Collaborative Robot Market
Tags: Collaborative Robot, Automation, Robot, Cobots, Bots

What is a collaborative robot?

Cobots, or collaborative robots, will be robots planned for direct human-robot communication inside a shared space, or where people and robots are in nearness. Cobot applications appear differently in relation to conventional mechanical robot applications in which robots are detached from human contact.

Growth of the Collaborative Robot Industry

The global collaborative robot market was valued at USD 573.12 million in 2019, and it is expected to reach USD 1,617.55 million by 2025, registering a CAGR of 23.06%, during 2020–2025. 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 create a positive impact on the market.

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, which is a robotics integrator that focuses on collaborative robot arms. With this acquisition, the company will expand its presence in intralogistics and autonomous mobile robots.

Which Geographical Location dominates this market?

The North America dominates the Collaborative Robot Industry.

The North American region is among the leading innovators and pioneers in terms of the adoption of robotics and is one of the largest markets. The primary reason for the growth of the market is the increasing adoption of these collaborative robots across numerous industries.

Moreover, there has been significant adoption of robotic surgery in the United States. The annual procedure volume for robotic surgery is greater than 5,00,000 in the United States. In order to build brand image and competitive advantage, robotic surgery has become the most rapidly adopted medical device over the past two decades. This is likely to fuel the need for robots in the medical and healthcare sector in the region.

Competitive Landscape

The collaborative robot market is moderately competitive and companies focus on innovation to remain competitive in the market. Furthermore, acquisitions and collaboration of large companies with startups are expected. Some of the recent developments in the market are:

April 2020 — ABB Ltd. launched a block-based programming interface called “Wizard Easy Programming” to make programming its single-arm YuMi cobot more intuitive. The company also said their goal is to make its cobots easier to install for those without programming expertise, which helps reduce the barrier to entry.

March 2020 — Universal Robots launched UR+ application kits to simplify the deployment of Cobots that removes the barriers to industrial automation for various small, medium, and large companies and launched new solutions at MODEX 2020 which showcased the usage of cobots to automate hard-to-staff palletizing and piece-picking tasks.

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