Collaborative Robots Industry Size, Share, Supply, Demand, Segments and Forecast 2027

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. 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.

Some of the leading companies that are operating in the global market are:

• Universal Robots
• Rethink Robotics GmbH
• Denso Wave Incorporated
• Fanuc Corporation
• Bosch Rexroth AG
• ABB
• Yaskawa America, Inc.- Motoman Robotics Div.
• AUBO Robotics
• Stäubli International AG.
• K2 Kinetics

Collaborative robots are gaining rapid popularity among users across numerous industries. The demand for these products is likely to increase further in the coming years. Concepts such as artificial intelligence (AI) and the internet of things (IoT) have enabled rapid advancements in these products. Integration of latest concepts have allowed better operational efficacies and an overall increase in the precision and accuracy involved with these devices. Automation has played a major role towards the advancements that these devices have made in recent years. The use of embedded systems has created several growth opportunities for the companies operating in this market. Collaborative robots (cobots) are used to assist humans for handling heavy loads and perform repetitive tasks at workplaces. They are used for manufacturing purposes such as assembly and material handling of large equipment.

Regional Insights

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.