New York, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Collaborative Robots Market’ for the forecast period, i.e. 2022-2030 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Collaborative Robots Market Size:
The global collaborative robots market is estimated to grow at a CAGR of ~42% over the forecast period, i.e., 2022-2030. The market generated a revenue of ~USD 1 Billion in the year 2021 and is further expected to touch ~USD 18 Billion by the end of 2030. The growth of the market can be attributed to increasing production in automotive sector. Sales of electric vehicles nearly quadrupled from 2020 to 2021, reaching 6.6 million (a sales share of about 9%), increasing the overall number of electric vehicles on the road to 16.5 million. Cobots, or collaborative robots, have opened up new options for the automotive industry, including the deployment of robots next to workers without the need for fence. Cobots enable producers to release workers from boring, hazardous, and dirty jobs. In addition, cobots are accessible around-the-clock.
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These collaborative robots are also used is various other verticals such as food & beverages, electronics, plastic, and more. Additionally, cobots require artificial intelligence derived skills in order to make analysis and take better decision. Companies reported employing AI in their operations in 35% of cases, while 42% said they are investigating it in other cases. The adoption of AI has increased significantly, by four points since 2021.
Global Collaborative Robots Market: Key Takeaways
- North America region to hold the largest share
- Automotive Segment to propel highest growth
- Asia Pacific region to grow significantly during forecast period
Rising Need to Reduce Number of Workplace Accidents to Boost Market Growth
According to the International Labor Organization (ILO), there are 160 million nonfatal work-related illness cases per year. According to these statistics, 860,000 individuals are wounded at work every year, and 6,400 people die from occupational diseases or accidents. Hence collaborative robots are used, therefore boosting the demand for the market. Also when warehouse managers want to increase output without having to hire new employees and go through the on boarding process with them, they frequently prefer to invest in automation solutions. Robots help to meet production demands while also lowering workplace accidents caused by lifting, falls, and other risks.
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Further there has been growing investment in collaborative robots which is expected to drive the growth of the market. For instance, in 2020, an approximately 400 robots were installed per 10,000 workers in the manufacturing sector in Japan, placing it third in the world. Collaborative robots includes various advantages such as safety, speed, consistency, perfection, and more. Hence they are more preferred by the organization. When humans and robots collaborate, manufacturing processes are quicker, more cost-effective, and more efficient. Also they boost employment opportunity as it requires skilled workers to operate these robots.
Global Collaborative Robots Market: Regional Overview
The global collaborative robots market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Automotive Production to Drive Market Growth in Asia Pacific Region
The collaborative robots market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period. The growth of the market in this region can be attributed to the growing automotive production. In India, approximately 2,081,140 passenger cars, three-wheelers, two-wheelers, and quadricycles were produced in total as of June 2022. Further, growing automation of manufacturing processes, and growing demand for light-weighted market is expected to boost the market.
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Rising Remunerative Hub for Collaborative Robots to Favour the Growth of the Market in North America Region
The market in the North America region is estimated to acquire the largest share over the forecast period, backed by growing remunerative hub for collaborative robots, along with the growing adoption of industrial robots in the region. According to the statistics by the International Federation of Robotics (IFR), in the Americas, 50712 industrial robots were installed in the year 2021, which was an increase by 31% than the year 2020. The U.S. witnessed new installations of 34987 units in 2021, which was an increase by 14%.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Collaborative Robots Market, Segmentation by End User
- Electronics
- Automotive
- Manufacturing
- Food & Beverage
- Chemicals
- Pharmaceutical
The automotive segment is anticipated to garner the largest revenue by the end of 2030, backed by growing automotive industry. Also there has been growing vehicle penetration which could also contributed to the growth of the market. For instance, by 2025, it is anticipated that there would be approximately 70 automobiles per 1000 persons.
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Global Collaborative Robots Market, Segmentation by Payload
- Above 10 Kg
- 5 – 10 Kg
- Up to 5 Kg
The up to 5 kg segment is anticipated to hold the largest revenue by the end of 2030. The growth of the segment can be attributed to growth its wide range of attribute. They optimise low-weight collaborative activities including picking, positioning, and testing while being lightweight and flexible. Further the launch of advanced cobots is also expected to boost the market growth. As an illustration, Comau S.p.A. introduced Racer-5, a cobot that is affordable and suited for packaging and storage, in March 2021.
Few of the well-known market leaders in the global collaborative robots market that are profiled by Research Nester are Fanuc Corporation, TechMan Robot Inc., Rethink Robotics GmbH, Universal Robot A/S, AUBO Robotics USA, ABB Ltd., Denso Corporation, Yaskawa America, Inc., Bosch Rexroth AG, Staubuli International AG, and other key market players.
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Recent Development in Global Collaborative Robots Market
- On April 2020, ABB Ltd. announced that it has launched a block-based programming interface known as ‘Wizard Easy Programming’. With the launch of this programming interface, the organization aims to make programming its single arm YuMi cobot more intuitive.
- On September 2019, Universal Robots announced that it has launched a brand-new collaborative robot model, named as UR16e. This robot is designed for heavy payload application for tackling heavy duty tasks effectively.
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