By BIS Research
Collaborative Robots (Cobots) Creating New Dimensions of Automation Across Industries
According to a market research report published by BIS Research, titled ‘Global Collaborative Robot (Cobot) Market – Analysis & Forecast (2018- 2023)’, the global collaborative robot market was valued at $283.7 million in 2017, and the market value is expected to reach $5,441.5 million by 2023, growing at a CAGR of 63.95% from 2018 to 2023. This growth is majorly attributed to the rise in demand for co-bots across various new end-users and awareness for co-bots in the developing economies. In terms of shipment, the global collaborative robot market was valued at 18,651 units in 2017, and it is expected to reach 395,536 units by 2023, growing at a CAGR of 66.73% from 2018 to 2023. The overall ecosystem of the collaborative robot market comprises software providers, robot manufacturers, and component suppliers.
Global Collaborative Robot Market Snapshot, 2017-2023
Source: Expert Interviews, Secondary Research, and BIS Research Analysis
Collaborative robots have opened a new dimension of automation across multiple industries. Most importantly, the technology is gaining traction among established as well as new players because of its mobility and low cost. Unlike heavy industrial robots, collaborative robots share workspace with humans, augmenting their capabilities and capacities. The technology has not only increased the size of the robotics and uav industry but has also proven to be a boon for the small and medium enterprises as it helps them to scale up easily with less man power.
Classification of Global Collaborative Robot Market by Industry
Source: Secondary Research and BIS Research Analysis
As per the market report published by BIS Research, based on the industry, the collaborative robot market can be classified into several industries including automotive, electrical, electronic & semiconductor, plastic & polymer, pharma & chemistry, food & beverage, aerospace & defense, metal & machining, and other. The ‘other’ industry segment includes bakery, hospitality, sports, and TV industry. For each industry type these robots are used for multiple applications. For the automotive industry, the collaborative robots ensure safety standards in the factory floor space, avoid the usage of additional expensive safety equipment such as cages and can be easily integrated without realigning the factory floor space. They are used for applications such as assembling & disassembling, material handling, machine tending, welding, painting, and other applications.
Owing to the capability of handing fragile and small electronic components these robots are in demand for electrical, electronic, and semiconductor industry for handling miniature components such as integrated circuits, diodes, transistors, and resistors efficiently and effectively with great precision. In the plastics and polymer industry these robots are used for performing labor intensive repetitive tasks such as managing assembly, labelling and stacking among others. For the pharma and chemistry industry, collaborative robots are utilized to undertake tasks related to cell cultivation and transfer, sample treatment, sorting, capping, dispensing, and labelling. In addition to this, these robots can also perform data storage, collection, and comprehension as required.
Also, the demand for collaborative robots is increasing for food and beverage industry to manage the fast-paced production and precision in the process. Similarly, in the aerospace and defense industry the demand for replacing human workers in the repetitive jobs and to improve the overall process efficiency in aerospace and defense industry is anticipated to drive the demand for collaborative robots in the years to come. For the metal and machining industry collaborative robots are anticipated to replace traditional industrial robots used in metal and machining industry owing to their low costs and ease of applications. This transformation is anticipated to drive the demand for collaborative robots across metal and machining industry in the upcoming years.
Lastly, for other industries such as TV, bakery, and hospitality, the use of collaborative robots among others is at the nascent stage and is anticipated to grow in the upcoming years owing to the advantages, such as cost effectiveness and production efficiency, offered by collaborative robots.
This content was developed in collaboration with BIS Research and views expressed herein do not necessarily reflect those of Aliaba Group or its affiliates.