Human robot collaboration are a demand driving factor
New York, US, Sept. 01, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),"Collaborative Robots Market, By Payload, By Type, By Components (Drives, Sensors), By Application, By Vertical - Forecast till 2030", to thrive worth of USD 16.73 billion by 2030, developing at a 22.6% CAGR during 2022- 2030.
Collaborative Robots Market Overview:
Cooperative robots are used easily with people to finish various undertakings. They go along with elements like aloof consistency, over-current location, and sensors. The cost of the companies is managed through robots. Though, businesses using robots can develop the efficiency of the undertaking. They can finish any responsibilities tightly inner proximity to people. The concentration on cooperative robots is ascent due to big modern tasks.
Further, the use of robots provokes more benefits to any industry. Most recently, the cost of these robots is becoming affordable. The need for making the work and staff charges lower due to these robots. Similarly, honesty in the business is well-kept with all through these robots. The cooperative robots convoy sensors, attachment play innovations, and CAD. A fraction of these robots are utilized for bundling and machine tending. The global market for cooperative robots has recorded massive growth in the last few years. The market is fragmented based on payload capacity.
Market Size by 2030
USD 16.73 Billion
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Market USP Covered
Collaborative Robots Market Drivers
The global market for collaborative robots has registered massive growth in the last few years. The market's growth is credited to the aspects such as higher returns for industries, high productivity, cost-effectiveness, and a wide range of application areas.
Collaborative Robots Market Restraints
On the other hand, the low power limits of collaborative robots may impede the market's growth.
The global health crisis has had a massive impact on the majority of the industry sectors across the globe. The rise of the global COVID-19 pandemic is bringing several challenges to the global markets in recent times. The rapid spread of the disease across most parts worldwide led the governments to impose partial or complete lockdowns. Given the travel restrictions across the globe, the supply chain networks for various market areas faced significant disruptions in recent times. The industry areas faced severe delays in production due to the imposition of lockdowns and labor shortages. Like any other industry, the collaborative robots market has faced several unexpected challenges during the pandemic. The manufacturing processes were halted because of the lockdowns and travel restrictions. There are several significant leaders in the collaborative robots market. These market leaders are witnessing revenue losses during this period.
The installation of robots across industries has become challenging in this case. Thus, the demand rate of the global market for collaborative robots remains sluggish. On the other hand, these market problems are likely to be short-term difficulties. With the fading impact of the global pandemic, the global market for collaborative robots will pick up the pace once again. Additionally, the logistics sector will have the maximum need for these robots for several applications. These aspects will eventually bring substantial growth to the collaborative robots market. Moreover, the electrical and automotive market demand will be high for collaborative robots.
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Collaborative Robots Market Segment Analysis
Among all the payload capacity types, the up to 5kg payload capacity segment is anticipated to acquire the largest market share across the global market for collaborative robots over the assessment timeframe. The segment's growth is credited mainly to the wide variety of attributes. They provide flexibility and are light in weight while boosting the low-weight collaborative processes such as testing, placing, and picking.
Among all the application areas, the assembly application segment will likely acquire the maximum revenue share across the global market for collaborative robots over the review timeframe. The segment's growth is attributed mainly to the raised utilization of collaborative robots for combining easy and repetitive tasks and supporting complicated fabrication processes. On the other hand, the pick and place segment will likely record the maximum CAGR over the assessment timeframe.
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Based on the end-use industry, the automotive segment is projected to acquire the largest revenue share across the global market for collaborative robots over the assessment timeframe. The segment's growth is credited to the increased adoption of collaborative robots, given the ability to lower floor space and the charges of production downtime. Furthermore, they find critical use in arc and spot welding, painting and coating, and assembling parts. In addition, the segment's growth is credited to the innovations and the launch of new chemicals and metals facilitating low-manufacturing overheads, cost-efficiency, and weight reduction. The rising competition across the market and the rise of several technology disruptors will likely strengthen the segment position further.
Collaborative Robots Market Regional Analysis
The global market for collaborative robots is analyzed across five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
According to the analysis reports by MRFR, the Asia-Pacific region is anticipated to dominate the global market for collaborative robots over the assessment timeframe. The regional market's growth is credited to the factors such as productivity, efficiency, labor cost, and low production cost of cobots to attract more demand across the region. Furthermore, the growing governmental initiative for automation is another prime aspect causing an upsurge in the regional market's growth.
The collaborative robots market for the North American region will likely record substantial growth over the review timeframe. The growing direct investment from the government is the primary aspect causing an upsurge in the regional market's growth. Furthermore, the launch of innovative technologies and the presence of top key players across the region is another crucial parameter boosting the market's growth.
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The list of prominent leaders across the global market for collaborative robots includes companies such as:
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