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The Collaborative Robots Market to Be Worth $2.7 Billion by 2030-Exclusive Report by Meticulous Research®

03-18-2024 06:01 AM CET | IT, New Media & Software

Press release from: Meticulous Research®

/ PR Agency: Meticulous Research
According to a new market research report titled, 'Collaborative Robots Market by Type, Component (Hardware, Software), Payload, Application (Material handling, Welding & Soldering, Assembling and Disassembling), and End-use Industry (Oil & Gas, Automotive, Food & Beverage)-Forecast to 2030, the collaborative robots market is projected to reach $2.7 billion by 2030, at a CAGR of 8.1% during the forecast period.

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Collaborative robots are robots that are capable of collaborating with humans. This collaboration is supposed to enhance human abilities in a safe way. In comparison, robotics deployments that do not assume human-robot collaboration typically function independently from humans and often reside in a cage. They can also be programmed to stop when a human enters the facility where the robot operates. This, in turn, leads to unwanted delays in operation or production, which can be avoided using cobots.

Collaborative robots are capable of monitoring the environment and co-existing in the same facility together with humans without sacrificing performance or safety.
The growth of this market is driven by the advancements in human-machine interface, advanced components to improve human safety, and affordability and ease of programming. Furthermore, increasing non-manufacturing applications of collaborative robots and decreasing collaborative robot prices are expected to create market growth opportunities during the forecast period.

However, lack of proper training and skill and lack of capabilities related to faster cycle time and repeatability restrains the growth of this market. Also, the need for fine dexterity in collaborative robots and risk assessment of the collaborative robots are major challenges for the players in this market. Furthermore, the advancements in artificial intelligence and industry 4.0 and collaborative robots with integrated vision systems are key trends in the collaborative robots market.

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The collaborative robot is segmented based on type {power and force limiting collaborative robots, safety monitored stop collaborative robots, speed and separation collaborative robots, and hand guiding collaborative robots}, component {hardware (robotic arm, end of arm tooling (EOAT) devices [welding torches, grippers, vacuum cups, clamps, tool changers, vision systems, feeder systems, and other EOAT devices], drives, controllers, and sensors) and software}, payload {up to 5 KG payload, 5 KG to 10 KG payload, and more than 10 KG payload} application {material handling (palletizing & depalletizing, stacker, grain elevators, and bucket elevators), welding & soldering (resistance spot welding, arc welding, laser welding, plasma welding, ultrasonic welding, and other welding applications), assembling and disassembling, machine tending (grinding, drilling, milling and turning, injection molding, and other applications), dispensing, processing, inspection (laser inspection, dimensional checks, vision systems, flow tests, and leak tests), and other applications}, end-use industry {automotive and transportation, electrical & electronics, metal & machinery, plastic & chemicals, oil & gas, food & beverage, aerospace & defense, biotechnology, healthcare, and other end-use industries}, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the collaborative robots market is segmented into power and force limiting collaborative robots, safety monitored stop collaborative robots, speed and separation collaborative robots, and hand guiding collaborative robots. In 2023, the speed and separation collaborative robots segment is expected to account for the largest share of the collaborative robots market. The large market share of this segment is mainly attributed to its main functions, such as advanced vision systems, safeguarding the operator in collaborative robot applications by maintaining a certain minimum separation distance during operation and utilizing a traditional industrial robot combined with various safety sensors to detect when a human enters the robot's work envelope.

Based on component, the collaborative robots market is segmented into hardware and software. The hardware segment is sub-segmented into robotic arm, end of arm tooling (EOAT) devices, drives, controllers, and sensors. The end of arm tooling (EOAT) devices segment is sub-segmented into welding torches, grippers, vacuum cups, clamps, tool changers, vision systems, feeder systems, and other EOAT devices. In 2023, the hardware segment is expected to account for the largest share of the collaborative robots market. This segment's large market share is attributed to the increasing demand for collaborative robots for various applications, and advancements in the hardware components such as EOAT, tool changers, vision systems, motors, controllers, and power supply have led to improved accuracy, efficiency, and payload capacity of collaborative robots.

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Based on payload, the collaborative robots market is segmented into up to 5 KG payload, 5 KG to 10 KG payload, and more than 10 KG payload. In 2023, the 5 KG to 10 KG payload segment is expected to account for the largest share of the collaborative robots market. The large market share of this segment is mainly attributed to the fact that these payload collaborative robots are equipped with a built-in force-torque sensor to ensure the safety of the workers and are designed to perform medium duty applications with ultimate flexibility.

Based on application, the collaborative robots market is segmented into material handling, welding & soldering, assembling and disassembling, machine tending, dispensing, processing, inspection, and other applications. In 2023, the material handling segment is expected to account for the largest share of the collaborative robots market. The large market share of this segment is mainly attributed to factors such as increasing production efficiency, high speed and accuracy of operations, low maintenance cost, speed and strength of material handling, and compact design of robots. Further, material handling is a major application in various end-use industries such as automotive, electronics, metals, and machinery.

Based on end-use industry, the collaborative robots market is segmented into automotive and transportation, electrical & electronics, metal & machinery, plastic & chemicals, oil & gas, food & beverage, aerospace & defense, biotechnology, healthcare, and other end-use industries. In 2023, the automotive and transportation segment is expected to account for the largest share of the collaborative robots market. The large market share of this segment is mainly attributed to the benefits offered by collaborative robots in the automotive industry, such as cost-effectiveness, higher efficiency, safety, and speed & precision. Also, using collaborative robots allows car and automotive component makers to accelerate production, reduce costs, improve quality, and ensure workers' safety.

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Based on geography, the collaborative robots market is segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the Collaborative Robots Market, followed by Europe, North America, Latin America, and the Middle East & Africa. The Asia-Pacific region is expected to register the largest market share during the forecast period owing to the presence of large-scale manufacturing industries in the region, especially in the automotive, electronics, and metal and machinery sectors. Further, the demand for collaborative robots has significantly increased due to the growing need for automation in diverse industries such as food and beverages and healthcare. Also, the declining cost of collaborative robots and a shortage of skilled labor are also contributing to the growth of the region.

Key Players:
The key players operating in the collaborative robots market are Universal Robots A/S (Denmark), Rethink Robots GmbH (Germany), ABB Ltd (Switzerland), Fanuc Corporation (Japan), KUKA AG (Germany), Yaskawa Electric Corporation (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Robert Bosch Manufacturing Solutions GmbH (Germany), Stäubli International AG (Switzerland), F&P Robotics AG (Switzerland), Techman Robot Inc. (Taiwan), Precise Automation Inc. (Taiwan), Doosan Robotics Inc. (South Korea), MABI Robotic AG (Switzerland), Energid Technologies Corporation (U.S.), AUBO Robotics USA (U.S.), and TechMan Robot Inc. (Taiwan).

Top 10 Industry Leaders @ https://meticulousblog.org/top-10-companies-in-collaborative-robot-market/

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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

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