Collaborative Robot (Cobot) Market Growth Analysis, Investment Opportunity, 2019-2026Download Sample Reports Overview
Collaborative Robot Market Overview:
According to global collaboration robot (Cobot) analysis by Research Dive, the global market forecast will be $8,840.5 million till 2026, at an 41.2% CAGR, growing from $559.5 million in the year 2018.
Growing investments for automation processes in the manufacturing industry to minimize the labor expenditure along with increasing trend for installation of cobots in the end use industries are key driving factors for the collaborative market growth. Moreover, the cost of cobots has also decreased due to rapid growth in new product launches, which has resulted in profit on investments along with greater performance of collaborative robot with very low precision and high accuracy; this is further anticipated to enhance the market growth. Furthe rmore, cobots are designed to ensure a safe work place environment, particularly in applications where manmade mistakes can obstruct progress. Due to advantage of cobots, there is growing demand for cobots from several industries including automotive, electronics, machine designing and other industry verticals. The abovementioned aspects are anticipated to drive the market growth in the coming years. In addition, increasing demand for huge payload capacity collaboration robots for heavy weight process in the production sectors is estimated to generate significant growth opportunities in the collaboration market. Furthermore, rising demand for collaboration robot paired with automatic guided vehicle (AGV) and autonomous mobile robots (AMR) to design cost effective, more reliable & flexible, and improved collaboration is estimated to fuel the growth of the market in the near future. However, growing cyber safety dangers in linked cobots and dearth of knowledge on administrative networks security is a restraint for the market growth. In addition, various technical encounters for the building and designing of collaborative robots such as specific section of cobot for work, correct communication between the worker & robot and other troubles are anticipated to hinder the market size.
Collaborative robot up to 5 kg payload segment held the global market share in 2018, it is projected to generate a revenue of $4,022.4 million by 2026, growing at a rate of 41.4% CAGR. The growth is attributed to growing preference for 5 kg payloads due to its affordability, occupies less space and assembling & dissembling is simple. Cobots above 10 kg payload segment is estimated to experience a noteworthy growth in the market and is predicted to generate a revenue of $2,404.6 million till 2026. Collaborative robots of 10 kg payload type can manage complex tasks along with more precision, reliability and accuracy and are useful for heavier load manufacturing procedures; these aspects are anticipated to propel the size of the market in the coming years.
Hardware segment is expected to hold the largest collaborative robot market size; it generated over $324.5 million in the year 2018 and is projected to rise at a moderate CAGR of 39.3% in the estimated timeframe. The growth in the hardware segment is attributed to decline in the prices of hardware modules such as robot arms, power stock units, position regulators and other units due to standardization of hardware’s units. In addition, many of the manufacturers are concentration on improving precision, accuracy, and payload capacity, which is also estimated to impel the market growth in the coming years. Software component segment will witness to grow at a noticeable CAGR of 43.6% and is projected to reach up to $4,243.4 million in the year 2026. Growing R & D investments on implementation and development of application specific software & programming software are estimated to enhance the market growth in the forecast time.
Assembling & disassembling application segment held the highest global cobot market share in 2018 and is projected to grow at a healthy CAGR of 40.4% throughout the estimated time. The wide utilization of collaboration robots for assembling application in several industries such as automotive, machine manufacturing and electronics sectors is estimated to boost the market growth. Handling application segment is anticipated to experience a noteworthy growth and is expected to account for $1396.8 million by 2026. This anticipated market growth for handling application is owing to rising demand for collaboration robots in application uses including pick & place, separation of goods and many other handling uses.
Automotive end use segment registered for largest global market size in 2018 and and is anticipated to retain its dominance in the projected period. The broad application of collaborative robot models in the automotive sector to reduce manufacturing prices along upsurging the yield is projected to boost the market growth in automotive sector. Furthermore, rising trend to automotion of industrial process because of hasty growth in the industrilization & modernization is estimated to promote the demand for cobots in the automotive sector. Electrnoics end use segment will witness to rise at a highest CAGR of 42.2% and is anticipated to reach $ $1,308.4 million by 2026. This estimated growth is accredited to increasing demand for low payload capacity collaboration robots in electronic sector for handling and assembling operations of electrical components.
North America accounted for the highest cobot market size in 2018; it was over $195.3 million and is estimated to continue its growth with a CAGR of 40.2% throughout the projected period. Early implementation of collaborative robots for the manufacturing sector because of rising demand from automotive, consumer electronics and healthcare sectors. Also, favorable government initiatives, growingindustrialization and growing investment for R&D of collaborative robots are anticipated to boost the market growth. Asia-Pacific market will witness to grow at a significant rate of 42.3% CAGR and is predicted to create abundant growth prospects in the forecast timeframe. Due toswift evolution in the industrialization & modernization in the Asia-Pacific countries, many of the manufacturing sectors are shifting to automation process to minimize the manufacture expenditure; this factor will drive the growth of the market in Asia-Pacific market.
Top Key Players in Collaboration Robot Market:
The significant collaborative robot (cobot) market players include AUBO Robotics Inc., YASKAWA ELECTRIC CORPORATION, Rethink Robotics, Inc., EPSON Robots, Universal Robots A/S, ABB Group, Comau S.p.A., Fanuc Corporation, Precise Automation, Inc., Franka Emika GmbH, F&P Robotics AG, DENSO Robotics, KUKA AG, Robert Bosch GmbH, MRK-Systeme GmbH, and MABI AG.These significantparticipants are implementing various strategies includingR&D investments, new technology introductions, joint ventures, and collaborations & partnershipsto gain competitive edge in the global collaboration robot industry.
Porter’s Five Forces Analysis for Collaboration Robot (Cobot) Market:
Trading Power of Dealers: Collaboration robot industry has high number of large and small & medium sized dealers, and significant players are designingmore interactive cobots, and hence the delivering changing price is estimated to be high.The trading power of dealers is HIGH.
Negotiating Control of Consumers: This market has huge concentration of consumers, high demand due to absence of substitutes and difficulty in designating of cobot for specific operation the sefactors are resulting in high power of consumers.The negotiatingcontrol of the buyer is MODERATE.
Threat of New Contestants: Increasing requirement ofcobot for automation process and presence of significant participants are bringing high threat for new contestants in the market.The threat of new contestants is HIGH.
Risk of Alternates: Collaboration robot market has very less number of alternatives, and therefore minimal risk of alternatives.The risk of alternates is LOW.
Competitiveness in the Market: This market has huge number of key participants. These key participants are concentration on various strategies such as joint ventures, geographical expansions and new product developments to gain highest market share. The competitiveness in the market is HIGH.