New York, USA, Aug. 03, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global collaborative robot (cobot) market is predicted to grow at a stunning CAGR of 41.2%, thereby garnering a revenue of $8,840.5 million in the 2019-2026 timeframe. This holistic report provides an overarching overview of the nature of the collaborative robot (cobot) market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2019-2026 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and workings of the market.
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Dynamics of the Collaborative Robot (Cobot) Market
Drivers: Increasing the adoption of robots to increase productivity is expected to become the primary growth driver of the collaborative robot (cobot) market in the forecast period. Along with this, there is a growing demand for high payload capacity cobots, especially in manufacturing industries which are predicted to boost the market further.
Opportunities: The growing trend of pairing cobots with automatic guided vehicles (AGV) and autonomous mobile robots (AMR) for various benefits such as easier installation, more flexibility, etc. is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the growing adoption of robots to increase productivity is predicted to help the market grow in the analysis timeframe.
Restraints: Cyber security threats for cobots, however, might prove to be a hindrance in the growth trajectory of the collaborative robot (cobot) market.
Segments of the Collaborative Robot (Cobot) Market
The report has divided the collaborative robot (cobot) market into certain segments based on payload capacity, component, application, end-use industry, and region.
Payload Capacity: Up to 5 Kg Sub-Segment to be the Most Dominant
By payload capacity, the up to 5 kg sub-segment is predicted to have the most dominant market share and is expected to grow with a CAGR of 41.4% during the forecast time. Cobots of up to 5 kg payload capacity are in great demand due to their features such as a minimum space requirement, low cost, and a smaller number of sensors for operation and control. These features and the growth in demand are predicted to boost the sub-segment in the forecast period.
Component: Hardware Sub-segment to Have the Highest Market Share
By component, the hardware sub-segment of the collaborative robot (cobot) market is expected to have the highest market share and garner $4,597.1 million by 2026. Standardization of several hardware components such as sensors, power supply units, position controllers, etc. is anticipated to be the primary growth driver of the sub-segment.
Application: Assembling & Disassembling Sub-segment to be the Most Lucrative
By application, the assembling & disassembling sub-segment is expected to have the largest market share and generate a revenue of $18,565 million by 2026. The extensive use of collaborative robots in assembling and disassembling applications is anticipated to be the main growth driver of the market in the forecast period.
End Use Industry: Electronic Sub-segment to Experience Significant Growth
In the end-use industry, the electronics sub-segment is expected to flourish immensely and register a revenue of $1,308.4 million in 2026. The growing requirement for low payload capacity cobots in the consumer electronics industry is predicted to be the main reason behind the growth of the sub-segment in the forecast period.
Region: Collaborative Robot (Cobot) Market in Asia-Pacific Region to be Highly Profitable
To regional analysis, the collaborative robot (cobot) market in the Asia-Pacific region is poised to witness huge growth and is anticipated to reach $1,980.3 million by the end of 2026. Rapid industrialization and modernization across the whole Asia-Pacific region are expected to be the primary growth driver of the market in the forecast period.
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Prominent Collaborative Robot (Cobot) Market Players
Some prominent market players in the collaborative robot (cobot) market are
- YASKAWA ELECTRIC CORPORATION
- EPSON Robots
- ABB Group
- Rethink Robotics, Inc.
- Universal Robots A/S
- Comau S.p.A.
- Franka Emika GmbH
- Fanuc Corporation
- Precise Automation, Inc.
- DENSO Robotics
- F&P Robotics AG
- KUKA AG
- MRK-Systeme GmbH
- Robert Bosch GmbH
- MABI AG
- AUBO Robotics Inc. among others.
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market. – Buy Full Report Here
For instance, in March 2022, Bosch Rexroth, a German engineering company, announced the acquisition of Kassow Robots, a Denmark-based manufacturer of collaborative robots. This acquisition by Bosch Rexroth is aimed at expanding its ‘Factory of the Future’ portfolio and consolidating its position in the market.
Finally, this report published by Research Dive, also offers many vital facets of the collaborative robot (cobot) market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Collaborative Robot (Cobot) Market:
- Collaborative Robots to Arise As a Game-Changer for Many Manufacturing Sectors
- How Are Collaborative Robots Different from Traditional Robots?
