Global Collaborative Robot Market Report to 2026 - Rise of Smart Factories is Driving Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Collaborative Robot (COBOT) Market: Analysis By Payload Capacity, By End User, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.

The global collaborative robot market was valued at US$894.60 million in 2021. The market is projected to reach US$3.21 billion by 2026.

A collaborative robot is a machine that works in conjunction with humans, such as by serving as a guide or assistant during a task or activity. In contrast to autonomous robots, which function mostly independently and without supervision, collaborative robots are designed and built to respond to human commands and actions. In order to ensure safe behavior, cobots are typically made to be lightweight and fitted with sensors.

Automation helps in increasing productivity, improving quality and reducing errors. Rising demand for automation has rapidly increased the adoption of robots in various industries. The growing demand for automation in industries and smart factories would drive the market growth. The collaborative robot market is expected to grow at a CAGR of 27.10% over the forecast period 2022 to 2026.

Impact Analysis of COVID-19 and Way Forward:

People all throughout the world have been impacted financially and psychologically by the COVID-19 pandemic. Lockdowns and severe restrictions on air and land transport were implemented by Governments everywhere. Many governments were unable to control the virus despite the stringent limitations, leading to a high fatality rate in their respective nations. Till the end of 2019, the collaborative robot market growth trend was positive.

However, the COVID-19 outbreak further restricted market expansion and investment in collaborative robots, which was expected to increase in 2020 but the market could not perform well due to the pandemic. This may also be explained by the fact that the largest original equipment manufacturer for collaborative robot was particularly heavily struck by the pandemic, which only exacerbated the issues for suppliers and manufacturers of collaborative robots at the time.

In spite of COVID-19's effects and uncertainties, merger and acquisition (M&A) activity in the robotics industry persisted in the first half of 2021. Due to the intense competition and businesses' desire to diversify their portfolios, a number of deals took place during that period. Moreover, the technological developments brought after COVID-19 outbreak is expected to assist the market growth further.

Market Dynamics

Growth Drivers

• Rise Of Smart Factories
• Growing Electronics Industry
• Working Force Moving Toward Tertiary Industry
• Rising Labor Wage In Manufacturing
• Growth In The Automotive Industry
• Rise in Use of COBOTS by SMEs

Challenges

• Cyber Security Issues
• Speed Issue

Market Trends

• Advancements in Robotics
• 5G Network Exposure
• End of Arm Tooling (EOAT)

This report includes:

• An in-depth analysis of the global collaborative robot market by payload capacity, by end user, by application, by region, etc.
• The regional analysis of the collaborative robot market, including the following regions:
• Asia Pacific (China, Japan, Korea Republic, India and Rest of Asia-Pacific)
• North America (The US, Canada, & Mexico)
• Europe (Germany, Italy, France, Spain, UK and Rest of Europe)
• Middle East & Africa
• Latin America
• Comprehensive information about emerging markets. This report analyses the market for various segments across geographies.
• Provides an analysis of the COVID-19 impact on the global collaborative robot market.
• Assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall collaborative robot market has also been forecasted for the period 2022-2026, taking into consideration the previous growth patterns, the growth drivers, and the current and future trends.
• Evaluation of the potential role of collaborative robot to improve the market status.
• Identification of new technological developments, R&D activities, and product launches occuring in the collaborative robot market.
• In-depth profiling of the key players, including the assessment of the business overview, market strategies, regional and business segments of the leading players in the market.
• The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
• The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

Companies Mentioned

• Teradyne Inc. (Universal Robot)
• Fanuc Corporation
• ABB Group
• KUKA Group
• Yaskawa Electric Corporation
• Kawasaki Heavy Industries
• Mitsubishi Electric Corporation
• Denso Corporation (DENSO Robotics)
• Omron Corporation
• Quanta Storage Inc. (Techman Robotics)
• HAHN Group (Rethink Robotics)
• Doosan Group
• AUBO Robotics
• F&P Robotics AG

For more information about this report visit https://www.researchandmarkets.com/r/fyonw5