Collaborative Robot Market To Reach USD 25.8 Billion By 2027 | CAGR 48.9% — Forencis Research
Global Collaborative Robot Market: Key Highlights
- According to the new market research report “Collaborative Robot Market by Load Capacity (Up to 5KG, 5 to 10KG, 10 to 15 KG, More Than 15KG), by Type (Power and Force Limiting, Safety Monitored Stop, Speed and Separation, Hand Guiding), by Component (Hardware (Motors, Drives, Sensors, Controllers, Power Supply, Others), Software, Services), by Application (Quality Inspection, Pick and Place, Injection molding, CNC, Packaging and Palletizing, Assembly, Polishing, Machine Tending, Screw Driving, Lab Analysis & Testing, and Gluing, Dispensing, Welding), by End User (Automotive, Healthcare, Electronics & Semiconductor, Aerospace & Defense, Oil & Gas, Metal & Mining, Manufacturing, Food & Beverages, Logistics, Others)by Region (North America, Asia-Pacific, Europe, Middle East & Africa, South America) — Global Forecast (2019 to 2027)”, the global Collaborative Robot market is estimated to reach USD 25.8 Billion by 2027 at a CAGR of around 48.9% during the review period.
- Variety of models, greater technical abilities, accessible talent, and ease of integration resulting in decreasing labor cost are expected to drive the collaborative robot market during the forecast period
- Less capabilities related to faster repeatability and cycle time will hamper the growth of the market during upcoming years
Global Collaborative Robot Market: Key Market Dynamics
- Growing trend for human-robot collaboration, lightweight & mobility, ease of use, is expected to grow the market during the next seven years
- Moreover, increasing the adoption of machine learning and artificial intelligence technologies are expected to fuel the growth of the market
- However, the initial installation cost for low volume production applications will hinder the growth of the market during the upcoming years
- Increasing demand for a high payload capacity of collaborative robots can become an opportunity for the market
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Global Collaborative Robot Market: Regional Overview
The Asia-Pacific region is expected to hold the largest market share during the forecast period. The constantly growing market for artificial intelligence and machine learning technology is helping the growth of the collaborative robot market in this region. China, Japan, Taiwan, and South Korea are dominating the market in the Asia-Pacific region due to the presence of robot manufacturers such as Fanuc Corporation, Yaskawa Electric Corporation, and Kawasaki Heavy Industries Ltd. among others. Growing semiconductor and electronics industries are fueling the growth of the robotics market in Asia-Pacific.
Europe is expected to grow at a faster rate during the forecast period. Europe is not only competing against low-wage economies, highly automated economies. As the decade progresses, robotics usage will increase around the world. Increasing adoption of industry 4.0 in the automotive, healthcare, and electronics industry are helping to grow the collaborative robot market in Europe. The presence of top key players such as Robert Bosch GmbH and KUKA will increase the market share of Europe during the forecast period. According to euROBOTICS, Europe holds 32% of the current industrial robotics market.
Global Collaborative Robot Market: Key Players Overview
- Fanuc Corporation:
FANUC Corp. engages in the development, manufacture, sale, and maintenance of robot systems, lasers computer numerical control (CNC) systems, roboshot, robomachines, robocut and nano robots. The company operates through the following business segments: factory automation (FA), robomachine, and robot. Fanuc Corporation provides various collaborative robots for various payload capacities such as 4Kg, 7Kg, 14Kg, 15Kg, and 35 Kg. the company serves its collaborative robots to small and medium scale as well as large enterprises as per their application criteria. In November 2019, Fanuc Corporation launched a new range of collaborative robots for arc welding.
ABB Ltd. engages in the development and provision of automation and power technologies. It operates through four business segments includes industrial automation, robotics and motion, electrification products, and corporate and other. In 2015, ABB launched YuMi, the world’s first truly collaborative robot for adding flexibility in the assembly process to increase the production smoothly. This robot is operating on SISTEMA software to operate equally effectively side-by-side or face-to-face with human co-workers. In June 2018, ABB partnered with Kawasaki to create the world’s first common interface for collaborative robots. This partnership will help address the shortage of skilled workers in many industries.
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