DUBLIN, Nov. 13, 2023 /PRNewswire/ -- The "Global Collaborative Robot (COBOT) Market (by Payload Capacity, End User, Application, & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.
The global collaborative robot market is expected to reach US$1.60 billion in 2023, growing at a CAGR of 26.12% during the forecast period.
The demand for automation is on the rise, driven by the desire to increase production efficiency, improve product quality, and reduce errors. As a result, the deployment of robots across various industries is increasing rapidly. The growing need for automation in businesses and the development of smart factories are major factors contributing to the expansion of the robot market.
The Asia Pacific region, which includes countries like China, Japan, South Korea, India, and others, is a dominant player in the global collaborative robot market, accounting for nearly half of the market share.
This growth is driven by the presence of both global and domestic players, with China being a particularly significant contributor. Additionally, factors such as an aging population and rising labor costs in several Asian countries are expected to further boost market growth in the coming years.
The global collaborative robot market is characterized by fragmentation, with several key players in the industry.
Driver: Rise Of Smart Factories
The number of smart factories have been increasing rapidly since it reduces production process time and expenses. These smart factories are full of robots and automation equipment. Collaborative robot plays an important role in the manufacturing process of smart factories.
Collaborative robot allows for intelligent automation and the establishment of safer, more productive work environments in which the interaction between machines and humans guarantees that each of their traits and skills is fully utilized. The use of collaborative robots in the manufacturing process in the smart factories would help in achieving higher level of cooperation and efficiency. Therefore, increasing number of smart factories would drive the growth of collaborative robot market.
Challenge: Cyber Security Issues
The risk of data breaches is raised since robots may obtain and store a vast amount of personal information. Cyber or hacking attacks against robots are a possibility. If a hacker gains control of a collaborative robot, the invader may make mistakes in part manufacturing.
This would risk the manufacturer's ability to use whatever it is developing in the future, resulting in significant losses. A new cyber-security plan aiming at providing end-to-end protection for robots has been released by a number of governments, including Japan.
However, the compromise on privacy is and will continue to be a big obstacle for the collaborative robot business, as many users will feel like they are constantly being watched and will be afraid of losing vital information such as financial data and even companies' secrets. Increasing cyber security threats in the connected collaborative robot as a result of IoT integration, as well as a lack of information about organizational networks, are important restraints on the market's growth.
Trend: 5G Network Exposure
To address the needs of each cobot machine cell, microfactories include dozens of production cells, each of which require varied latency from the 5G network slice. The 5G network brings up new opportunities for high-tech warehouses and industrial plants, where collaborative robots coexist with other cutting-edge technologies such as computer vision, augmented reality, and big data platforms.
Industrial networks and equipment could be safer as a result of advancements in 5G and cobots. If any person go too close to the cobots, the 5G connection causes them to stop in a millisecond. The 5G network connectivity would provide better safety in close surroundings.
The COVID-19 Analysis
Till the end of 2019, the collaborative robot market growth trend was positive. However, the COVID-19 outbreak further restricted market expansion and investment in collaborative robots, which were expected to increase in 2020 but the market could not perform well due to the pandemic.
This may also be explained by the fact that the largest original equipment manufacturer for collaborative robot was particularly heavily struck by the pandemic, which only exacerbated the issues for suppliers and manufacturers of collaborative robots at the time. In spite of COVID-19's effects and uncertainties, merger and acquisition (M&A) activity in the robotics industry persisted in the first half of 2021.
Due to the intense competition and businesses' desire to diversify their portfolios, a number of deals took place during that period. Moreover, the technological developments brought after COVID-19 outbreak is expected to assist the market growth further.
By Payload Capacity: The report identifies three segments on the basis of payload capacity: Up to 5 kg, 6-10 kg and 11 kg and above. The up to 5 kg segment lead the market with largest share of the market.
Demand for small and low weight collaborative robot has increased in small scale industries. Rising preference of new consumers, low cost, minimal space requirement, and a low number of sensors the operation and control of up to 5kg payload are factors that are anticipated to boost the market growth.
By End User: According to the report, the global collaborative robot market is bifurcated into five segments on the basis of end user: Automotive, Food & Beverage, electronics, Plastic & Polymer and Others.
The automotive segment dominated the market by occupying almost one fourth share of the market. Vehicle manufacturing and many other industries greatly benefitted from the use of collaborative robots. The automotive industry began utilizing collaborative robots primarily on the assembly line once they were fully commercialized.
By Application: On the basis of application, the market is divided into eight segments: Material handling, Assembly, Pick & Place, Testing, Welding, Sorting, Positioning and Others. The material handling segment dominated the market with highest share. Collaborative robots for material handling automate the physically hard, hazardous, monotonous, and tedious tasks on a production line.
By enhancing human capabilities, material handling cobots increase manufacturing efficiencies to manufacture goods of higher quality more quickly. All these factors benefited the growth of material handling segment.
Top Impacting Factors
For more information about this report visit https://www.researchandmarkets.com/r/na1gq0
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