Collaborative Robot (Cobot) Market Size To Grow USD 1357.4 Million by 2029 at a CAGR of 8.2% | Valuates Reports
BANGALORE, India, Aug. 8, 2023 /PRNewswire/ -- The Global Collaborative Robots (Cobot) Market is Segmented by Type (Below 5 kg, 5-10 kg, More Than 10 kg), by Application (Metal and Processing, Automobile, IT, Plastics and Polymers, Food and Beverage)
The Collaborative Robots Market is projected to reach USD 1357.4 Million in 2029, increasing from USD 771 Million in 2022, with a CAGR of 8.2% during the period of 2023 to 2029.
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Major Factors Driving the Growth of the Collaborative Robot (Cobot) Market:
The market for cobots is propelled by elements such as safety and teamwork, adaptability and flexibility, cost-effectiveness, labor shortages, advanced technology, Industry 4.0 efforts, safety requirements, ROI, and productivity improvements.
The adoption of collaborative robots, or cobots, by Small and Medium Enterprises (SMEs) is one factor contributing to the expansion. In order to engage with people in a shared office and automate industrial procedures, these businesses are investing more and more in cobots.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL COLLABORATIVE ROBOTS (COBOT) MARKET
Stages of the assembly process are frequently automated in manufacturing using cobots. They might move and screw in bolts or lift and set a hefty automobile roof. Robots are more suited to assembly process steps that require a great deal of repetition than people are.
Because of their compact size, they are simple to assemble, disassemble, and transfer across the factory without affecting how the production is organized. Programming is made possible for non-engineers as well, thanks to kinesthetic leading (hand guiding). Hand directing allows the user to move the arm around in space at will by just pressing a button on the teaching pendant (the robot's controller). This allows the user to assign the task themselves. The demonstrated path is then logged and accessible for additional programming from the teaching pendant, which is typically simple to do. This procedure could take an hour.
Collaborative robots are especially intriguing for SMEs (small-medium-sized firms) that create a wide variety of items at a low volume due to the short changeover time.
The lack of a specialized work cell, which eliminates the need for fences and light curtains, is one of the main advantages of a cobot over a six-axis robot (although this is not always the case, depending on the application). This is due to the force limitations in the robot's joints. This indicates that each joint has a force sensor, which adds a quick response in the event of a collision and causes the robot to halt. Additionally, when a person approaches the robot, extra sensors like laser sensors can be added to slow down or stop the robot.
Although collaborative robots may be less expensive than industrial robots (mostly due to their smaller size), the cost of the investment as a whole must also be considered. The cost gap increases when all the ancillary considerations are considered. As an illustration, it is cost-effective to do without a work cell and all that entails (hardware, labor, and time). Employee training is not required, and a robotics expert is not required to supervise or maintain operations. In contrast to industrial robots, it is optional. Cobots have a shorter ROI (return on investment) period than six-axis robots, which might take up to 18 months.
A second arm, which is not present in conventional industrial robots, is a feature that a few businesses have introduced to cobots. Two arms are thought to be advantageous for sensitive operations like tightening screws or assembling small pieces (like electronic components), which can speed up the process and increase flexibility. Another use would be parallel bin picking. With two robotic arms, the task of scooping up small components from bins in haphazard positions can be completed more quickly. The difficulty of synchronizing the two arms to work together is one of the reasons why two-armed cobots are still not very common.
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COLLABORATIVE ROBOT (COBOT) MARKET SHARE
With a share of the market of roughly 54%, Asia-Pacific is the biggest region. With a market share of around 29%, Europe is a laggard.
The major players include Kawasaki, KUKA, FANUC, Rethink Robotics, ABB, Universal Robots, and others. The top 3 corporations had around 74% of the market.
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Key Players:
- Universal Robots
- ABB
- Rethink Robotics
- Kawasaki
- KUKA
- FANUC
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- Delivery Robot market size is estimated to be worth USD 20 million in 2022 and is forecast to a readjusted size of USD 50 million by 2028 with a CAGR of 16.5% during the review period.
- The global automotive robotics market size was valued at USD 6.63 Billion in 2019, and is projected to reach USD 13.60 Billion by 2027, registering a CAGR of 12.8% from 2020 to 2027.
- The global robotics market size was valued at USD 12,153.1 million in 2020, and is expected to reach USD 149,866.4 million by 2030, with a CAGR of 27.7% from 2021 to 2030.
- Robotic Process Automation (RPA) Market estimated at USD 426.7 million in the year 2022, is projected to reach a revised size of USD 2404.5 million by 2028, growing at a CAGR of 33.4% during the forecast period 2022-2028.
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- Warehouse Robotics market size is estimated to be worth USD 3027.3 million in 2022 and is forecast to a readjusted size of USD 4823.9 million by 2029 with a CAGR of 6.8% during the forecast period 2023-2029.
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