New York, USA, May 07, 2020 (GLOBE NEWSWIRE) -- Post COVID-19 Impact on Collaborative Robot Market
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- Long-term and short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on Collaborative Robot Market, due to the impact on its extended ecosystem
- Understanding the market behavior Pre- and Post-COVID-19 pandemic
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Pre COVID-19 Analysis of Collaboration Robot (cobot) Market:
The global collaboration robot (cobot) market forecast will reach up to $8,840.5 million by the end of 2026, growing at a CAGR of 41.2%, and is rising from $559.5 million by 2018, according to Research Dive.
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Collaborative Robot Market Drivers:
Increasing investments for computerization procedures in the production industries to reduce the labor costs coupled with rising implementation of collaborative robots in the end use industry are significantly enhancing the growth of the collaborative robot market. In addition, the price of collaboration robots has declined because of rapid rise in the novel product introductions; this is caused because of high returns on initial investment and superior performance of cobots, which is also expected to drive the growth of the market. Moreover, collaborative robot is intended to ensure a safer work atmosphere, especially where human faults can hamper progress. Owing to benefit of collaborative robot, there is increasing demand for collaborative robots from various industry verticals such as automotive, machine designing, electronics and other industries. The aforementioned factors will boost the growth of the market in the near future. Moreover, constantly growing R&D operations to increase the high capacity payloads for heavy load operation in manufacturing sector with more flexibility and reliability is anticipated to generate substantial growth prospects in the global collaboration robot market. The global market is significantly restricted by the several aspects such as rising cyber-security dangers and lack of awareness on organizational systems safety. In addition, designing & structure of collaborative robots for specific task is still a problematic task and is predicted to limit the collaborative market growth.
The global collaboration robot market is classified into payload type, application, component and end use industry.
Based on payload type, the market is segmented into above 10kg, up to 10kg and up to 5kg. In these, payload capacity up to 5kg accounted for prominent market size in the year 2018 and is anticipated to grow at a faster rate of 41.4% CAGR throughout the estimated time. This growth is accredited to wide usage of 5kg payload in the end use industries owing to its light weight and flexibility. Besides 5kg payload, the up to 10kg payload accounted for subsequent position after 5kg payload in 2018 and is projected to generate a revenue of $2,413.5 million till 2016, at a CGR of 40.8%.
By component, the global market is divided into hardware and software. Among these, hardware segment held the highest global cobot market size in 2018; it was over $324.5 million and is estimated to account for $4,597.1 million till 2026. There is extensive usage of hardware components such as robot arms, sensors, motors, power supply controllers and sensors in several operations such as assembling & disassembling, handling and other operations in the end use industries. Software segment accounted for second position in the global market in 2018 and is estimated to grow at a healthy rate of 43.6% CAGR during the forecast time.
The market is classified on the basis of application into assembling & disassembling, handling, dispensing, welding & soldering, processing and others. Assembling & disassembling segment generated for largest collaboration market share and is anticipated to rise at a moderate 40.4% CAGR in the forecast time. This dominance over the market size is because of disassembling & assembling uses in the end use industries such as electronics, automotive and other industries. Welding & soldering segment registered for subsequent market size and is projected to grow at a healthy CAGR of 41.1% throughout the estimated timeframe.
Based on end use industry, the global market has been categorized into electronics, automotive, metals & machining, furniture & equipment, healthcare, plastics & polymers and others. Automotive industry segment holds majority of the collaborative robot market share, which was 28% in the year 2018 and is predicted to continue its trend towards market growth in the estimated period. This growth in the automotive industry is owing to wide usage of collaborative robots for assembling of automobiles in the automotive industry to minimize labor expenditure. Along with automotive, healthcare cobot market registered for second position in global market and will reach up to $1,617.8 million by the end of 2026.
According to regional analysis, the global collaborative robot market was investigated into several regions such as North America, Europe, Asia-Pacific and LAMEA. In these, North America region market held a major share of the the global market size in 2018 and is projected to account for $2,917.4 million by 2026 growing at a 40.2% CAGR. Along with North America, the market for Europe region registered for subsequent market size after North America; it was valued over $117.5 million by 2018 and is predicted to rise at a CAGR of 41.8% during the forecast period. The growth in Europe market is due to wide usage of cobots in several industry verticals such as electronics, automotive and machinery designing applications.
The top gaining players in the global collaborative robot (cobot) market include EPSON Robots, DENSO Robotics, ABB Group, Universal Robots A/S, Robert Bosch GmbH, Franka Emika GmbH, MABI AG, Fanuc Corporation, YASKAWA ELECTRIC CORPORATION, F&P Robotics AG, Precise Automation, Inc., Rethink Robotics, Inc., KUKA AG, MRK-Systeme GmbH, AUBO Robotics Inc. and Comau S.p.A. These manufacturers are concentrating on several tactics including partnerships, joint ventures, R&D investments and mergers & acquisitions to rise their company position in global collaboration robot industry.