How Collaborative Robots can work Alongside Humans and Offer Assistance Proactively, Forecast to 2024

Market Overview

The global collaborative robots (Cobots or Co-robots) market was valued at USD 145.3 Million in 2016 and is expected to witness enormous growth over the forecast period. The force-limited joint is the unique feature of cobots which has been designed to identify forces due to impact and respond quickly.

The market is expected to witness significant growth owing to the substantial traction because of reduced total cost of ownership and benefits associated with co-bots from small and medium size enterprises. The significant growth of cobots is spurred by three key markets which include electronic manufacturers’ service companies and electronics manufacturers, manufacturers seeking optimized agile production methodologies and SME’s.
The robots offers advanced industrial automation solutions to end-user industries and are considered as the one-stop solution for safe working environment. The low price of co-robots with high return on investment is projected to spur the industry growth over the forecast period. The Cobots are designed with advanced software and sensors which has further reduced the injuries of the employees.

Key Players:

Few key players include Cisco, Akros Silicon, Inc., Flexcomm Technology, Microsemi Corporation and Maxim Integrated. Other players include ON Semiconductor, Shenzhen Quanma Industry Co. Ltd., Silicon Laboratories, STMicroelectronics, VISIX.

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Cobots with payload capacity of above 10kg is anticipated to grow significantly during forecast period
The cobots above 10kg payload capacity are estimated to grow significantly owing to their capability of handling immense tasks with high precision and reliability. Assemble and pick & place application are expected to witness significant growth over the forecast period owing to their high flexibility for performing application-specific tasks with easy programming and changing end grippers. The assembly application growth is attributed to the growing demand in major industries which include electronics, automotive, and furniture & equipment.

The automotive industry is estimated to dominate the application segment in 2016 owing to the huge application in assisting employees in the production line and assembly line for enhancing the operational efficiency and productivity of the process. The growth is attributed by the increased efficiency in deployment of cobots for enhanced productivity.
Although, various industries are deploying the cobots at a significant rate, however rapidly changing robotics industry, lack of skilled force and compliance with stringent regulations are few factors are projected to hinder the growth over the forecast period.

The collaborative robots market is segmented based on payload capacity, industry, application and region. The payload capacity segment include upto 5kg, upto 10kg, and above 10kg, whereas the application segment is segregated into assembly, pick & place, handling, packaging, quality testing, machine tending, gluing & welding and others. The industry using the technology includes automotive, food & beverage, furniture & equipment, plastic & polymers, metal & machinery, electronics, and pharmaceutical.
Europe is accounted for major share in 2016

Europe cobots market is expected to hold the major share of over 40% followed by North America and Asia Pacific. The industry growth is driven by strong government funding for factory automation solutions and collectively or independently developed robot-human collaboration for increasing efficiency and reliability which is further driving the market over the forecast period.

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