn the Highest Market Share
Assembling & disassembling application is anticipated to generate a revenue of $18565 million by the end of 2026. The application of cobots for assembling & disassembling and continuous implementation of collaborative robots for assembling applications are expected to be the enhancing factors for the segment.
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Automotive Sub-Segment Expected to be the Most Beneficial
In the end use segment, automotive industry is projected to earn the highest amount of revenue during the forecast period. The wide-ranging use of collaborative robots in the automotive industry to minimize production costs and increase the productivity is the main reason fueling the growth of the segment.
North America Expected to Dominate the Market
North America region accounted for 34.9% market share in 2018 and is further anticipated to generate the highest revenue during the forecast period. The main attributor of this growth is the high demand of cobots in the automobile, electronics and machine manufacturing industries in the region.
Key Players of the Market
The report includes the most significant players of the market which are -
- Rethink Robotics, Inc.
- YASKAWA ELECTRIC CORPORATION
- ABB Group
- EPSON Robots
- Universal Robots A/S
- Franka Emika GmbH
- Comau S.p.A.
- Fanuc Corporation
- Precise Automation, Inc.
- Robert Bosch GmbH
- AUBO Robotics Inc.
Currently, in India, the government of Jharkhand is utilizing collaborative robots in COVID-19 isolation units to minimize human interference with patients. These robots are helping in transferring both medicines as well as food from one bed to another, without any input of health workers.
The report also reviews many other important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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