LONDON, July 14, 2020 /PRNewswire/ -- According to a new market research report titled, "Collaborative Robots Market by Component (Hardware and Software), Payload (Less than 5Kg, 5 to 10 Kg), Application (Material handling, Assembly line), End-user (Automotive, Electronics, Metal and Machinery), and Geography – Global Forecast to 2027", the collaborative robots market is projected to reach a value of $1.43 billion by 2027, growing at a CAGR of 22.6% during the forecast period. In terms of volume, the market is expected to reach 56,479 units by 2027, at a CAGR of 26.1% during 2020- 2027.

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5014

The collaborative application of robotics enables humans and robots to safely and effectively work together in an uncaged environment, with no risk of injuries/damages. Collaborative robots (cobots) are designed with multiple advanced sensors, software, and EOATs that help them swiftly and easily detect and adapt to any sort of intrusion into its work envelope. Targeted use of collaborative robots can free up workers for higher-value, better-paid tasks, without the need to completely reconstruct the whole production process. To put it another way, collaborative robot complements to mid-skilled workers, rather than substitutes. These robots lower the cost and price of the final product, thereby raising the demand and creating the potential for increased employment of mid-skilled workers.

The global collaborative robots market is driven by the factors such as advancements in human-machine interface to enhance industrial production, rapidly evolving advanced software to enhance human safety, and increasing adoption due to ease of programing of collaborative robots. However, the lack of proper training for human operators and lack of high-speed operation and faster cycle time capabilities will obstruct the growth of this market to some extent.

COVID-19 Impact on the Collaborative Robots Market

The COVID-19 crisis has affected businesses ranging from small to large scale, and the collaborative robots industry is also not an exception to this. The blow on the cobot industry is estimated to be higher due to declining automotive production & sales of new vehicles and reduced purchasing power of consumers, disrupted supply chain, and reduction in new investments. The disruption to the supply chain has resulted in pile-up of large amount of inventories, and sales to major end-user markets have dried up as the majority of manufacturing units have shut down globally. Further, the major end-users are significantly facing reduced production levels, supply chain challenges, limited workforce at the plant, and inventory bottlenecks due to travel restriction. The present imbalance and crisis circumstances have adversely affected the global market for collaborative robots. During a global pandemic, numerous robot companies are struggling to mitigate the impact of revenue losses by resizing of workforce. Despite huge loss, the market is expected to show a slow recovery once the situation begins to normalize. Manufacturing will pick up gradually and hence the adoption of collaborative robots, but is unlikely to be enough to compensate for the previous loss.

Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5014

The global collaborative robots market study presents historical market data in terms of value (2018 & 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of application, component, payload, and end-user. The study also evaluates industry competitors and analyses the market at a country level.

Based on component, the hardware segment is estimated to command the largest share of the overall collaborative robots market in 2020. The large share of this segment is primarily attributed to the shift of end-users towards improved functionality of sensing elements, EOAT, motors, controllers, and power supply to improve accuracy, efficiency, and payload capacity of collaborative robots. Further, the growth projection in the hardware segment is due to the advancements in components which results in human like throughput, easy integration with other equipment, and overall reduction in cost of collaborative robots. However, the software segment is projected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the factors such as rising requirements of computer vision to improve cobot's efficiency, increasing adoption of AI and industry 4.0, and growing need to process sensor data gathered from cobots in real-time to efficiently handle any complicated task.

Based on application, the material handling segment is estimated to command the largest share of the overall collaborative robots market in 2020. The large share of this segment is mainly attributed to the 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, the material handling and logistics is a major application in various end-use industries such as automotive, electronics, metals, and machineries. Since, these industry verticals contribute a major share of the overall collaborative robots market, the material handling and logistics segment is also estimated to command the largest share. However, the assembly line segment is projected to grow with the fastest CAGR during the forecast period. The growing deployment of collaborative robots to make the assembly line operations risk-free and faster, produce higher repeatability and quality product, and prevent damage to parts is contributing to the rapid growth in the demand for collaborative robots for assembly line during the forecast period.

