Collaborative Robot Market is projected to grow at a CAGR of 43.4% during 2021–2027 | Universal Robots (Denmark), FANUC (Japan), ABB (Switzerland), Techman Robot (Taiwan), KUKA (Germany), Doosan Robotics (South Korea)

Collaborative Robot Market with COVID-19 Impact Analysis, Component, Payload (Up to 5 Kg, 5-10 Kg, and Above 10 Kg), Application (Handling, Processing), Industry (Automotive, Furniture & Equipment), and Region - Global Forecast to 2027

Request a FREE sample on this latest research report @ https://www.reportsnreports.com/contacts/requestsample.aspx?name=4787187

Key Players: Universal Robots (Denmark), FANUC (Japan), ABB (Switzerland), Techman Robot (Taiwan), KUKA (Germany), Doosan Robotics (South Korea), Denso (Japan), YASKAWA (Japan), Precise Automation (US), Rethink Robotics (US), MABI Robotic (Switzerland), FrankaEmika (Germany), Comau (Italy), F&P Robotics (Switzerland), Stäubli (Switzerland), Bosch Rexroth (Germany), Productive Robotics (US), Wyzo (Switzerland), Neura Robotics (Germany), Elephant Robotics (China), ELITE ROBOT (China), Kassow Robots (Denmark), SIASUN (China), MIP Robotics (France) and Hanwha Corporation (South Korea).

“The collaborative robot market is projected to grow at a CAGR of 43.4% during 2021–2027”

The collaborative robot market is expected to grow from USD 1.2 billion in 2021 and is projected to reach USD 10.5 billion by 2027; it is expected to grow at a CAGR of 43.4% during the forecast period. The factors such as easy adaptability and benefits of collaborative robots for businesses of all sizes coupled with growing demand for collaborative robots across e-commerce and logistics industries due to contingency of COVID-19 are driving the growth of the collaborative robot market. However, higher preference given to low payload capacity traditional industrial robots over cobots in heavy-duty industries is the key factor limiting the growth of the collaborative robot market.

“Hardware component is expected to hold the larger share of the collaborative robot market throughout the forecast period.”

The hardware component is expected to hold a larger share of the collaborative robot market throughout the forecast period. The hardware system consists of the robotic arm, end effector, controller, drives, sensors, motors, and power supply, which account for a major part of the cost of a collaborative robot. There is a surge in the market for robot accessories such as end effectors and controllers in the recent years. In the future, the end effectors are expected to achieve a higher level of technological sophistication as machine learning software and safety features are increasingly being combined within the EOAT itself, together with the ability to adapt to its environment using machine vision. Apart from the end effectors, there also has been a rise in the demand for adoption of vision-systems into collaborative robots in order to facilitate remote-monitoring of industrial operations located in remote and hard-to-reach locations. As a result, the technological developments in terms of hardware would enhance the overall functionality of collaborative robots thereby providing an impetus for their growth. Hence, the individual demand for each of the hardware segment such as the robotic arm, controllers, end effectors etc contributes to the overall demand for the hardware in context to the collaborative robot market

“Market in Electronics Industry to witness highest CAGR during the forecast period ”

Market for the electronics industry to grow at the highest CAGR during the forecast period. The electronics industry is increasingly adopting cobots having low payload capacity (up to 5 kg), which are cheaper in cost and can be easily integrated into the production floor due to their smaller size. The cobots with low payload capacities are used in the electronics industry for applications such as handling and assembling of the electronic components and delicate circuit boards and PCBs alongside human workers because the tolerances for error are very small when compared to other macro applications. These cobots also perform soldering, gluing and dispensing operations in electronics manufacturing. On the other hand, the electronics industry employs cobots having higher payload capacity (above 10 kg) for applications such as packaging and palletizing to prevent any damage to electronic components inside the box. The production requirements in the electronics industry are constantly evolving in accordance with technological developments, and cobots can be reprogrammed quickly to minimize idle time.

Cobots being relatively smaller in size, can enable the integration of a larger degree of electronic design and components into increasingly smaller units without compromising on power efficiency or precision. Cobots are expected to be deployed at the fastest rate in the electronics industry during the forecast period due to the rising wages and the competitive nature of the industry.

“Collaborative Robot market for assembling & disassembling application to grow at the highest CAGR during the forecast period”.

Assembling & disassembling application is expected to be the fastest-growing segment of the collaborative robot market. The assembling & disassembling application includes sub-types such as screwdriving and nut fastening. Due to the fact that collaborative robots provide a greater degree of repeatability (upto as low as 0.1 mm) than traditional handheld screwdriving systems; they provide the right torque and depth, have the ability to work alongside workers and can be easily integrated with the vision system, makes them ideal for HRC assembling & disassembling applications. The electronics industry is driving demand for robotic screwdriving, mainly due to the low weight of electronic items such as smartphones and hard drives. As far as nut-fastening application is concerned, collaborative robots are widely adopted for this application in automotive industries for fastening the nuts of medium and large-sized workpieces such as fluid carrying components and transmission components during vehicle assembly. As a result, the electronics and automotive industries majorly deploy collaborative robots for undertaking assembling & disassembling applications.

“Europe to hold a significant share of the collaborative robots market during the forecast period”

Europe is expected to hold a significantly large share for the collaborative robot market during the forecast period. In Europe, the growth of the automotive, healthcare and electronics industries in Europe will lead to the growth of the collaborative robot market in the region. Germany is the largest market in Europe for collaborative robots. The automotive sector which is highly prominent in Germany is the largest contributor in the demand for collaborative robots. With the advent of electric and hybrid vehicles, collaborative robots are being employed in the automotive industry. The second-largest contributor in the demand for collaborative robots is the electronics industry in Germany. This strong manufacturing sector is expected to accelerate the growth of the collaborative robot market in the country. Additionally, increased demand of collaborative robots for adoption in the e-commerce and logistics industry due to the contingency of COVID-19 is expected to boost the sales of collaborative robots in the coming years.

Feel free to ask your queries at https://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=4787187

+ 1 888 391 5441
sales@reportsandreports.com

ReportsnReports.com is your single source for all market research needs. Our database includes 500,000+ market research reports from over 95 leading global publishers & in-depth market research studies of over 5000 micro markets.

This release was published on openPR.