Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Collaborative robots or cobots are the robots, which have the ability to collaborate with humans and enhance the human capabilities. There are various advantages of using collaborative robots or cobots such as these robots are easy to program, easy to install, and cobots are flexible i.e. adding new tasks is simple compared to other robots.
The increasing demand of automation in different industries such as healthcare, automotive, food and beverages, metal and machining, plastic and polymers, retail and others is expected to fuel growth of the global collaborative robot (cobot) market. Collaborative robots or cobots are used to automate processes such as product assembling, packaging, labeling, pumping, welding, painting, spraying, material handling and others in the companies. For instance, in food and beverages industry cobots are used to fill large number of food packages in few minutes. In manufacturing industry cobots are used to assemble parts of the product.
However, lack of skilled workforce for cobot operations and limited acceptance of cobot technology are the factors that is expected to hamper growth of the global collaborative robot (cobot) market during the forecast period. Collaborative robot technology or cobot technology is upgrading faster and it is difficult to adopt quickly by the workers. Moreover, poor network administration is also expected to restrain growth of the global collaborative robot (cobot) market.
Global Collaborative Robot (Cobot) Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has significantly disrupted almost all the industries including automotive, medical & healthcare, consumer electronics, clothing & textile, food & beverage, automation, manufacturing, aerospace & defense, oil & gas, construction, semiconductor, agriculture, and others. Liquidity shortfall, cash crunch, and others are the factors that are restraining growth of the various sectors during COVID-19 pandemic.
Additionally, coronavirus (COVID-19) pandemic has impacted almost all the industries globally including robotics, industrial automation and machinery. To combat COVID-19 pandemic, most of the countries had implemented lockdown and are now easing it phase-wise and industry wise. This has significantly impacted manufacturing sector as the facilities across the globe were temporarily shut down, such as in China Italy, and India, among others. As industrial manufacturing companies are the largest consumer of conveyers, labelling machines, packaging machines, and automated storage systems, the demand for these products has declined due to cease in the activities of production units.
Furthermore, end-use industries of collaborative robot market such as automotive, healthcare and others have been affected due to covid-19 pandemic. For instance, according to Coherent Market Insights’ analysis, the automotive market witnessed 12-15% decrease in sales. Nevertheless, COVID-19 has brought the healthcare and medical devices industry at center stage with unmatched demand for personal protective equipment (PPE), ventilators, diagnostic tests, and other medical supplies. Manufacturers and automation companies such as, ABB and others are making efforts to reduce the shortage of critical medical supplies needed to combat COVID-19 pandemic.
Asia Pacific held dominant position in the global collaborative robot (cobot) market in 2020
Asia Pacific held dominant position in the global collaborative robot (cobot) market in 2020, accounting for highest share in terms of value, followed by Europe and North America.
Figure 1: Global Collaborative Robot (Cobot) Market Share (%), By Region, 2020
Owing to the presence of leading market players such as Techman Robot, Han’s Robot, Siasun, Doosan Robotics, and others, Asia Pacific held a dominant position in the global collaborative robot (cobot) market in 2020 and Europe collaborative robot (cobot) market expected to surpass the Asia Pacific collaborative robot market dominance during the forecast period. The growing automotive sector in different countries in Asia Pacific is expected to drive growth of the Asia Pacific collaborative robot (cobot) market. For instance, according to data provided by the Automotive Component Manufactures Association (ACMA), the Indian auto component industry’s turnover accounted for US$ 40.6 billion in 2012-13 and is estimated to reach US$ 115 billion by 2020-21.
Collaborative Robot (Cobot) Market Report Coverage
||Market Size in 2020:
||US$ 691.2 Mn
|Historical Data for:
||2017 and 2019
||2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
||2028 Value Projection:
||US$ 14,836.6 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
- By Payload: Up to 5 Kg, 6-10 Kg, and 11 Kg and Above
- By Component: Hardware and Software
- By Application: Welding and Soldering, Material Handling, Assembling and Disassembling, Processing, Dispensing/ Painting / Spraying, and Others (Molding, Quality Testing, etc.)
- By End-use Industry: Healthcare, Automotive, Food and Beverages, Metals and Machining, Plastic and Polymers, and Others (Retail, Electronics, Furniture and Equipment, etc.)
ABB, Universal Robots, FANUC Corporation, Techman Robot, AUBO Robotics, KUKA, Kawada Robotics, Productive Robotics, Kawasaki Robotics, Precise Automation, YASKAWA, F&P Robotics, Rethink Robotics, Robert Bosch, MABI Robotic, Siasun, Franka Emika, Hanwha Precision Machinery, Carbon Robotics, Han’s Robot, ST Robotics, and Others
- Increasing demand of automation in various industries such as automotive, healthcare, electronics, and other sectors
|Restraints & Challenges:
- Lack of skilled workforce
Assembling and Disassembling segment is expected to witness significant growth during the forecast period.
On the basis of application, global collaborative robot (cobot) market is segmented into welding and soldering, material handling, assembling and disassembling, processing, dispensing/ painting / spraying, and others. Moreover, owing to increasing adoption of collaborative robots in manufacturing industries for assembling and disassembling of small and large devices or parts of product, assembling and disassembling segment is expected to exhibit highest CAGR during forecast period.
Figure 2: Global Collaborative Robot (Cobot) Market Value (US$ Mn) Analysis and Forecast, 2017 - 2028
The global collaborative robot (cobot) market was valued at US$ 691.2 Mn in 2020 and is expected to reach US$ 14,836.6 Mn by 2028, exhibiting a CAGR of 43.1% between 2021 and 2028.
Major players operating in the global collaborative robot (cobot) market include ABB, Universal Robots, FANUC Corporation, Techman Robot, AUBO Robotics, KUKA, Kawada Robotics, Productive Robotics, Kawasaki Robotics, Precise Automation, YASKAWA, F&P Robotics, Rethink Robotics, Robert Bosch, MABI Robotic, Siasun, Franka Emika, Hanwha Precision Machinery, Carbon Robotics, Han’s Robot, ST Robotics, and Others