WASHINGTON, March 15, 2022 (GLOBE NEWSWIRE) -- According to a new market research report "Collaborative Robots Market Size, Share & Trends Analysis Report by Component (Hardware, Software), by Payload (Up to 5 Kg, 5-10 Kg, Above 10 Kg), by Application (Handling, Welding and Soldering, Assembling & Disassembling, Dispensing), by Industry (Automotive, Electronics, Metals & Machining, Plastics and Polymers), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)", published by Vantage Market Research, the global post COVID-19 market size of the Collaborative Robots Market is expected to grow from USD 1,176.90 Million in 2021 to USD 9979.50 Million by 2028 at a CAGR of 42.80% during the forecast period.
Key Findings:
- The up to 5kg payload capacity segment held a significant share in 2021. This is attributable to the benefits it offers such as flexibility, and lightweight Furthermore, it even has the capacity to optimize low-weight collaborative processes like picking, placing, and testing.
- The assembly application segment held a significant share in 2021. This is attributable to the ability of these robots to combine both repetitive and easy work with more complex assembly processes. The pick and place segment is also expected to grow at a considerable CAGR owing to the rising adoption and applications of pick and place collaborative robots by various end-use industries.
- The automotive industry segment is projected to grow at a significant CAGR during the forecast period. This is owing to its benefit in reducing the cost of production downtime and reduction in the floor space.
- Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China accounted for the largest share of the collaborative robot market in APAC in 2021. This is attributable to the increasing labor costs in emerging economies like India, and China in the region. Furthermore, the presence of automotive and electronic players in the region along with an increasing emphasis on miniaturization and light-weighting is also anticipated to support the regional growth of the market.
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Collaborative Robots Market or cobots are used in face-to-face collaboration with humans to achieve various tasks. The reduced cost and high returns on the investment provided by the robots are expected to increase the demand for Collaborative Robots Market in the years to come. Moreover, the collaborative robot market is driven by high Return on Investment (ROI) which is obtained from the deployment of Collaborative Robots Market, and its advantages in all sizes of businesses with reference to increased production, general competitiveness, and improved quality of products are the major factor for the growth of the Collaborative Robots Market’ market. Additionally, the cobots are simpler to program and are responsible for the rapid adoption in large-scale businesses and SME’s which is increasing the demand for Collaborative Robots Market in various businesses all over the world. Furthermore, Collaborative Robots Market are affordable, less complex, and easy to use for training purposes, and this will offer multiple options to organizations, which will increase and drive the demand for Collaborative Robots Market. The world is consistently facing the rapid spread of coronavirus, the automation and robotics are playing a vital role in assisting to protect people and in processing the supplies that are required for people who are shifting to their home towns. Moreover, autonomous deliveries with the help of robots are introducing suppliers to people as they are adopting social distancing and are secure to use, is the other factor driving the growth of collaborative market in upcoming years.
List of Prominent Players in the Collaborative Robots Market:
- Universal Robots (Denmark)
- FANUC (Japan)
- ABB (Switzerland)
- Techman Robot (Taiwan)
- KUKA (Germany)
- Doosan Robotics (South Korea)
- Denso (Japan)
- YASKAWA (Japan)
- Precise Automation (US)
- Rethink Robotics (US)
- MABI Robotic (Switzerland)
- FrankaEmika (Germany)
- Comau (Italy)
- F&P Robotics (Switzerland)
- Stäubli (Switzerland)
- Bosch Rexroth (Germany)
- Productive Robotics (US)
- Wyzo (Switzerland)
- Neura Robotics (Germany)
- Elephant Robotics (China)
- ELITE ROBOT (China)
- Kassow Robots (Denmark)
- SIASUN (China)
- MIP Robotics (France) and Hanwha Corporation (South Korea)
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Market Dynamics:
Drivers:
Collaborative Robots Market gain high returns on investment as compared to the traditional industrial robotic system is expected to increase the demand for Collaborative Robots Market in the upcoming years. Growing demand in the fields of logistics and e-commerce industries because of the contingency of coronavirus is driving the growth of the market during the forecast period. Collaborative Robots Market are suitable in all types of businesses and their simplicity of programming is increasing the adaptability of Collaborative Robots Market in various businesses worldwide. The Collaborative Robots Market paired with AGV’s and AMRs in order to provide significant opportunities for the growth of the market in the years to come.
Challenges:
The speed limitations and payload of the Collaborative Robots Market due to their inherent designs is the major challenge in the Collaborative Robots Market’ market. The rising cybersecurity challenges in connected robots and adopting new standards for Collaborative Robots Market are the other major challenge that takes place in the Collaborative Robots Market’ market.
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Regional Trends:
The APAC region holds the largest market share during the forecast period in terms of volume and value. This can lead to an increase in the labor costs in the APAC region that are pressurizing manufacturers to upgrade their manufacturing processes in order to sustain their cost-effectiveness. Electronic and automotive industries are the major demand generating sectors for Collaborative Robots Market and both of the sectors have a strong presence in the APAC region, particularly in south-Korea, China, and Taiwan region. The factors such as prominence on miniaturization trend in the electronics industry, growth in the average age of the workforce, and light-weight trend in the automotive industry are the factors for the increasing demand in the adoption of Collaborative Robots Market in various regions. Automation in the APAC region is assured to grow as it empowers industries to look after the competitive advantage because of the easy availability of economic labor, low production costs, and initiative of the government for foreign direct investments (FDIs) for guiding APAC region to sustain a dominant position in the collaborative robot market.
Recent Developments:
- In February 2021, ABB located in Switzerland has expanded its collaborative robot (cobots) portfolio with the latest SWIFTI and GoFa cobots families and provides high payloads and speeds. These faster, stronger, and more capable robots will speed up the expansion of the company with high growth segments involving healthcare, electronics, logistics and food and beverages, consumer goods among others which are facing the growth in the demand for automation across multiple organizations for Collaborative Robots Market.
Browse market data Tables and Figures spread through 130 Pages and in-depth TOC on "Collaborative Robots Market Size, Share & Trends Analysis Report by Component (Hardware, Software), by Payload (Up to 5 Kg, 5-10 Kg, Above 10 Kg), by Application (Handling, Welding and Soldering, Assembling & Disassembling, Dispensing), by Industry (Automotive, Electronics, Metals & Machining, Plastics and Polymers), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/collaborative-robots-market-market-481702
The report on the Collaborative Robots Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Collaborative Robots Market?
- How will the Collaborative Robots Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Collaborative Robots Market?
- What is the Collaborative Robots market drivers and restrictions?
- What will be the CAGR and size of the Collaborative Robots Market throughout the forecast period?
This market titled “Collaborative Robots Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 1,176.90 Million |
| Projected Market Size in 2028 | USD 9979.50 Million |
| CAGR Growth Rate | CAGR of 42.80% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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