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Collaborative Robots: Market Trends You Need To Know

Robot Hand

Collaborative Robots Background

A collaborative robot, also referred to as a “cobot,” can learn multiple tasks to assist humans in a combined workspace. Cobots are designed precisely for direct human interaction within a defined collaborative space where the robot and humans perform tasks simultaneously and in proximity during automatic operations.

Like all revolutionary technologies, cobots initially faced significant uncertainty from the manufacturing industry. Most of the manufacturing industry saw them as a technological revolution, and at same time questioned the possibility of integrating them into an actual working environment. Today, however, the market for industrial cobots has annual growth of around 35% and it is estimated that global revenue will hit $2 billion in 2020.

The technology is continuously changing. Advancements in robotics, intelligent computing, artificial intelligence, Internet of Things, machine learning and deep learning will be the primary growth factors over the next decade for the corobots industry.

Corobots and Electronics Manufacturing

Cobots came into electronics manufacturing as a revolution and helped the industry achieve new levels of productivity in less times. Cobots can collaborate with human workers and make their tasks easier and less time consuming, resulting in higher quality and production outputs, and increased profits.

Electronics manufacturing uses robots for product assembly; palletizing and packaging; part cutting and forming; and welding and soldering. The adoption of these robots is seen in the manufacturing of batteries, chips and displays. The quality requirements of high-technology products sold on the export market increasingly dictate the use of highly automated manufacturing to compete in world markets; this can make a nation’s exports a useful indicator of demand for cobots.

Cobots Trends and Projections

  • Asia-Pacific held the highest revenue share in the collaborative robots market in 2019 at USD 300.6 million, and it is expected that it will continue to dominate, reaching USD 1.9 billion in 2025.
  • The highest growth in the market is projected to come from electronics manufacturing, which is forecast to grow at a CAGR of 38.8%.
  • Key market players include: ABB Group, FANUC Corp., Kawasaki Heavy Industries.

For additional intel into the global market for collaborative robots, or cobots, download a complimentary overview of our report, Collaborative Robots (Cobots): Applications and Global Markets.

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Written by Sarah Greenberg on Dec 21, 2020 11:00:00 AM

Sarah Greenberg is the Manager of Content Marketing at BCC Research. She creates our blog, social media and email content.

Topics: Engineering