- Escalating demand for cobots in the logistics sector is one of
the significant factors influencing the market growth.
- Market Size – USD 680.3
Million in 2019, Market Growth - CAGR of 38.5%, Market
Trends –Growing demand for cobots in the wake of the COVID-19
pandemic
VANCOUVER, BC, Oct. 13, 2020 /PRNewswire/ -- The
Global Cobots Market is expected to reach USD 9342.8 Million by 2027, according to a new
report by Emergen Research. Cobots or collaborative robots are
revolutionizing the human-robot interactions in various end-user
industries, including automotive manufacturing, electronics, food
& beverage, plastics & polymers, furniture & equipment,
healthcare, and logistics industries, among others. Cobots function
in collaboration with the human workforce, thereby reducing cost,
time, and floor space when compared to traditional robots. Cobots
find extensive usage in applications that require precision and
help achieve a faster return on investment (ROI). For instance, the
Franka Emika Panda cobot can perform operations with a precision of
0.1 mm, does not stray from its activities, and will continuously
function with the specified constraints, such as in case of the
task associated screw tightening, cobots will always accomplish it
with the identical pressure and tension ascertaining quality
consistency.
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The benefits provided by cobots in the logistics industry is a
significant factor driving the market demand. The growing pace of
the e-commerce sector plays a crucial role in the demand for cobots
to enhance efficiency while decreasing costs. In warehouses,
the human workforce does not have to stride the routes for goods
collection; thus, saving labor and time, along with mitigation of
errors. From the customer point of view, it turns out to be faster
delivery of goods, whereas, for workers, it helps shift attention
to other crucial responsibilities. In 2017, DHL Supply Chain made
an announcement about the commencement of a pilot test with the
LocusBots™ cobots. The firm conducted the pilot test within the
facility of a firm dealing in life sciences in Tennessee.
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The COVID-19 pandemic had a massive impact on the global
industrial sector, especially the manufacturing sector, with the
imposition of mandatory regulations such as social distancing rules
and restrictions on the number of people working at a specific
location. Firms in the manufacturing sector can overcome such
concerns by deploying automation in their production facilities and
assembly lines. Cobot is a niche solution for automation, offering
the most effective, cost-efficient, and flexible way for plants
seeking automation to lessen dependence on external factors. During
the pandemic, collaborative technology is beneficial in mitigating
the significant concern for manufacturers to safeguard the
workforce while maintaining their workflow.
Key Highlights From The Report
- By payload, the above 10 Kg payload capacity sub-segment is
estimated to grow at the fastest rate of 39.7% in the forecast
period. 10kg payload cobots possess the capability to manage higher
tasks with better precision, dependability, and consistency, as
well as in the manufacturing process involving heavier weight.
- By application, dispensing is likely to witness the fastest
growth rate of 39.2% in the forecast period. Dispensing robots are
beneficial in decreasing human errors by restricting dependence on
memory. In the healthcare sector, it can lessen the risk associated
with medication errors provided other conditions are fulfilled,
such as refilling. Further, cobots can provide prescriptions and
efficiently run a pharmacy.
- By end-users, the automotive industry dominated the market in
2019. Flexibility is the most advantageous characteristic of a
cobot. In the manufacturing sector, it is required to improve
productivity in various operations. From the viewpoint of
automotive manufacturers and suppliers, the flexibility offered by
cobots allow them to always be prepared to cater to the
ever-changing consumer demand.
- The market in the European region contributed to the largest
market share in 2019 and is likely to grow at a rate of 37.2% in
the forecast period. The market dominance of Europe is owing to the growth of various
end-user industries in the region, such as automotive, logistics,
and healthcare, among others. Further, better and effective
optimization in the manufacturing sector due to workplace
automation is another significant trend driving the market demand
in the region.
- Key participants include FANUC, Aubo Robotics, Universal
Robots, Yaskawa, KUKA, Techman Robot, Precise Automation, ABB,
Rethink Robotics, and Doosan Robotics, among others.
- In November 2019, FANUC America,
a leading market player, introduced an innovative line of cobots
for arc welding operations. It has been developed to work safely
along with humans without the requirement of cost-prohibitive
guarding.
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Emergen Research has segmented the Global Cobots Market on the
basis of payload capacity, application, end-users, and region:
Payload Capacity Outlook (Revenue, USD Billion;
2017-2027)
- Less than 5 Kg
- 5 Kg to 10 Kg
- Above 10 Kg
Application Outlook (Revenue, USD Billion; 2017-2027)
- Handling
- Assembling & Disassembling
- Dispensing
- Welding & Soldering
- Processing
- Others
End-Users Outlook (Revenue, USD Billion; 2017-2027)
- Automotive
- Electronics
- Plastics & Polymers
- Furniture & Equipment
- Metals & Machining
- Food & Beverages
- Healthcare
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
-
- Europe
-
- Germany
- U.K.
- France
- Benelux
- Rest of Europe
- Asia Pacific
-
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
-
- Middle East & Africa
-
- Saudi Arabia
- UAE
- Rest of MEA
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market-disrupting technologies that are predicted to become more
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