Portland, OR, June 10, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global industrial cobot industry was pegged at $0.65 billion in 2018, and is expected to garner $12.48 billion by 2026, at a CAGR of 44.8% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Increase in demand for automation, availability of affordable and energy-efficient industrial cobots, and rise in investment in R&D activities propel the growth of the global industrial cobot market. Whereas, high installation cost restrains the market growth. On contrary, growing robot installation in various industry verticals across the globe ushers multiple opportunities, in the near future.
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COVID-19 Scenarios:
- The global lockdown has affected the manufacturing and supply chain in the global industrial cobot industry. However, the industry has witnessed an increased demand for cobots.
- In addition, once the pandemic is over, it is anticipated that the demand for cobots would increase, as manufacturers would not have to figure out ways to maintain social distancing on the factory floor. Also, the cobots would help in meeting the production demand.
The industrial cobot market is segmented on the basis of application, end user, and region. Based on application, the material handling segment accounted for nearly one-third of the total share of the global industrial cobot market in 2018, and is estimated to witness its largest share in terms of revenue throughout the forecast period. Nevertheless, the value-added processing segment is expected to portray the largest CAGR of 47.0% from 2019 to 2026.
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Based on end-user, the automotive segment accounted for the largest market share with nearly one-third of the total share in 2018, and is estimated to maintain its lead position throughout the forecast period. On the other hand, the manufacturing segment is expected to register the fastest CAGR of 47.1% from 2019 to 2026, owing to need to optimize total cost of ownership (TCO).
Based on region, Europe accounted for the highest share, holding nearly two-fifths of the total share in 2018, and is estimated to maintain its dominant share during the forecast period. However, the Asia Pacific region is expected to grow at the largest CAGR of 47.6% from 2019 to 2026. The report also analyzes regions including North America and LAMEA.
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The key market players in the report include KUKA AG, Seiko Epson Corporation, Staubli International AG, Universal Robots A/S, Teradyne, ABB Ltd, The Fanuc Corporation, Kawasaki Heavy Industries Ltd., Nachi Fujikoshi Corporation, and Yaskawa Electric Corporation.
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