Cobots Market Size Worth USD 9,342.8 Million By 2027 | CAGR of 38.5%: Emergen Research

VANCOUVER, BC, Oct. 13, 2020 /PRNewswire/ -- The Global Cobots Market is expected to reach USD 9342.8 Million by 2027, according to a new report by Emergen Research. Cobots or collaborative robots are revolutionizing the human-robot interactions in various end-user industries, including automotive manufacturing, electronics, food & beverage, plastics & polymers, furniture & equipment, healthcare, and logistics industries, among others. Cobots function in collaboration with the human workforce, thereby reducing cost, time, and floor space when compared to traditional robots. Cobots find extensive usage in applications that require precision and help achieve a faster return on investment (ROI). For instance, the Franka Emika Panda cobot can perform operations with a precision of 0.1 mm, does not stray from its activities, and will continuously function with the specified constraints, such as in case of the task associated screw tightening, cobots will always accomplish it with the identical pressure and tension ascertaining quality consistency.

The benefits provided by cobots in the logistics industry is a significant factor driving the market demand. The growing pace of the e-commerce sector plays a crucial role in the demand for cobots to enhance efficiency while decreasing costs.  In warehouses, the human workforce does not have to stride the routes for goods collection; thus, saving labor and time, along with mitigation of errors. From the customer point of view, it turns out to be faster delivery of goods, whereas, for workers, it helps shift attention to other crucial responsibilities. In 2017, DHL Supply Chain made an announcement about the commencement of a pilot test with the LocusBots™ cobots. The firm conducted the pilot test within the facility of a firm dealing in life sciences in Tennessee.

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The COVID-19 pandemic had a massive impact on the global industrial sector, especially the manufacturing sector, with the imposition of mandatory regulations such as social distancing rules and restrictions on the number of people working at a specific location. Firms in the manufacturing sector can overcome such concerns by deploying automation in their production facilities and assembly lines. Cobot is a niche solution for automation, offering the most effective, cost-efficient, and flexible way for plants seeking automation to lessen dependence on external factors. During the pandemic, collaborative technology is beneficial in mitigating the significant concern for manufacturers to safeguard the workforce while maintaining their workflow.

Key Highlights From The Report

• By payload, the above 10 Kg payload capacity sub-segment is estimated to grow at the fastest rate of 39.7% in the forecast period. 10kg payload cobots possess the capability to manage higher tasks with better precision, dependability, and consistency, as well as in the manufacturing process involving heavier weight.
• By application, dispensing is likely to witness the fastest growth rate of 39.2% in the forecast period. Dispensing robots are beneficial in decreasing human errors by restricting dependence on memory. In the healthcare sector, it can lessen the risk associated with medication errors provided other conditions are fulfilled, such as refilling. Further, cobots can provide prescriptions and efficiently run a pharmacy.
• By end-users, the automotive industry dominated the market in 2019. Flexibility is the most advantageous characteristic of a cobot. In the manufacturing sector, it is required to improve productivity in various operations. From the viewpoint of automotive manufacturers and suppliers, the flexibility offered by cobots allow them to always be prepared to cater to the ever-changing consumer demand.
• The market in the European region contributed to the largest market share in 2019 and is likely to grow at a rate of 37.2% in the forecast period. The market dominance of Europe is owing to the growth of various end-user industries in the region, such as automotive, logistics, and healthcare, among others. Further, better and effective optimization in the manufacturing sector due to workplace automation is another significant trend driving the market demand in the region.
• Key participants include FANUC, Aubo Robotics, Universal Robots, Yaskawa, KUKA, Techman Robot, Precise Automation, ABB, Rethink Robotics, and Doosan Robotics, among others.
• In November 2019, FANUC America, a leading market player, introduced an innovative line of cobots for arc welding operations. It has been developed to work safely along with humans without the requirement of cost-prohibitive guarding.

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Emergen Research has segmented the Global Cobots Market on the basis of payload capacity, application, end-users, and region:

Payload Capacity Outlook (Revenue, USD Billion; 2017-2027)

• Less than 5 Kg
• 5 Kg to 10 Kg
• Above 10 Kg

Application Outlook (Revenue, USD Billion; 2017-2027)

• Handling
• Assembling & Disassembling
• Dispensing
• Welding & Soldering
• Processing
• Others

End-Users Outlook (Revenue, USD Billion; 2017-2027)

• Automotive
• Electronics
• Plastics & Polymers
• Furniture & Equipment
• Metals & Machining
• Food & Beverages
• Healthcare
• Others

Regional Outlook (Revenue, USD Billion; 2017-2027)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Benelux
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• Rest of MEA

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SOURCE Emergen Research