Global Collaborative Robot (Cobot) Market, 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.)) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Global Forecast to 2028, is expected to be valued at US$ 14,836.6 million by 2028, exhibiting a CAGR of 43.1% during the forecast period (2021-2028), as highlighted in a report published by Coherent Market Insights.
Collaborative robot or cobot follows human orders and assists humans in various operations such as welding and soldering, material handling, assembling and disassembling, processing, dispensing, painting, spraying, molding, quality testing, and others. Hence, use of collaborative robot or cobot helps to increase productivity and process optimization of various industries such as healthcare, automotive, food and beverages, metals and machining, plastic and polymers, others.
The global collaborative robot (cobot) market was valued US$ 691.2 Mn in 2020.
Increasing Demand for Collaborative Robots in Automotive Industry
Increasing demand for collaborative robots in automotive industry is expected to propel the growth of collaborative robot (cobot) market in the near future. In automotive industry, collaborative robots or cobots are used in various applications such as machine tending, assembly, quality inspection, and dispensing in the production of powertrain, electronics, and interiors. Use of collaborative robots in automotive industry improve quality and capacity of production. Moreover, collaborative robots protect the workers from difficult and risky operations. There are various market players such as FANUC, Universal Robots, and others that offer collaborative robots for automotive industry.
Product Launch Intended To Strengthen Market Position
Key players are focused on adopting strategies such as product launches and product development activities in order to strengthen their market position and enhance their offerings,
For instance, in February 2021, ABB, a Swedish–Swiss multinational corporation, expanded its collaborative robot (cobot) portfolio with the launch of new GoFa and SWIFTI cobot families, which offer higher payloads and speeds. GoFa and SWIFTI are developed to accelerate the company’s expansion in high-growth segments including electronics, healthcare, consumer goods, logistics, and food and beverage, amongst others.
Global Collaborative Robot (Cobot) Market - Impact of Coronavirus (Covid-19) Pandemic
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 consumers 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, in 2020 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.
Key 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
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