Growing demand for automation in worldwide industries is increasing the demand for robotics. According to the international federation of robotics, the average annual supply of industrial robotics rose to 183,000 units. This shows a 59% rise in the industrial robot’s demand between “2010-2015”. By the year 2019, around 1.4 million new industrial robots are expected to be installed in factories, globally.
According to a recent report published by Inkwood Research, the “Global collaborative robots market" was valued at $263 million in 2016 and is estimated to generate net revenue of approximately $9.27 billion by 2025, growing at a CAGR of 49.14% over the forecast period of 2017-2025.”
The rising production of automobile across the globe leads to a high demand for cobots in this sector. Cobots are mostly used in the production and assembly line of vehicles manufacturing for machine tending, painting/coating of cars, etc. Collaborative robots are used in the production line of the automotive industry to enhance the productivity and efficiency. For example, the Great Wall Motors (GWM), a Chinese automotive plant has integrated 27 ABB robots to work at 30 different workstations wherein a collaboration happens between welding robots and handling robots.
Collaborative robots market is also growing with its ability to provide high investment returns. Collaborative robots are designed to work safely with humans. Collaborative technology in robots has a large number of applications. Companies have to invest in collaborative robots, human training, and support as these robots work next to their human counterpart. However, cobots provide a return on investment (ROI) in less than 1 year. Collaborative robots are increasing efficiency in production and helping to reduce the labour costs. They have also proved to be beneficial in implementing the exciting and cutting-edge technology. According to Robotics Organisation, after the redeployment of collaborative robotics, the company can get about 30% cost-back.
Asia-Pacific collaborative robots market is mainly driven by the contribution of countries such as China, Japan, India, Australia and Rest of the Asia-Pacific, which primarily includes Singapore and Malaysia. The impressive accuracy of collaborative robots to perform the assigned task within the stipulated time and with the same efficiency, level increases their demand and deployment across industries. Collaborative robots in the Asia-Pacific region are deployed in the automobile manufacturing industries, for picking and appropriately placing the objects on a moving conveyor belt in the fast-moving consumer goods (FMCG) products manufacturing industries, etc.
The threat of new entrant in the global collaborative robot market is expected to shift from Moderate to High over the forecast period of 2017-2025. The significant players in the Collaborative Robot market are ABB Ltd., Bosch Ltd, Fanuc Corporation, Yaskawa Ltd., and Kawasaki Engineering Ltd. These companies have extensively captured a large size of market share that influences the new entrants in Collaborative robot market.
Key Takeaways
- The Asia Pacific and Europe are the most lucrative markets for global collaborative robots market. Together, these two regions accounted for 56.57% of the total market revenue in 2016.
- The threat of new entrant in the global collaborative robot market is expected to shift from Moderate to High over the forecast period of 2017-2025.
- Bargaining power of the supplier for the global Collaborative robot market is expected to shift from Moderate in 2016 to low in 2025 over the forecast period of 2017-2025.
- Material handling, machine tending, and packaging are essential applications to invest in global collaborative robots market. Material handling accounted for 17.43% market share in 2016.
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