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Cobots, or collaborative robots, are robots specifically designed for direct human-robot interaction within a shared space, or where humans and robots are in close proximity.
According to MarkNtel Advisors’ research report titled “Global Collaborative Robots (Cobots) Market Analysis, 2020”, the market size of Global Collaborative Robots market in terms of value is forecast to grow at a CAGR of around 45% during 2020-25, owing to the increasing investments by the manufacturers on automation of processes, market expansion across geographies and the business sectors, and converting their conventional processes into unmanned, automated processes. Furthermore, the technological advantages of the Cobots over the traditional industrial robots in terms of efficient human-machine interface (HMI), one-stop solution, and non-restricted, multi-variant functionalities across varied application areas has been boosting the Global Collaborative Robots market.
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Rising Traction Toward Automation Driving Heavy Sales of Cobots in Automotive Industry
The demand for industrial collaborative robots is expected to grow across the different end user industries in the years to come, as a result of operational advantages witnessed by the verticals in terms of high return on investments (ROI), easy assembling of the industrial products, higher assistance to the workforce, improved production efficiency, reducing operational cost, as revealed by Markntel Advisors’ research report on “Global Collaborative Robots (Cobots) Market Analysis, 2020”. In 2019, the automotive sector held the largest market share in the global Cobots market, followed by electrical and electronics industry. The increasing adoption of the automation in the automotive industry with the main focus toward reducing time & cost and convenient material handling is spurring the market for robotic material handling equipment in the automotive industry.
However, despite their high intelligence and improved functionality, the Cobots lack the ability of cognitive learning, based on the unpredictable human behavior and thought, which is creating a restriction to develop a true collaborative environment. Also, the stringent rules and standards designed by the International Organization for Standards, and the American National Standards Institute regarding the human-robot collaborative operations, specifying the speed, power, stopped-state monitoring, and hand guiding are limiting high-speed operational efficiency of the Cobots.
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Assembling and Disassembling Application Segment Holding the Leading Position
The Assembly and Disassembling application of the Collaborative Robots market is expected to attain the highest CAGR during the forecast period and maintain its significant market share. However, with the integration of the AI and machine learning tools in cobots, the other application segments such as testing and inspection, molding and polishing segment are expected to grow in the near future. Also, due to the high pay load capacity of the Cobots, the demand for the collaborative robotic material handling equipment is increasing in the aligned industries, that would surge the market size of the Global Collaborative Robots market.
According to MarkNtel Advisors, the key market players in the Collaborative Robots Markets with substantial market share includes ABB, AUBO Robotics, Bosch Rexroth AG, F&P Robotics, Comau, Denso Robotics, Fanuc, Kuka, Nachi Robotic, Precise Automation, etc.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Collaborative Robots (COBOTs) Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of units sold (Thousand).
Q. What would be the growth rate or CAGR of Global Collaborative Robots (COBOTs) Market during 2020-25?
A. The growth rate of of Global Collaborative Robots (COBOTs) Market during 2020-25 is forecast to be around 45%.
Q. Which region would grab the highest market share during 2020-25?
A. It is forecast that Asia-Pacific will dominate the market with majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating in Global Collaborative Robots (COBOTs) Market?
A. ABB, AUBO Robotics, Bosch Rexroth AG, F&P Robotics, Comau, Denso Robotics, Fanuc, Kuka, Nachi Robotic, Precise Automation, Productive Robotics, Rethink Robotics, Seiko Epson, Techman, Yaskawa Motoman, Universal Robots, Automata Technologies, Doosan Robotics, Hanwha Group, MABI Robotic, Stäubli International are few of the leading players in the Global Collaborative Robots (COBOTs) Market.
Q. Which Application segment would emerge as an opportunity area for players in Global Collaborative Robots (COBOTs) Market?
A. The Assembly and Disassembling application of the collaborative robots is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which Sector would emerge as an opportunity area for players in Global Collaborative Robots (COBOTs) Market?
A. The automobile sector grabbed a significant market share continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global Collaborative Robots (COBOTs) Market.
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