Artificial Intelligence
Collaborative Robot Market – Growth, Trends, Covid-19 Impact, And Forecasts (2023 – 2028)
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New York, Feb. 20, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Collaborative Robot Market – Growth, Trends, Covid-19 Impact, And Forecasts (2023 – 2028)” – https://www.reportlinker.com/p06192786/?utm_source=GNW
The Global Collaborative Robot Market is expected to grow at a CAGR of 21.6% over the forecast period.
Key Highlights
Industrial robots used in the automotive industry are more efficient and utilized cost-effectively, owing to their new speed, accuracy, precision, flexibility, and agility levels. The complexity of manufacturing passenger cars has increased over the past ten years. This has led to automation solutions robots’ usage for a substantial proportion of the production processes.
Machine learning (ML) has made significant advancements wherein the software systems can recognize subtle and complex patterns in data. Besides, the use of Artificial Intelligence (AI) and its burgeoning applications is anticipated to enable one robot to learn from another.?
Though these robots are developing rapidly, some challenges prevent them from being applied to multiple manufacturing units. The most crucial challenge is the need for fine skills, such as picking up small and delicate objects and making rapid decisions to avoid obstacles without stopping production.
The collaborative robots in the market are also becoming more affordable, easier to use, and less complex for training purposes. This will primarily offer multiple options to organizations, increasing the drive and the demand for these robots. Collaborative robots enable industries of all sizes and scales to stay competitive as these robots use the latest sensors, plug-and-play technologies, and automatic robot programming from CAD data.
Companies are adopting these robots to increase efficiency in their process. For instance, Tomenson Machine Works adopted automation for its pin stamping application primarily to improve profitability, quality, and worker satisfaction. The company adopted an OnRobot RG6 gripper and Universal Robots UR3 cobot arm, which can handle dozens of part sizes and is being used for potential applications such as deburring, machine tending, and packaging.
As the world is continuously fighting the rapid spread of the COVID-19 pandemic, robotics and automation are playing a very crucial role in helping to safeguard the people and in processing the supplies that people need as they are shifting towards remote working and home learning. The robots help disinfect hospitals. Autonomous deliveries from the robots bring the supplies to people as they adopt social distancing. Moreover, automated workstations are speeding up the work of pharmaceutical companies.
The costs of robotic systems are associated with robust hardware and efficient software. Automation equipment involves using advanced automation technologies that require high capital investment. For instance, the price of da Vinci, a surgical robot that costs around USD 1.5 million, includes replacing parts that cost around USD 1,900 per operation. Therefore, the high maintenance cost of these robots is expected to challenge their adoption.
Collaborative Robot Market Trends
Automotive Segment will Drive the Market
The automotive sector is witnessing significant growth in the number of units produced per day. The machinery on the production floor requires proper maintenance to shorten production cycles and increase production output. Cobots can easily achieve lower direct unit production costs. Moreover, the throughput can be higher depending on the assembly process than in traditional robotic systems. These kinds of cobots are used in the automotive industry, which can be applied to auto part manufacturing (assembling major vehicle parts) and finished vehicle assembly.
For instance, in 2021, according to OICA, China was the leading market for motor vehicle production, with more than 26 million cars and commercial vehicles produced. This figure was even more than the sum of the production values of the other countries. So utilizing these robots can shorten production cycles and increase production output.
Collaborated robotics used for automotive applications are experiencing a massive upsurge in recent times owing to the proliferation of automotive plants in eminent Asian nations, including China, India, and Vietnam, and growing demand for automotive robotics from automakers in North America. Various prominent automakers, including BMW, Mercedes Benz, and Ford, have been deploying cobots on their production floors to carry out myriad functions such as welding, car painting, and assembly line activities.
In April 2021, Universal Robots (UR), a Danish manufacturer of smaller flexible industrial collaborative robot arms, urged Malaysian automotive manufacturers to explore new opportunities to use robotic solutions, such as collaborative robots (cobots) in automotive manufacturing facilities. This came up after the Malaysian Automotive, Robotics, and IoT Institute (MARii) stated that it is expecting the automotive industry, including Mobility as a Service (MaaS), to contribute up to 10% of gross domestic product (GDP).
In recent years, YASKAWA Electric Corporation began the sale of the MOTOMAN-HC20DT anti-dust and drip-proof function as a new line of COBOT. Its main application is the transportation and assembly of automotive and machinery-related parts. It also improved usability due to direct attach tools, such as a robot hand, by mounting a connector for hands at the tip of the arm.
The automotive industry has invested billions in developing edge computing technology. According to Ericsson’s projections, the global number of connected vehicles may grow to around 700 million by 2025. The data volume transmitted between vehicles and the cloud may be about 100 petabytes per month. A global director of manufacturing engineering integration at a major automotive OEM quoted that cobots have become a “fundamental game changer” on the automotive factory floor.
North America to Register Significant Growth
The North American region is among the leading innovators and pioneers in the adoption of robotics and is one of the largest markets. The primary reason for the market’s growth is the increasing adoption of these collaborative robots across numerous industries.
Moreover, robotic surgery has been significantly adopted in the United States. The annual procedure volume for robotic surgery is greater than 5,00,000 in the United States. In order to build brand image and competitive advantage, robotic surgery has become the most rapidly adopted medical device over the past two decades. This is likely to fuel the need for robots in the medical and healthcare sector in the region.
The primary driver for the growth of collaborative robots in the region is the manufacturing industries in the United States that are currently under the ongoing trend to automate their production processes to strengthen the US industries in domestic and international markets.
The government in the region is also encouraging the adoption of robotics by taking initiatives to support the development of modern technologies in the robotics market. For instance, the US Federal Government has commenced a program called the National Robotics Initiative (NRI) to bolster the capabilities of building domestic robots in the country and encourage research activities in the field.
The increasing investments by the National Science Foundation (NSF) are also augmenting the collaborative robot market in the region. The NSF invested USD 700,000 to USD 1 million to support novel technologies like robotics in 21 projects in three-year durations. The NSF program proliferates collaborations with industries to assess lab-created technologies.
Collaborative Robot Market Competitor Analysis
The collaborative robot market is moderately competitive, and companies focus on innovation to remain competitive in the market. Furthermore, acquisitions and collaboration of large companies with startups are expected.
October 2021 – OMRON Corporation announced a capital investment agreement with Techman Robot, Inc, a prominent collaborative robot brand that works at manufacturing sites. OMRON will have an approximately 10% stake in Techman.
September 2021 – The enhanced payload capabilities of Universal Robots’ UR10e, combined with its longer reach, position it for increased packaging and machine tending applications, whereas the UR5e can automate box erection. The UR10e from Universal Robots can now lift 12.5kg (27.55lbs), a 25% increase over the previous generation. In addition to being Universal Robots’ longest-reaching cobot, this payload upgrades for the UR10e better position it for palletizing, machine tending, and packaging applications. The UR10e now has a 2.5kg gripper and can be used in palletizing applications with cartons weighing up to 10kg.
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Artificial Intelligence
Complyport’s new AI tool – ViCA.Chat – set to revolutionise compliance support services
LONDON, June 14, 2024 /PRNewswire/ — ViCA.Chat, the Virtual Compliance Assistant powered by AI technology, is set to transform regulatory compliance consulting. Developed by ComplyMAP Group’s AI engineers and Complyport’s compliance consulting teams, ViCA redefines compliance support services and propels governance, risk and compliance consulting into a new era of innovation.
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Artificial Intelligence
LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™
CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
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Artificial Intelligence
Scoring a Seat at UEFA EURO 2024™ with Top-Performing AI-Powered TOSHIBA TV Lineup
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