Meticulous Research® – Leading global market research company published a research report titled “Collaborative Robots Market by Component (Hardware and Software), Payload (Less than 5Kg, 5 to 10 Kg), Application (Material handling, Assembly line), End-user (Automotive, Electronics, Metal and Machinery), and Geography – Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the collaborative robots market is projected to reach a value of $1.43 billion by 2027, growing at a CAGR of 22.6% during the forecast period. In terms of volume, the market is expected to reach 56,479 units by 2027 at a CAGR of 26.1% during 2020- 2027. This market is majorly driven by the factors such as advancements in human-machine interface to enhance industrial production, rapidly evolving advanced software to enhance human safety, and increasing adoption due to ease of programing of collaborative robots. However, the lack of proper training for human operators and lack of high-speed operation and faster cycle time capabilities will obstruct the growth of this market to some extent.
The global collaborative robots market study presents historical market data in terms of value (2018 & 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of application (material handling, assembly line, machine tending, welding, and inspection), component (hardware and software), payload (less than 5kg, 5 to 10 kg, more than 10kg), and end-user (automotive, electronics, furniture, metal and machinery, plastic and polymer, food and beverage, construction, healthcare, and others). The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the collaborative robots market is segmented into hardware and software. The hardware segment is estimated to command the largest share of the overall market in 2020. The large share of this segment is primarily attributed to the shift of end-users towards improved functionality of sensing elements, EOAT, motors, controllers, and power supply to improve accuracy, efficiency, and payload capacity of collaborative robots. Further, the growth projection in the hardware segment is due to the advancements in components which results in human like throughput, easy integration with other equipment, and overall reduction in cost of collaborative robots. However, the software segment is projected to grow with the fastest CAGR during the forecast period.
Based on application, the collaborative robots market is segmented into material handling, assembly line, machine tending, welding, and inspection. The material handling segment is estimated to command the largest share of the overall collaborative robots market in 2020. However, the assembly line segment is projected to grow with the fastest CAGR during the forecast period. The growing deployment of collaborative robots to make the assembly line operations risk-free and faster, produce higher repeatability and quality product, and prevent damage to parts is contributing to the rapid growth in the demand for collaborative robots for assembly line during the forecast period.
Based on end-user, the overall collaborative robots market is segmented into automotive, electronics, furniture, metal and machinery, plastic and polymer, food and beverage, construction, healthcare, and others. The automotive segment is estimated to command the largest share of the overall collaborative robots market in 2020. However, the electronics segment is projected to grow with the fastest CAGR during the forecast period. The factors driving the growth of this segment are the growing need for precision, speed, and accuracy in electronics industry; robotization of electronics industry; and focus on reducing labor and production costs by electronics products manufacturers.
This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S., Canada), Europe (France, Germany, Spain, Italy, U.K. and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Taiwan, Singapore and RoAPAC), Latin America (Mexico, RoLATAM), the Middle East, and Africa. Asia Pacific region is estimated to command the largest share of the global collaborative robots market in 2020, followed by Europe, and North America. The growth in the Asia-Pacific region is mainly attributed to the presence of large scale manufacturing industries in the region, especially in automotive, electronics, and metal and machinery sectors. The declining cost of collaborative robots and a shortage of skilled labor are also contributing to the growth of the market in this region. Further, the demand for robots has significantly increased due to the growing need for automation in diverse industries such as food and beverages, providing an attractive opportunity for collaborative robots in the Asia Pacific region.
The key players operating in the overall collaborative robots market are ABB (Switzerland), AUBO Robotics (U.S.), Fanuc (Japan), F&P Robotics (Switzerland), Universal Robots (Denmark), Kawasaki (Japan), Robert Bosch (Germany), Precise Automation (U.S.), Rethink Robotics (Germany), Staubli (Switzerland). MABI (Switzerland), Yaskawa Electric (Japan), KUKA (Germany), Techman Robot (Taiwan), and Doosan Robotics (South Korea) among others.
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