Global Collaborative Robots Market to Reach worth USD 3,998.1 Million by 2028
Published | 23 June 2022
The global collaborative robots market’s growth is attributable to the high adoption rate of collaborative robots for varied applications in the manufacturing sector as they provide high returns on investment, increasing need for automation, increment in funding for research and development…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global collaborative robots market was worth USD 762.0 million in 2021 and is anticipated to reach USD 3,998.1 million by 2028 at a CAGR of 26.9%. This can be attributed to the growing affordability, easier use, and less complexity of the collaborative robots for training purposes. Eight out of ten workplaces claim that they are likely to increase their deployment of collaborative robots over the next decade, with the pandemic acting as a catalyst for accelerating their investment in automation. For instance, ABB recently announced an expansion of its collaborative robot (cobot) portfolio with the new GoFa and SWIFTI cobot families, which offer higher speeds and payloads, to complement YuMi and Single Arm YuMi in ABB's cobot line. These faster, stronger, and more capable cobots are likely to be adopted across various sectors such as electronics, healthcare, logistics and food and beverage, and consumer goods, satisfying the growing demand for automation across numerous industries.
Collaborative robots enable SMEs and large-scale industries to stay competitive in the market as they leverage the latest sensors, plug-and-play technologies, etc. For instance- Tomenson Machine Works deployed cobots for its pin stamping application prim for various benefits like enhancing profitability, quality, and work satisfaction.
High Cost-Benefit Ratio And Rising Productivity Due To Adoption Of Collaborative Robots To Fuel The Market Growth Rate
Besides providing a high cost-benefit ratio, collaborative robots serve other benefits like no human supervision is required for maintenance tasks that substantially enhance their productivity, thus escalating the profitability of the organizations. The average cost of traditional industrial robot is in the range of USD 50,000–80,000. Whereas the cost of a cobot ranges from USD 25,000 to USD 50,000. Thus, the traditional robot systems prove to be quite costly for small-scale industries that have low volume production. In contrast, a standalone collaborative robot's cost ranges anywhere between USD 30,000 to USD 35,000, and with the addition of the end effectors, it reaches up to USD 40,000 to USD 45,000. It is making them more affordable for small-scale industries.
Moreover, in the case of other machines, workers have to stand by them for long durations during their maintenance, which impedes their productivity. Moreover, alongside being deployed by the manufacturing sectors, the cobots are being widely adopted by various other sectors such as the financial sector like banking or NBFCs to perform monotonous cashier functions. These factors are expected to propel the growth of the global collaborative robots market during the forecast period 2022-2028.
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Higher Preference For Low Payload Capacity Traditional Industrial Robots In Heavy Duty Industries To Impede Market Growth
Traditional industrial robots are equipped in a better way to handle larger and heavier materials and objects like those used in heavy-duty industries, including automotive, metals, and machinery manufacturing, due to their greater payload capacities in comparison with cobots. The heavy-duty industries prefer to deploy traditional industrial robots to automate their manufacturing operations. Moreover, cobots are engineered to be less powerful when compared to traditional robots to operate safely in the work environment, making them less suited for heavy-duty applications.
Conversely, conventional industrial robots are heavy-duty robots with higher payloads that can handle repetitive, dangerous, and very heavy applications. The average speed of collaborative robots at about 1 m/s is lower compared to their conventional counterparts for the same payload capacity. Consequently, due to the low payload capacity, conventional industrial robots are preferred over collaborative robots in the case of heavy-duty industries. This is likely to hinder their market growth during the forecast period 2022-2028.
Material Handling Sub Segment dominated the global collaborative robots market in 2021.
Based on application, the global collaborative robots market is segmented into the following categories: assembly, pick & place, material handling, packaging, quality testing, machine tending, gluing & welding, and others. The material handling sub-segment had the largest market size due to increasing demand from various industries such as automotive, electric and electrical, mining, medical, and others.
Moreover, material handling is a critical function in such industries because some pieces are delicate and need smooth motion. In these circumstances, robots are used to reduce accident rates and manage staff safety. Other applications such as welding, parts assembly, pick and place also observe a tremendous absorption of collaborative robots. According to the American Welding Society, there was a shortage of 290,000 welding professionals in the manufacturing industry in 2020. Thus, most companies have turned to collaborative robots to harness long-term advantages. It has been reported that 29% of robotic applications were welders. Though installing a robotic setup is quite cost-prohibitive, the advantages that the companies can enjoy is likely to compensate for their investments.
Impact of COVID-19 on the Collaborative Robots Market
The catastrophic COVID 19 pandemic had severe repercussions across several sectors. As the world is still battling against the rapid spread of the COVID-19 pandemic, robotics and automation have been sectors that have seen remarkable progress in their growth rate owing to large-scale adoption of automation across various industries like manufacturing and financial, medical, etc. Robots play a critical role in industrial automation, as they manage multiple core operations in industries. They take up complex, mundane, and repetitive tasks accurately, even in hazardous environments. Due to this quality, they are deployed in manufacturing units across most industries. According to a study by UiPath, over 88% of organizations believe that automation will accelerate human achievement and be effective when it complements humans.
North America Dominates The Global Collaborative Robots Market While Asia-Pacific To Witness The Highest Growth During The Forecast Period.
Amidst the segmentation based on region, North America accounted for the largest market share due to extensive R&D activities and heavy adoption of collaborative robots across various industries, especially manufacturing. Moreover, there has been an increment in investments by the national science foundation (NSF), an independent agency of the U.S. government, to aid novel technologies like robotics. This has been a major contributor to the development of the collaborative robot market in the region.
Moreover, there has been high adoption of robotic surgery in the United States. Robotic surgery has been the most adopted medical device in the last two decades, leading to building a brand image and thus providing a competitive advantage to the region. For instance- In November 2021, Smith & Nephew LLC declared to launch CORI, the handheld robotic system for total as well as partial knee arthroplasties. CORI was designed to allow the surgeons to plan, measure and perform a knee surgery that is customized to each patient's individual anatomy.
The manufacturing industries in the U.S. are currently under the trend to automate their production processes to strengthen the U.S. industries in domestic and international markets. On the other hand, the highest CAGR is anticipated to be exhibited by the Asia-Pacific on account of the rising demand for automation in these regions. Also, there has been substantial investment by the Chinese government to develop technologically advanced robots resulting in a high growth rate of the market in the region.
The Collaborative Robots market is a fragmented market with numerous players serving the market. The key players dominating the global Collaborative Robots market are Neura Robotics, F&P Robotics, FrankaEmica, MABI Robotic, Rethink Robotics, K2 Kinetics, Staubli International AG, AUBO Robotics, Yaskawa America Inc.-Motoman Robotics Div., ABB, Bosch Rexroth AG, Fanuc Corporation, Rethink Robotics GmbH, Universal Robots, Ocean Engineering International Inc., Dooshan Robotics Inc., Kuka AG and other prominent players. The key marketing strategies adopted by the players are extensive investments in research and development, portfolio expansions, new and advanced product launches, geographical expansions collaborations, partnerships, and acquisitions to expand their customer reach.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global collaborative robots market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global collaborative robots market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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