February 25, 2024

Increasing Industrial Automation To Drive The Growth Of Collaborative Robot Market

Market Overview:

Collaborative robots, also known as co-bots, are robotic arms designed to safely work alongside humans in a shared workspace. They move at slow speeds and can detect nearby humans to prevent accidental collisions. Cobots have features such as lightweight and integrated sensors which make them suitable for handling tasks that are tedious, repetitive or unsafe for humans. They find applications in industries such as automotive, food & beverages, electronics, plastics & polymers, furniture & equipment and healthcare among others. The growing demand for flexibility and accuracy in production processes along with the need to reduce labor costs is augmenting the demand for collaborative robots globally.

Market key trends:

One of the major trends in the market is increasing adoption of collaborative robots in SMEs. Previously large enterprises were major adopters of collaborative robots due to their high upfront costs. However, with technological advancements, costs of cobots have reduced significantly. This has encouraged adoption among small and medium enterprises across applications such as material handling, assembly, quality testing etc. Further, collaborative robots are proving beneficial for businesses to improve production efficiency and maximize flexibility of processes during workforce shortages. Their self-learning capabilities and ease of programming are enabling more SMEs to welcome robots into their operations.
Porter’s Analysis

Threat of new entrants: Low capital requirements and relatively low barriers to entry into the market may attract new players. However, existing players have strong brand recognition and economies of scale which make it difficult for new players to acquire significant market share.

Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of multiple solution providers in the market. However, specialized applications of collaborative robots increase switching costs for buyers.

Bargaining power of suppliers: The presence of several component manufacturers limits the bargaining power of individual suppliers. However, the integration of electronics and mechanics requires coordination between different suppliers.

Threat of new substitutes: Advancing technologies like autonomous robots pose a potential threat, but collaborative robots offer cost advantages for small scale production and precision applications.

Competitive rivalry: The market is moderately competitive due to the presence of established industry players and low differentiation between products. However, companies strive to innovate through additional offerings and advanced technologies.

Key Takeaways

The Global Collaborative Robot Market Size is expected to witness high growth, exhibiting 46% CAGR over the forecast period, due to increasing labor costs and growing emphasis on workplace safety.

Regional analysis: North America dominates the global collaborative robot market, supported by high technology adoption across industries. Asia Pacific exhibits the fastest growth driven by expanding automotive and electronics manufacturing in China, Japan, and South Korea.

Key players operating in the collaborative robot market are 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. Key players focus on technological advancements, strategic partnerships, and regional expansion to gain a competitive advantage.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it