Collaborative Robot Market Size Analysis By Growth, Emerging Trends and Future Opportunities 2022-2031

The Collaborative Robot Market is expected to register a CAGR of 23.07% in the forecast period. Collaborative robots, or cobots, are used in direct collaboration with humans to accomplish various tasks. The declining cost and the the high return on investment offered by the robots are expected to ceate a positive impact on the market.

– Major players are developing robots with faster processors and integrated vision systems. The robots that were presented at the Automate 2019, by Realtime Robotics, were integrated with vision systems that enable them to adapt to environmental changes. This includes the obstacles of different nature and variation in the position of the object.

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– 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 which focuses on collaborative robot arms. With this acquisition the company will expand its presence in the intralogistics and autonomous mobile robots.
– As the world is continuously fighting the rapid spread of the Covid-19 pandemic, robotics and automation are playing a very crucial role in helping to safeguard the people and in processing the supplies that people need as they are shifting towards remote working and home learning. The robots are helping in disinfecting the hospitals. Autonomous deliveries from the robots are bringing the supplies to people as they are adopting social distancing. Moreover, automated workstations are speeding up the work of pharmaceutical companies.

Key Market Trends

Increasing Demand for Automation in Various Industrial Processes will Drive the Market

– The robotics hardware has changed significantly during the past few years and the collaborative robots are a perfect example for this transformation. In the current market scenario, there is a move from the fast, rigid industrial manipulators used in past towards robots that can operate side-by-side with humans.
– The collaborative robots in the market are also becoming more affordable, easier to use, and less complex for training purposes. This will primarily offer multiple options to organizations which will increase the drive and the demand of these robots.
РIn March 2020, Yaskawa launched the HC20XP Human-Collaborative Robot. It features precise hand-guided teaching for fast implementation of a robot system. The new 20 kg payload collaborative robot is suited for applications where the robots are needed to safely work with, or in close proximity to humans. It is also industry’s first IP67-rated collaborative robot, equipped for continuous use in damp or splash-prone environments.

North America to Hold a Significant Market Share

– The North American region is among the leading innovators and pioneers in terms of 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.
– The increasing investments by the National Science Foundation (NSF) are also augmenting the collaborative robotics market in the region. To support novel technologies like robotics, the NSF invested USD 700,000 to USD 1 million in 21 projects in three-year durations. The NSF program proliferates collaborations with industries to assess lab-created technologies.
– According to the International Federation of Robotics, in the American region, the growth rate of robots witnessed an increase of 20% as compared to the previous year which marked a new record level for the consecutive sixth year. Moreover, robot installations in the US increased for the eighth year in a row to a new peak in 2018 witnessing about 40,300 units which is a 22% increase as compared to 2017.

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