Collaborative Robot Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The global collaborative robot market was valued at USD 573.12 million in 2020, and it is expected to reach USD 1,870.59 million by 2026, registering a CAGR of 23.06%, during 2021-2026. Collaborative robots, or cobots, are used in direct collaboration with humans to accomplish various tasks. The declining cost and the high return on investment offered by the robots are expected to impact the market positively.

• The industries using robots face constant pressure to reduce operating costs while increasing productivity and maintaining the required quality levels. For instance, in March 2020, Yaskawa launched the HC20XP Human-Collaborative Robot. It features precise hand-guided teaching for the fast implementation of a robot system. The new 20 kg payload collaborative robot is suited for applications where the robots are needed to work with or in close proximity to humans safely. The industry's first IP67-rated collaborative robot is equipped for continuous use in damp or splash-prone environments.
• The collaborative robots in the market are also becoming more affordable, easier to use, and less complex for training purposes. This will primarily offer multiple options to organizations, which will increase the drive and the demand for these robots. Collaborative robots enable industries of all sizes and scales to stay competitive as these robots use the latest sensors, plug-and-play technologies, and automatic robot programming from CAD data.
• Companies are adopting these robots to increase efficiency in their process. For instance, Tomenson Machine Works adopted automation for its pin stamping application primarily to improve profitability, quality, and worker satisfaction. The company adopted an OnRobot RG6 gripper and Universal Robots UR3 cobot arm, which can handle dozens of part sizes and is being used for potential applications such as deburring, machine tending, and packaging.
• Furthermore, vendors in the market are also active in mergers and acquisitions. For instance, in Apr 2020, HAHN Group, an automation firm, acquired DAHL Automation, a robotics integrator that focuses on collaborative robot arms. With this acquisition, the company will expand its presence in intralogistics and autonomous mobile robots.
• As the world is continuously fighting the rapid spread of the COVID-19 pandemic, robotics and automation are playing a very crucial role in helping to safeguard the people and in processing the supplies that people need as they are shifting towards remote working and home learning. The robots are helping in disinfecting the hospitals. Autonomous deliveries from the robots are bringing the supplies to people as they are adopting social distancing. Moreover, automated workstations are speeding up the work of pharmaceutical companies.

Scope of the Report

Collaborative robots are designed to work with humans, and they’re built with safety features such as integrated sensors, passive compliance, and overcurrent detection. The integrated sensors will feel external forces and lead the robot to stop its movement if the force is too high. This report covers detailed market segmentation by different payloads used for multiple applications and in multiple end-user industries across the globe.

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Key Market Trends

Increasing Demand for Automation in Various Industrial Processes will Drive the Market

• Automation solutions can drive down the cost of deliveries dramatically. Supported by this are the robot innovations that are taking place, allowing the enterprises in various industries to operate autonomously, with augmented human capability and capacity.
• Longer training and onboarding, increasing benefits and compensation rates, and labor shortages are significant factors driving the deployment. More and more warehousing, distribution, and fulfillment facilities are investing in automated solutions. As technology improves and the applications become wider and more flexible, robotics is being adopted by a more significant number of manufacturing operations across regions.
• Robots play a crucial role in industrial automation, with many core operations in industries being managed by them. Robots can take up complicated, repetitive tasks with accuracy, even in hazardous environments. For this very reason, they have been employed in manufacturing units across most industries. According to a study by UiPath, over 88% of organizations believe that automation will accelerate human achievement and be effective when it complements humans.
• Industrial robots used in the automotive industry are more efficient and utilized cost-effectively due to their new speed, accuracy, precision, flexibility, and agility. The complexity of manufacturing passenger cars has increased over the past ten years. This has led to automation solutions robots' usage for a substantial proportion of the production processes these days.

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