Collaborative Robot Market Predicted to Accelerate the Growth by 2022-2031

Transparency Market Research delivers key insights on the global collaborative robot market. In terms of revenue, the global collaborative robot market is estimated to expand at a CAGR of 41.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global collaborative robot market.

The global collaborative robot market is broadly affected by several factors, including rising demand for inspection across a wide range of industries to boost output efficiency and product quality, and exclusive use for material handling in logistics & warehouses.

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Collaborative Robot Market: Dynamics

A collaborative robot is specifically designed for direct interaction with a human within a defined collaborative workspace. The collaborative workspace is safeguarded space where the robot and a human can perform tasks simultaneously during automatic operation. Collaborative robots are gaining traction in new markets and automating new applications owing to an increase in innovations in technology. These robots offers easier use and deployment, lighter weights, greater mobility, and lower costs, which lead to increase in adoption of such robots in disrupt applications inside and outside of the factory floor.

The surge in demand for collaborative robots for industrial inspection to boost output efficiency and product quality is driving the market. Collaborative robots (cobots) are gaining traction in quality inspection applications to detect flaws and integrity of an assembly or system. These robots are extensively employed in manufacturing industries to conduct visual inspections on products and assemblies at various stages of the manufacturing process. Transportation and energy & utility industries have extensively adopted these robots to inspect machinery and systems to ensure safe, reliable operations.

Collaborative robots are equipped with 2D or 3D vision sensors and are able inspect several parameters of the single part that is under inspection with full accuracy and precision. These cobots can be utilized for repetitive tasks, thereby protecting human personnel from safety concerns tasks and enables them to focus on more cognitive work. Rise in adoption of collaborative robots by automotive, transportation, metal fabrication, machinery, food & beverage, and agriculture industries, owing to their flexibility, higher productivity and precision feature offerings, is boosting the market.

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Collaborative Robot Market: Prominent Regions

The collaborative robot market in North America is projected to expand significantly during the forecast period, owing to rising adoption of automation and robotics technology as well as presence of key players in the region, along with their rising investment on research & development. Governments in the region are also encouraging the use of robots by taking the necessary steps to boost adoption of cutting-edge robotics technologies. The National Robotics Initiative (NRI) is a program launched by the U.S. government to improve the country’s ability to develop domestic robots and promote research in the sector.

Moreover, rising trend of conversion of current manufacturing jobs to automation due to a decline in numbers of workers in manufacturing & distribution field and the ongoing employee recruitment & retention challenges faced by companies have promoted the adoption on collaborative robots in the region. Additionally, collaborative robots have become one of the primary drivers of Industry 4.0, and their popularity has increased significantly in the past few decades. Collaborative robots outperform industrial robots in terms of productivity, adaptability, versatility, and safety. All these factors are anticipated to drive the market in the region.

Collaborative Robot Market: Key Players

Key players operating in the global collaborative robot market are ABB Ltd., Bosch Rexroth AG, Denso Wave Incorporated, FANUC America Corporation, KUKA AG, Mitsubishi Electric Corporation, Omron Corporation, Rethink Robotics GmbH, Stäubli International AG, Techman Robot Inc., Universal Robots AS, and Yaskawa America, Inc.

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