Quick Buy – Collaborative Robots Market Research Report: https://www.meticulousresearch.com/buy_now.php?pformat=313&vformat=931 

Based on end-user, the automotive segment is estimated to command the largest share of the overall collaborative robots market in 2020. The key factor attributed to the largest share of this segment is the growing need to automate complex manufacturing processes that require high precision and accuracy in the automotive industry. For instance, collaborative robots in the automotive industry are used for loading and unloading of machine parts, installation of door panels, and assembling of small parts such as motors or pumps. However, the electronics segment is projected to grow with the fastest CAGR during the forecast period. The key factors driving the growth of this segment are the growing need for precision, speed, and accuracy in electronics industry; robotization of electronics industry; and focus on reducing labor and production costs by electronics products manufacturers.

Geographically, Asia-Pacific region is estimated to command the largest share of the global collaborative robots market in 2020, followed by Europe and North America, due to the presence of large scale manufacturing industries in the region, especially in automotive, electronics, and metal and machinery sectors. Also, the growing presence of key robot manufacturers in the region, government initiatives, innovation, and investment in robotics further supports the growth of the collaborative robots market in the region.

The key players operating in the overall collaborative robots market are ABB (Switzerland), AUBO Robotics (U.S.), Fanuc (Japan), F&P Robotics (Switzerland), Universal Robots (Denmark), Kawasaki (Japan), Robert Bosch (Germany), Precise Automation (U.S.), Rethink Robotics (Germany), Staubli (Switzerland). MABI (Switzerland), Yaskawa Electric (Japan), KUKA (Germany), Techman Robot (Taiwan), and Doosan Robotics (South Korea) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/collaborative-robots-market-5014/

Scope of Report:

Collaborative Robots Market by Application

• Material Handling & Logistics
• Pick & Place
• Packaging & Palletizing
• Assembly Line
• Machine Tending
• Grinding
• Milling & Turning
• Injection Molding
• Others
• Welding
• Arc Welding
• Laser Welding
• Spot Welding
• Others
• Inspection
• Quality Check
• Testing
• Others

Collaborative Robots Market by End-User

• Automotive
• Electronics & semiconductor
• Metals & Machinery
• Food & Beverages
• Plastics & Polymers
• Construction
• Healthcare
• Furniture
• others

Collaborative Robots Market by Component

• Hardware
• Robotic Arm
• End of arm tooling
• Welding Guns
• Grippers
• Vaccum Cups
• Clamps
• Tool Changer
• Others
• Drive
• Controllers
• Sensors
• Others
• Software

Collaborative Robots Market by Payload

• Up to 5Kg
• 5 to 10 Kg
• More than 10 Kg

Collaborative Robots Market by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• Italy
• U.K.
• Spain
• Rest of Europe
• Asia-Pacific (APAC)
• China
• Japan
• South Korea
• India
• Singapore
• Taiwan
• Rest of Asia-Pacific (RoAPAC)
• Latin America
• Mexico
• Rest of Latin America
• Middle East and Africa

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5014

Amidst this crisis, Meticulous Research^® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research.php

Related Reports:

Food Robotics Market by Type (Articulated, Collaboration, Other), Payload (Medium, High), Application (Packaging, Palletizing), Industrial Vertical (Dairy Processing, Bakery, Beverage, Meat Products) - Global Forecast to 2025

https://www.meticulousresearch.com/product/food-robotics-market-4957/

Industrial IoT (IIoT) Market by Component, Application (Robotics, Maintenance, Monitoring, Resource Optimization, Supply Chain, Management), Industry (Aerospace, Automotive, Energy, Healthcare, Manufacturing, Retail), and Geography - Global Forecast to 2027

https://www.meticulousresearch.com/product/industrial-iot-market-5102/

Contact:

Mr. Khushal Bombe
Meticulous Research^®
Direct Lines: +1-646-781-8004 (North America)
+44-203-868-8738 (Europe)
+91 744-7780008 (Asia-Pacific)
Email- [email protected]

Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/press-release/collaborative-robots-market-2027/456

Logo: https://mma.prnewswire.com/media/1213534/Meticulous_Research_Logo.jpg