Market Overview:
The global Collaborative Robots market was valued at USD 1.68 billion in 2022 and expected to grow at a CAGR of 5.6% during the forecast period.
Collaborative robots, also known as cobots, are a type of robot designed to work alongside humans in a shared workspace. Unlike traditional industrial robots, which are typically large, heavy, and caged off from human workers, collaborative robots are designed to be safe, flexible, and easy to program.
One of the key features of collaborative robots is their ability to sense and respond to their environment. This is achieved through a combination of sensors, such as cameras and force sensors, and advanced algorithms that allow the robot to detect and avoid obstacles, and to collaborate with human workers in a safe and efficient manner. Collaborative robots are used in a wide range of applications, from manufacturing and assembly to healthcare and hospitality. They can perform a variety of tasks, such as picking and placing objects, packaging, painting, and welding, among others.
One of the main advantages of collaborative robots is their ability to work alongside human workers, increasing productivity and efficiency while also improving safety and reducing the risk of workplace injuries. Collaborative robots can also be quickly reprogrammed to perform different tasks, making them highly versatile and adaptable to changing production needs. Overall, collaborative robots are a promising technology that is helping to reshape the way we work, by enabling humans and robots to work together in a safer, more productive, and more flexible way.
Covid-19 Impact:
Increased demand for automation: With social distancing and lockdown measures in place, many industries have had to rely more heavily on automation to maintain production and keep workers safe. This has led to an increased demand for collaborative robots in industries such as manufacturing, logistics, and healthcare.
Flexibility and adaptability: Collaborative robots have been able to quickly adapt to changing production needs and demands during the pandemic. This has allowed manufacturers to pivot production lines to produce critical medical supplies and equipment, such as face shields and ventilator components.
Remote monitoring and control: Collaborative robots have also enabled remote monitoring and control, which has been particularly useful during the pandemic when travel and on-site visits have been restricted. Remote monitoring and control can help to maintain and troubleshoot robotic systems without the need for on-site technicians.
Delays in supply chains: The pandemic has disrupted global supply chains, leading to delays in the delivery of components and materials needed for robotic systems. This has slowed down the deployment of collaborative robots in some industries.
Safety measures: Collaborative robots have been designed with safety features to work alongside humans safely. However, the pandemic has brought additional safety measures, such as enhanced cleaning protocols and social distancing requirements, which have impacted how collaborative robots are used and integrated into workplaces.
Market Dynamics:
Drivers:
Safety: One of the key drivers of collaborative robot adoption is safety. Collaborative robots are designed to work safely alongside human workers, reducing the risk of workplace injuries and accidents.
Flexibility: Collaborative robots are highly flexible and can be easily reprogrammed to perform different tasks, making them ideal for industries with changing production needs.
Efficiency: Collaborative robots can work 24/7, which helps to increase productivity and efficiency in manufacturing and other industries.
Cost-effectiveness: Collaborative robots are often more cost-effective than traditional industrial robots, which require expensive safety features and installation. Cobots are also easy to program, which reduces the need for specialized technical skills and training.
Scalability: Collaborative robots can be easily scaled up or down to match production needs, making them ideal for both small and large-scale manufacturing operations.
Quality and Consistency: Collaborative robots can perform tasks with a high level of accuracy and consistency, leading to improved product quality and reduced waste.
Technological advancements: Advancements in artificial intelligence (AI), machine learning, and sensor technology have made collaborative robots more intelligent and capable of performing a wider range of tasks.
Restraints:
Cost: While collaborative robots are generally less expensive than traditional industrial robots, they can still be a significant investment for smaller companies or businesses with limited budgets.
Limited Payload Capacity: Collaborative robots typically have lower payload capacities compared to traditional industrial robots. This means that they may not be suitable for heavy-duty tasks or applications that require large payloads to be moved or manipulated.
Limited Speed: Collaborative robots are often designed to move at slower speeds to ensure safety when working alongside human workers. This can limit their suitability for certain applications that require faster cycle times or higher throughput.
Programming Complexity: While collaborative robots are generally easier to program than traditional industrial robots, there can still be a learning curve for workers who are not familiar with programming. This can limit the adoption of collaborative robots in some industries where technical skills are not readily available.
Integration Complexity: Integrating collaborative robots into existing production systems can be complex and time-consuming, requiring expertise in robotics and automation.
Limited range of applications: Collaborative robots are best suited for applications where tasks are repetitive and predictable. They may not be as effective for more complex applications that require more dexterity, precision or judgment.
Regional Analysis:
North America: North America is one of the leading markets for collaborative robots. The region has a large number of small and medium-sized manufacturers that are looking to improve their production efficiency and quality. The United States is the largest market for collaborative robots in North America, followed by Canada and Mexico.
Europe: Europe is another leading market for collaborative robots, driven by the region's strong manufacturing industry. Germany, the UK, France, Italy, and Sweden are the largest markets for collaborative robots in Europe. The region is also home to many collaborative robot manufacturers, such as Universal Robots, KUKA, and ABB.
Asia Pacific: The Asia Pacific region is expected to be the fastest-growing market for collaborative robots. The region's growing manufacturing industry and increasing demand for automation are driving the adoption of collaborative robots. China is the largest market for collaborative robots in Asia Pacific, followed by Japan and South Korea.
Rest of the World: The rest of the world, including Latin America, the Middle East, and Africa, is also seeing an increasing demand for collaborative robots. The adoption of cobots in these regions is driven by the growing industrialization and automation of production processes.
Competitive Landscape:
The global Collaborative Robots market is highly competitive and fragmented with the presence of several players. These companies are constantly focusing on new product development, partnerships, collaborations, and mergers and acquisitions to maintain their market position and expand their geographical presence.
Some of the key players operating in the market are:
· ABB Group
· DENSO Robotics
· Epson Robots
· Energid Technologies Corporation
· F&P Robotics AG
· Fanuc Corporation
· KUKA AG
· MRK-Systeme GmbH
· Precise Automation, Inc
· Rethink Robotics, Inc
· Robert Bosch GmbH
· Universal Robots A/S
· Yaskawa Electric Corporation
· MABI Robotic AG
· Techman Robot Inc.
· Franks Emika Gmbh
· AUBO Robotics
· Comau S.p.A.
· Others
Segments
By Payload Capacity
· Up to 5kg
· Up to 10kg
· Above 10kg
By Application
· Assembly
· Pick & Place
· Handling
· Packaging
· Quality Testing
· Machine Tending
· Gluing & Welding
· Others
By End-use
· Automotive
· Food & Beverage
· Furniture & Equipment
· Plastic & Polymers
· Metal & Machinery
· Electronics
· Pharma
· Others
By Geography
· North America
o U.S.
o Canada
o Mexico
· Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
· Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
· Latin America
o Brazil
o Argentina
o Colombia
· MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
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Market Research Process
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The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
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