Collaborative Robots Market Analysis By Regions (North America, Europe, Asia-Pacific, Latin America and Africa), Product, Size, Share, Trends, Growth Factors, Revenue By Application And Segment Forecasts To 2027.
Global Collaborative Robots Market is expected to grow significantly in the forecast period owing to the noteworthy traction from the SMEs worldwide due to several benefits of collaborative robots. Collaborative robots (cobots) perform numerous tasks for assisting humans in different kinds of workspaces. They potentially improve productivity and offer comfort in various manufacturing tasks. Collaborative robots offer several benefits to a business like faster setup, flexible deployment, simplified programming, fastest payback and safer.
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Collaborative robots market is driven by the potential of collaborative robots to operate with humans in small-spaced electronic assembly lines since they can be easily handled for short runs, tedious tasks and challenging duties. Rising demand for robotics due to wide applications, the need for efficient automation, low investment in cobots resulting in higher ROI and increasing government initiatives are encouraging the progress of the market.
However, the technologies used are highly susceptible to physical and cyber security threats, which could malfunction and lead to injuries and loss of lives. This is expected to hamper the growth of the market in the years to come. Another restraining factor of collaborative robots industry is the requirement of periodic system updates, on failing entails heavy losses.
Innovations in the robotics industry is a major trend affecting the collaborative robot market. Efforts to make the collaborative robots perform completely in the manufacturing workspaces with no human presence is advancing. Besides, the existing players are heavily investing in the development of cobots integrated with machine learning and artificial intelligence. Increasing number of SMEs on the global scale is producing opportunities for the market of collaborative robots. With multi-tasking and enormous savings in terms of time and human efforts, these machines are being adopted extensively, creating more opportunities.
Collaborative robots industry is categorized on the basis of payload capacity, industry, application, and geography. On the basis of payload capacity, the market is divided into up to 5 kg, from 6 kg to 10 kg, and above 10 kg. Up to 5 kg segment held largest share in the past years and the trend is expected to continue in future as well. This can be attributed to the rise in demand for lightweight and moderate capacity collaborative robots due to features like easy installation, cost-efficient, high adaptability, which are essential for catering demands of small and medium enterprises.
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