Collaborative Robot Market - 2027: Size, Share, Competitive Analysis, Growth Factors and Money Makers
The robots offer advanced industrial automation solutions to end-user industries and provide a one-stop solution for a safe working environment. The low price of co-robots with high return on investment is projected to drive the growth of the collaborative robot market. However, collaborative robots need frequent software upgradation and reprogramming to perform a specified task which restrict the growth of the collaborative market. Moreover, the increased efficiency in deployment of collaborative robot for enhanced productivity and strong government funding for factory automation solutions are the factors expected to offer lucrative opportunities in future.
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Apart from the drivers, the increase in development of automotive sectors and growth of industrial automation also prove beneficial for collaborative robots. Advances in smart, connected, and digital world spur the demand for collaborative robots during the forecast period.
Collaborative robots are being adopted in several industries for various tasks, due to their flexibility as well as safe, easy usage, and affordable price. They are less expensive than the traditional industrial robots but they have a very low return on investment (ROI) as they are easier to install without disturbing the manufacturing process of the factory. Collaborative robots are well accepted by workers, and their ability to handle repetitive tasks reduces the need of an expert programmer.
The Universal Robot company stated that the collaborative robots are used in various applications in the industries such as food & agriculture, pharmaceutic & medical, electronic & technology, and automotive & subcontractor to automate virtually anything, from assembly to painting, from screw-driving to labeling, from packing to polishing, from injection molding to welding. In consumer electronic sector, the devices that are manufactured need a process of automation for creating circuit boards, final assembly applications, inserting parts into injection moldings, metal stamping, and numerous other CNC operations. These processes require a great deal of flexibility, precision, and speed for the effective operation of the overall automated process.
As electronics companies install collaborative robots, they find more interesting and important work for their employees. Many employees are ready to accept their new roles in less dangerous and monotonous jobs. In some companies, there is a modest safety training session that is conducted for the employees working near these robots. These factors create a positive impact on the overall collaborative robot market.
The growth of collaborative robot for industrial purpose is supported by the government of South Korea due to its ability to manufacture a mass production in limited time and high accuracy. In 2017, Japan funded $30 million for a robot revolution by identifying the future of its country. Moreover, the ministry of South Korea is planning to increase robot demand by using more service robots in the public sector. Thus, the development of smart factories for productive robot is estimated to create huge opportunities for the collaborative robot market in future.
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The collaborative robots market is segmented based on payload capacity, industry, application, and region. The payload capacity segment includes up to 5kg, up to 10kg, and above 10kg. Based on application, it is segregated into assembly, pick & place, handling, packaging, quality testing, machine tending, gluing & welding and others. The industry segment is classified into automotive, food & beverage, furniture & equipment, plastic & polymers, metal & machinery, electronics, and pharmaceutical. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America and Middle East (LAMEA).
The key players operating in the global collaborative robot market are Rethink Robots, Universal Robots, MRK-Systeme GmbH, F&P Personal Robotics, Bosch, ABB, MABI Robotic, Fanuc, Smokie Robotics, Kuka Robot Group, Kawada Industries.
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