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In the midst of the COVID-19 pandemic, there is an urgent requirement to automate (minimize human contact) the diagnosis of the infection. In this situation, cobots can be used for tasks, such as opening vials, processing patient samples and loading them into the required instruments for diagnostic testing. Further, I believe that such robots can play a role in delivery of treatment or vaccines
-- Chief Executive Officer, a mid-sized company
The collaborative robot market is estimated to be worth $931 million in 2020 and is expected to grow at CAGR of 34% during the forecast period. Presently, the world is witnessing a radical change in the way industrial operations are conducted. Technological advances have now enabled a number of simple and complex processes to be automated. In addition, growth in adoption of the concept of internet of things has led to the generation of large volumes real-time data, which require advanced machine-learning techniques for analysis. Collectively, the aforementioned developments have initiated a new phase in the current industrial revolution, which is commonly referred to as Industry 4.0. Over the years, various industry stakeholders have actively invested in the development and implementation of automation technologies in manufacturing operations, in order to minimize expenditure on labor, reduce scope of error in the supply chain, and optimize existing processes. Further, it is estimated that up to 30% of manufacturing jobs in the US are likely to be automated by 2030. In this context, the ongoing COVID-19 pandemic has further promoted the adoption of automation technologies, now that the global labor force is required to work under strict social distancing guidelines.
Collaborative robots (cobots) represent a variant of industrial robots and is currently considered to be one of the fastest growing segments in industrial automation. A cobot is a type of robot that is designed to operate alongside humans in shared workspaces. According to experts, these machines are easy to program and deploy, can increase productivity manifold, and offer high returns on investment. In fact, it is estimated that human robot collaboration can increase the efficiency of various industrial operations by 30-40%. According to the International Federation of Robotics (IFR), over time, the cost of cobots has decreased owing to the growing demand for such machines across various industries, including automobiles, electronics / electrical goods, food and beverages, and life sciences / pharmaceuticals. In the healthcare industry, cobots are used in medical research, patient care, pharmaceutical manufacturing, and a number of other sensitive operations where there is no scope for human error. According to a study conducted by Robotic Industries Association (RIA), revenues generated by sales of cobots is anticipated to represent 34% of the overall industrial robots market, by 2025. Onwing to the abovementioned reasons, collaborative robot market likely to witness substantial market growth during the forecast period.
Examples of key companies engaged in collaborative robot market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Kinova, Precise Automation, Robotics Systems Integration, ABB, Comau, FANUC, KUKA, Staubli, Universal Robots and Yaskawa Electric. This collaborative robot market report includes an easily searchable excel database of all the companies developing cobots, worldwide.
Several recent developments have taken place in the field of collaborative robot market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The “Collaborative Robot Market, 2020-2030” market report features an extensive study of the current market landscape, market size, market share, market growth, market forecast, market outlook and future opportunities of the collaborative robot market. The market research report features an in-depth analysis, highlighting the capabilities of various industry stakeholders engaged in collaborative robot market.
In addition to other elements, the market research report includes:
The key objective of collaborative robot market report is to provide a detailed market analysis in order to estimate the existing market size, market trends, market value, statistics and future opportunity for collaborative robot market during the forecast period. Based on multiple parameters, likely adoption trends, and expected price variations for these products, we have provided an informed estimate of the likely evolution of the market, in the mid to long term, for the forecast period 2020-2030. The market report also features the likely distribution of the current and forecasted opportunity across [A] payload capacity (below 6 Kg, between 6 and 10 Kg, and above 10 Kg), [B] type of industrial operation(s) performed (small part assembly, case packing, material handling, palletizing / depalletizing, picking and placing, welding, and others), [C] end-users (automotive industry, food processing industry, electrical / electronic industry, plastic and rubber industry, life sciences / pharmaceutical industry, metal industry, and others), and [D] key geographical regions (North America (the US and Canada), Europe (Germany, France, Italy, Spain, the UK and rest of Europe) and Asia-Pacific (China, India, Japan and South Korea), along with the rest of the world). In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.
The opinions and insights presented in this market report were also influenced by inputs solicited via a survey and discussions held with senior stakeholders in the industry. The market research report features detailed transcripts of discussions held with the following individuals (in alphabetical order):
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market research report are in USD, unless otherwise specified.