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| Global Collaborative Robot Market Size |
The global Collaborative Robot Market is estimated to be valued at US$ 1156.76 Mn in 2023 and is expected
to exhibit a CAGR of 46.% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Collaborative robots, also known as cobots, are robots intended for direct
interaction with human workers without the need for safety cages or barriers.
Cobots are designed to work cooperatively with humans in a shared workspace.
Some of the key advantages of cobots include increased productivity, enhanced
safety, reduced labor costs, improved quality control, and increased
efficiency. Their flexibility allows for easy reprogramming as production needs
change. With industries aiming to automate manual and repetitive tasks, the
demand for cobots is growing significantly.
Market key trends:
One of the major trends in the collaborative robot market is the increasing
adoption across small and medium enterprises. Earlier, the high costs of
traditional industrial robots restricted their adoption to large automotive
companies. However, cobots have lowered the entry barriers for SMEs owing to
their affordable prices and easy integration. Their plug-and-play capabilities
have enabled SMEs across industries like electronics, food and beverage, and
plastics to automate various tasks. Furthermore, ongoing technological
advancements focused on improving the payload capacity, reach, and speed of
collaborative robots are supporting their increased adoption in logistics,
packaging, and palletizing applications.
Porter's Analysis
Threat of new entrants: Low capital requirements and availability of small
collaborative robots make threat of new entrants moderate.
Bargaining power of buyers: Buyers have moderate bargaining power due to
availability of substitutes and technology focused product differentiation.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power
due to availability of alternative suppliers and dependence of collaborative
robot manufacturers on supplier innovation.
Threat of new substitutes: Threat of new substitutes is low as collaborative
robots offer differentiated productivity benefits over conventional methods.
Competitive rivalry: High due to presence of numerous international players and
continuous technology innovation.
Key Takeaways
The Global
Collaborative Robot Market Size is expected to witness high growth,
exhibiting CAGR of 46.% over the
forecast period 2023 to 2030, due to increasing factory automation and adoption
of collaborative robotics technology across industries.
The Asia Pacific collaborative robot market is projected to exhibit the fastest
growth over the forecast period. This is attributed to increasing
industrialization, rising labor costs and lack of skilled workforce in Asia
Pacific countries. China holds the major market share in the APAC collaborative
robot market due to presence of notable electronic and automotive industries.
Key players operating in the collaborative robot market include ABB, Universal
Robots, FANUC Corporation, Techman Robot, AUBO Robotics, KUKA, Kawada Robotics,
Productive Robotics, Kawasaki Robotics, Precise Automation, Yaskawa, F&P
Robotics, Rethink Robotics, Robert Bosch, MABI Robotic, Siasun, Franka Emika,
Hanwha Precision Machinery, Carbon Robotics, Han€TMs Robot, ST Robotics, and
Others. Collaborative robot manufacturers are focused on technological
innovations such as artificial intelligence, machine learning, automation and
improving compatibility with Industry 4.0 technologies to strengthen their
market position.
Read More: https://www.trendingwebwire.com/collaborative-robot-market-scope/