Pune, India, Sept. 08, 2020 (GLOBE NEWSWIRE) — The global collaborative robots market size is projected to reach USD 11,684.7 million by 2027, exhibiting a CAGR of 42.0% during the forecast period. The introduction of robotics technology in agriculture will create several opportunities, states Fortune Business Insights™ in its report, titled “Collaborative Robots Market Size, Share & COVID-19 Impact Analysis, By Payload Capacity (Upto 5 Kg, 6-10 Kg, 11 Kg, and Above), By Application (Welding, Material Handling, Quality Testing, Painting/Spraying, Assembling, Others), By Industry (Automotive, Electronics & Semi-Conductors, Food & Beverages, Retail, Metal & Machining, Rubber & Plastic, Others), and Regional Forecast, 2020-2027”.
Agricultural productivity and efficiency can get substantially boosted with the deployment of advanced technologies such as collaborative robots, which can aid farmers in routine farming tasks. To that end, private organizations and academic institutions are developing innovative robots in a bid to bolster agricultural operations worldwide. For example, a Florida-based company, Harvest CROO, developed a strawberry-harvesting robot called Berry 5, which helps in picking and packing ripe berries at a pace significantly faster than humans. Similarly, researchers at the University of Cambridge developed “Vegebot”, a robot embedded with Machine Learning (ML) algorithms that enable it to harvest fresh lettuce and also allow it to decipher between ripe and diseased lettuce.
As per the report, the global market value in 2019 stood at USD 725.8 million. The other highlights of the report include:
- Careful segmentation of the market and granular study of each segment;
- Microscopic analysis of the regional developments occurring in the market;
- Detailed research into the market drivers, trends, and challenges; and
- Tangible assessment of the competitive landscape of the market.
Unprecedented Economic Downturn Created by COVID-19 to Stall Industrial Investments
The COVID-19 pandemic has generated unparalleled upheavals in the global economy, affecting wide range of industries and businesses. According to forecasts by the International Monetary Fund (IMF), the global economy is likely to grow at -3% in 2020, with manufacturing activities contracting sharply worldwide. Such dampening projections have fueled uncertainty and created widespread panic, stalling investments in industrial technologies and hampering the collaborative robots market growth. For example, the automotive industry, where cobots are extensively utilized, has been one of the hardest hit sectors by the coronavirus. In March, for instance, Fiat Chrysler announced the shutting down of its plants in Poland, Italy, and Serbia, with similar announcements made by leading carmakers such as Volkswagen and PSA Group.
Factory Automation Trends to Drive Market Growth in Europe
With a market size of USD 352.3 million in 2019, Europe is set to lead the collaborative robots market share in the coming years on the back of growing demand for automation of industrial production processes. Companies in this region are pumping large amounts of money in research & development activities to engineer advanced robotics solutions using Industry 4.0 technologies such as Artificial Intelligence (AI) and Internet of Things (IoT). This factor will crucial for the cobots market growth in the region.
In Asia Pacific, the primary growth drivers will be rapid expansion of the manufacturing sector in India and China and proliferation of small and medium enterprises in the region. In North America, strong governmental support to advanced manufacturing technologies and active adoption of smart factories will be the central factors propelling the market.
Strategic Investments in Innovation by Key Companies to Spur Competition
Core competitors in this market are directing their investment energies toward developing innovative cobot solutions for industrial applications. The focus of these companies is to design advanced robots to serve the needs of capital-intensive sectors such automotive and electronics, where returns on investment are fast.
- April 2020: OnRobot, the Danish collaborative robots specialist, released “Eye”, its next-gen 2.5D vision system. The system can work on an application based on a single image taken for part recognition and calibration, with its 2.5D vision allowing unrivalled depth perception.
- February 2020: Universal Robots (UR) and Mobile Industrial Robots (MiR) announced investment of USD 36 million to acquire a building site in Odense. Backed by their US-based parent company Terdyne, UR and MiR will build the world’s biggest hub for these robots at the site.
List of Key Players Covered in Collaborative Robots Market Report:
- K2 Kinetics (Headquarter: – Pennsylvania, United States)
- AUBO Robotics (Headquarter: – Tennessee, United States)
- ABB (Headquarter: – Zürich, Switzerland)
- Fanuc Corporation (Headquarter: – Yamanashi, Japan)
- Rethink Robotics GmbH (Headquarter: – Massachusetts, United States)
- Stäubli International AG (Headquarter: – Freienbach, Switzerland)
- Yaskawa America, Inc.- Motoman Robotics Div. (Headquarter: – Fukuoka, Japan)
- Bosch Rexroth AG (Headquarter: – Lohr a. Main, Germany)
- Denso Wave Incorporated (Headquarter: – Aichi Prefecture, Japan)
- Universal Robots (Headquarter: – Odense, Denmark)
Quick Buy – Collaborative Robots Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101692
Detailed Table of Content
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Collaborative Robots Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Payload Capacity (Value)
- Upto 5 Kg
- 6-10 Kg
- 11 Kg and Above
- By Application (Value)
- Material Handling
- Quality Testing
- By Industry (Value)
- Electronics & Semi-Conductors
- Food & Beverages
- Metal & Machining
- Rubber & Plastic
- By Region (Value)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- By Payload Capacity (Value)
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