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According to the analysis of the global collaboration robot (Cobot) carried out by Research Dive, the forecast of the global market will be $ 8,840.5 million until 2026, at a CAGR of 41.2%, growing from $ 559.5 million in the year 2018.
Increasing investments for automation processes in the manufacturing industry to minimize labor expenditure along with the growing trend for cobot installation in end-use industries are key drivers for the growth of the collaborative market. In addition, the cost of cobots has also decreased due to the rapid growth in new product launches, which has translated into investment gains along with higher performance of the collaborative robot with very low precision and high precision; This is further expected to enhance market growth. Additionally, cobots are designed to ensure a safe working environment, particularly in applications where human-made mistakes can obstruct progress. Due to the advantages of cobots, there is a growing demand for cobots from various industries, including automotive, electronics, machine design, and other vertical industries. The aforementioned aspects are expected to drive market growth in the coming years. In addition, the growing demand for high payload capacity collaboration robots for heavy processes in production sectors is expected to generate significant growth opportunities in the collaboration market.
Furthermore, the growing demand for collaborative robots combined with Automatic Guided Vehicles (AGV) and Autonomous Mobile Robots (AMR) to engineer improved, more reliable and cost-effective collaboration is estimated to drive market growth in the near future. However, the growing cybersecurity dangers in linked cobots and the dearth of knowledge about back-office network security is a constraint on market growth. In addition, various technical encounters are anticipated for the construction and design of collaborative robots such as the specific cobot section for the job, the correct communication between the worker and the robot and other problems that will hamper the size of the market.
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The collaborative robot segment up to 5 kg payload had the global market share in 2018, it is projected to generate a revenue of $ 4,022.4 million by 2026, growing at a rate of 41.4% CAGR. The growth is attributed to the growing preference for 5 kg payloads due to its affordability, takes up less space and is easy to mount and dismount. Cobots above the 10 kg payload segment are estimated to experience remarkable growth in the market and are projected to generate a revenue of $ 2,404.6 million through 2026. Collaborative robots of the 10 kg payload type can manage tasks complex together with more precision, reliability and accuracy and are useful for heavier load manufacturing procedures; These aspects are expected to drive the size of the market in the coming years.
The hardware segment is expected to be the largest in the collaborative robot market; generated more than $ 324.5 million in 2018 and is projected to grow at a moderate CAGR of 39.3% in the estimated term. The growth in the hardware segment is attributed to the drop in the prices of hardware modules such as robotic arms, power stock units, position controllers and other units due to the standardization of hardware units. In addition, many of the manufacturers are concentrating on improving precision, accuracy and payload capacity, which is also expected to drive market growth in the coming years. The software components segment will grow at a notable CAGR of 43.6% and is forecast to reach $ 4,243.4 million in 2026. Increasing investments in R&D in the implementation and development of Application-specific programming software and software will enhance the market growth in forecast time.
The assembly and disassembly applications segment had the highest global cobot market share in 2018 and is projected to grow at a healthy CAGR of 40.4% over the estimated time. The extensive use of collaborative robots for assembly applications in various industries, such as automotive, machine manufacturing and electronics, is expected to drive market growth. The handling applications segment is anticipated to experience remarkable growth and is expected to account for $ 1,396.8 million by 2026. This anticipated market growth for application handling is driven by the increasing demand for collaborative robots in application uses that include pick & place, goods separation and many other handling uses.
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The automotive end-use segment recorded the largest global market size in 2018 and is expected to maintain its dominance in the projected period. The wide application of collaborative robot models in the automotive sector to reduce manufacturing prices along with increased performance is projected to drive market growth in the automotive sector. Furthermore, it is estimated that the increasing trend towards the automation of industrial processes due to the rapid growth in industrialization and modernization will promote the demand for cobots in the automotive sector. The electronics end-use segment will grow at a higher CAGR of 42.2% and is projected to reach $ 1,308.4 million by 2026. This estimated growth is credited to the growing demand for low-capacity collaboration robots from payload in the electronics sector for electrical product handling and assembly operations. components.
North America represented the highest cobot market size in 2018; exceeded $ 195.3 million and it is estimated that it will continue its growth with a compound annual rate of 40.2% during the projected period. Early implementation of collaborative robots for the manufacturing sector due to increasing demand from the automotive, consumer electronics and healthcare sectors. Furthermore, favorable government initiatives, increasing industrialization, and increasing investment for collaborative robot R&D are expected to drive market growth. The Asia-Pacific market will grow at a significant rate of 42.3% CAGR and is expected to create abundant growth prospects in the anticipated timeframe. Due to the rapid evolution of industrialization and modernization in the countries of Asia and the Pacific, many of the manufacturing sectors are switching to the automation process to minimize manufacturing expenses; This factor will drive market growth in the Asia-Pacific market.
• Top Key Players in the Collaboration Robot Market:
Major players in the collaborative robot (cobot) market include AUBO Robotics Inc., YASKAWA ELECTRIC CORPORATION, Rethink Robotics, Inc., EPSON Robots, Universal Robots A / S, ABB Group, Comau SpA, Fanuc Corporation, Precise Automation, Inc., Franka Emika GmbH, F&P Robotics AG, DENSO Robotics, KUKA AG, Robert Bosch GmbH, MRK-Systeme GmbH and MABI AG. These major players are implementing various strategies including R&D investments, introduction of new technologies, joint ventures, and collaborations and partnerships to gain a competitive advantage in the global collaborative robot industry.
• Porter’s Five Forces Analysis for the Collaborative Robot Market (Cobot):
– Commercial power of distributors: The collaborative robot industry has a large number of large, small and medium distributors, and major players are designing more interactive cobots, and therefore the changing price of delivery is estimated to be tall. The trading power of the distributors is HIGH.
– Negotiation of Consumer Control: This market has a huge concentration of consumers, high demand due to the absence of substitutes and the difficulty in the designation of cobot for specific operation in the sectors that are resulting in high consumer power. The buyer’s negotiating control is MODERATE.
– Threat of new entrants: The increasing requirement of robot for the automation process and the presence of important participants are generating a great threat for new entrants in the market. The threat of new contestants is HIGH.
– Risk of alternatives: the market for collaborative robots has a very small number of alternatives and, therefore, a minimal risk of alternatives. Substitute risk is LOW.
– Competitiveness in the market: this market has a large number of key players. These key players focus on various strategies such as joint ventures, geographic expansions, and new product developments to gain the largest market share. Competitiveness in the market is HIGH.
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