The global collaborative robots market is estimated to grow at a CAGR of 47% during the forecast period. The major factors contributing to the growth of the market include the rising demand for industrial robots and emerging demand in small and medium enterprises. Rising demand for industrial robots was reported across the globe, which in turn, is driving the growth of the market. For instance, as per the International Federation of Robotics (IFR), between 2018 and 2021, it is estimated that almost 2.1 million new industrial robots will be installed in factories across the globe. This represents a growth in industrial automation process across the industries, such as automotive, electronics, and metal to increase productivity and save time and cost.
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Collaborative robots or cobots are a new form of industrial automation. These are smaller and more dexterous industrial robotic arms which aim to create collaboration between human and machine without requiring complex programming or external safety infrastructure. These robots are ideal to perform repetitive and unergonomic tasks and flexible operations. They can quickly integrate and programmed with considerable ease, which makes them more profitable in settings where the robot has to conduct multiple tasks. The sale of cobots is low as compared to other industrial robots as it is a young robotics technology.
However, the demand for cobots is expected to emerge significantly during the forecast period owing to the rising focus on the development of high payload capacity collaborative robots and the availability of funding for the development of collaborative robots. In addition, collaborative robots minimize the risk of injury owing to its lightweight, feature rounded designs with force-limitations. Cobots are easy to use and can learn quickly as compared to industrial robots that require advanced programming skills. These robots are cost-effective than industrial robots and can provide a much quicker ROI owing to faster implementation and cost-saving benefits.
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Collaborative Robots Market- Segmentation
By Payload Capacity
- Up to 5 KG
- From 6 KG to 10 KG
- Above 10 KG
By Application
- Assembling and Dissembling
- Material Handling
- Sealing/Dispensing
- Welding and Finishing
- Quality Testing
- Processing
- Others (Die-Casting and Molding)
By End-Use Industry
- Automotive
- Electronics
- Food & Beverage
- Metal & Machinery
- Healthcare
- Retail& E-Commerce
- Aerospace
- Others (Furniture & Equipment and Plastics & Polymers)
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