Collaborative robots gain ground

Image caption: Fronius cobot system with Fanuc robot.

The global collaborative robots market size is anticipated to reach US$ 11.04 billion by 2030, exhibiting a CAGR of 31.5% over the forecast period, according to a new report published by Grand View Research, Inc. Growth can be attributed to the growing inclination of industries toward collaborative robots (or cobots) to automate manufacturing processes.

“Over the past few years, the growing interest in robot technology across various industries has positively impacted the market. Unlike conventional industrial robots, cobots are developed to operate at par with their human counterparts. They are mobile and can be easily moved from one area of a manufacturing facility to another. Moreover, they can be programmed with ease, are more cost-effective than their fixed counterparts and can be used in a wide range of low-speed, repetitive applications,” said the analyst.

The increasing need for highly efficient and user-friendly robots that do not require highly skilled experts for deployment and functioning has created a significant demand for software platforms. These platforms allow the integration of robots, motion control and the generation of an interface that enables the programming of such robots.

“Increasing demand from industrial customers, researchers and engineers is further strengthening the outlook of the collaborative robotics industry. These robots are being deployed across various industries and have been highly influential in addressing the challenges faced by the logistics sector, such as complex work processes, and managing several tasks in different combinations and in compact spaces,” said the report.

The market is expected to witness strong growth in coming years with the increasing adoption of cobots across small and medium enterprises as they provide a higher return on investment. According to the report, Europe captured a sizeable revenue share of more than 30% in 2021 across the industry, owing to the increased product application in electronics, logistics and inspection verticals

“The global collaborative robot market size was valued at US$ 1.01 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 31.5%, from 2022 to 2030. The growth can be ascribed to the increasing adoption of collaborative robots (or cobots) in Small and Medium Enterprises (SMEs). These companies are increasingly investing in cobots to interact with humans in a shared workspace and automate manufacturing processes. The growth further proliferated via technological advancements and the integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies in industrial robots,” added the report.

The advent of 5G technology is also expected to stimulate the adoption of cobots in the manufacturing sector. The release of an industrial-grade 5G wireless network by Nokia Corporation to meet the requirements of Industry 4.0 is an example of such developments.

“The deployment of robots in industrial processes has also reduced the number of accident cases at workplaces. They also significantly improve product quality, which is [driving’ their demand across various companies and enterprises. The increasing adoption of cobots in electronics, automotive, logistics, machine tooling, packaging and assembling applications is expected to transform the outlook of the collaborative robots market over the foreseeable future,” concluded the report.

To read the report, see https://www.grandviewresearch.com/industry-analysis/collaborative-robots-market