Collaborative Robots Market to Grow with an Exceptional CAGR through 2028

According to the TechSci Research report, "Collaborative Robots Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028,". The Global Collaborative Robots Market is anticipated to expand in the coming years.

Collaborative robotics, a core technology of Industry 4.0, enhance work conditions and efficiency. Several automotive manufacturers have introduced cobots in assembly production lines. Cobots are flexible and can quickly adapt to different tasks, from mass production to mass customization and handle more output variation, with shorter life cycles and smaller batch sizes. The demand for robots has significantly increased because of the industry 4.0's quick development and increased diversified and customized production. The collaborative robot, as a new type of industrial robot, expand robot application scenarios, remove the necessary protective measures when working with traditional industrial robots, and collaborative operation between humans and robots.

Collaborative robots, also known as cobots, are increasingly being used in brick-and-mortar retail stores. Cobots are real, physical pieces of hardware that are firmly created to work simultaneously with people in a variety of locations, including office buildings, hospital and hotel lobbies, store floors, and warehouses. Retailers are benefiting from implementing retail robots for changing use cases, even though robots have traditionally performed many remedial, easily automated tasks.

Grocery stores, home improvement stores, retailers, restaurants, and other physical businesses with a customer-centric business model are increasingly incorporating cobots into their operations.

The market also has a huge potential to expand quickly over the course of the anticipated period due to the widespread use of artificial intelligence, a stronger reliance on automation, and all the other necessary technological advancements. Over 88 percent of organizations believe that automation will significantly improve human achievement and will be highly effective when the technology is used in conjunction with humans, according to a study by UiPath. Based on the data presented above, the Collaborative Robot Market will expand at a rapid pace during the forecasted period.

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The Global Collaborative Robots Market is segmented into Payload Capacity, Application, Industry, Region, and Competitive Landscape. In 2021, the Material Handling segment contributed significantly to the overall market revenue. Material-handling robots can automate tasks and provide a safe work environment by automatically processing harmful raw materials in factories, warehouses, and distribution centers.

According to regional analysis, Asia-Pacific is expected to grow the fastest during the forecast period. Collaborative robots are thriving in the Asian market. As labor costs increase because of the ageing populations in China and Japan, collaborative robots are being used more frequently in industries to automate tasks. Additionally, the presence of most of the key players in the collaborative robot market, is anticipated to drive the market in the Asia Pacific region. Moreover, India is a production and manufacturing center, and various strategies such as "Make in India", foster companies for robotics technology to meet global requirements and set a new international benchmark. In addition, the robotics industry in the country generates employment for every 10,000 employees for three robots.  Furthermore, there is a high demand for the adoption of collaborative robots due to factors such as the rising average age of the workforce, rising wages, the trend toward lighter cars, and the emphasis on the efficiency trend in the electronics industry.

Major market players operating in the Global Collaborative Robots Market are:

• Universal Robots A/S
• Rethink Robotics
• ASEA Brown Boveri
• KUKA AG
• FANUC Corporation
• Robert Bosch GmbH
• MRK-Systeme GmbH
• Precise Automation, Inc.
• F&P Robotics AG
• Energid Technologies Corporation

In 2018, OMRON formed collaboration with Techman to meet the increasing automation needs generated by labor shortages. The collaboration developed a mobile manipulator that combines OMRON mobile robot and the TM series cobot arm.

In December 2020, ABB Ltd. created "Wizard Easy Programming," a block-based programming interface, to make it easier to programme its YuMi single-arm cobot. Additionally, it lower the entry barrier by making its cobots simpler to set up for non-programmers.

In December 2022, ABB formed and expanded into 67,000-square-meter robotics factory in Kangquiao, Shanghai, China. The USD 150 million facility binds virtual planning and production management systems to maximize productivity.

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"Global Collaborative Robots Market is expected to thrive because humans can easily collaborate with robots, train them with programmable movements, and then handle material and sorting packages simultaneously. In material transportation environments, robots can seamlessly move objects and process as quickly as any human. This is anticipated to propel the demand for Collaborative robots across the country over the next five years", said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

"Collaborative Robot Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Payload Capacity (Up to 5 Kg, between 5 and 10 Kg and Above 10 Kg), By Application (Quality Testing, Material Handling, Packaging & Palletizing, Gluing & Welding Assembly, Pick & Place, Machine Tending and Others), By Industry (Automotive, Electronics, Metals & Machining, Plastics & Polymers, and Others), By Region, By Competition ", has evaluated the future growth potential of Global Collaborative Robots market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Collaborative Robots Market.

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