DUBLIN--(BUSINESS WIRE)--The "Collaborative Robot (Cobot) Market by Payload, Component (End Effectors, Controllers), Application (Handling, Assembling & Disassembling, Dispensing, Processing), Industry (Electronics, Furniture & Equipment), and Geography - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global collaborative robot market is expected to grow from USD 981 million in 2020 to USD 7,972 million by 2026; it is expected to grow at a CAGR of 41.8% during the forecast period.
Collaborative robots are being increasingly adopted for various applications due to several advantages, such as increased productivity and better employee utilization. Collaborative robots (cobots) provide a reduction in the overall cost of manufacturing and enable a fast RoI. Hence, they are being adopted by both SMEs, as well as large manufacturers across all major industries. However, many of the cobot manufacturers have not invested in developing an intuitive programming interface for their cobots, thereby limiting its adoption.
The market for collaborative robots with a payload capacity of more than 10 Kg to grow at highest CAGR during the forecast period
The market for cobots with a payload capacity of more than 10 kg is expected to grow at the fastest rate. Advances in robotic hardware is enabling cobot manufacturers to manufacture high payload cobots, with long reach without sacrificing speed, accuracy, or repeatability when compared to low payload cobots. For instance, Universal Robots (Denmark) recently introduced the 16 kg payload UR16e cobot, which maintains the same accuracy, repeatability, and safety compared to the lower payload cobots. However, due to the increase in the number of sensors and complex drive sand motor required, these cobots are much more expensive.
Hardware to hold a larger share of the market in 2020
The hardware component accounts for the majority cost of a collaborative robot. Improvements in hardware components such as robot arms, end effectors, controller, drives, sensors, motors, and power supply will also lead to improved speed, accuracy, and payload capacity of the collaborative robot. However, due to the standardization of various hardware components in the robot, the overall cost of a collaborative robot is expected to decrease over time.
Europe to hold the largest share of collaborative robot market in 2020
The European manufacturing industry was one of the early adopters of collaborative robots. With the introduction of Industry 4.0 manufacturing principles, both SMEs and large companies have adopted collaborative robots to modernize and improve their production capabilities. Europe also houses several key collaborative robot companies, such as Universal Robots (Denmark) and KUKA (Germany). KUKA, for instance, was one of the first manufacturers to offer cobots to the market. Universal Robots has been the market leader for cobots for several years now. Although Europe is expected to hold the largest market in 2020, APAC is expected to hold the largest share of the market from 2021 onwards. This is to the large scale of manufacturing facilities in APAC who are now adopting collaborative robots in their automation process.
- Collaborative Robots To Benefit Businesses Of All Sizes
- Affordability And Increased Ease Of Programming Of Collaborative Robots
- Collaborative Robots Have A Different Business Model Than That Of Traditional Industrial Robots
- Software Packages To Provide An Important Value Addition To The Collaborative Robot Ecosystem
- Collaborative Robots Paired With AMRS And AGVS To Provide A Significant Market Opportunity
- Robots-As-A-Service Model To Accelerate Adoption Of Collaborative Robots
- Payload and Speed Limitations Of Collaborative Robots Owing To Their Inherent Design
- Adapting To New Collaborative Robot Standards And Rising Cybersecurity Challenges In Connected Robots
- Universal Robots
- Techman Robot
- Doosan Robotics
- Aubo Robotics
- Precise Automation
- Rethink Robotics
- Mabi Robotic
- Franka Emika
- F&P Robotics
- Robert Bosch
- Productive Robotics
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