Collaborative Robot Market

Market Leadership - Collaborative Robot Market

The collaborative robot market is expected to grow from USD 1.2 billion in 2021 and is projected to reach USD 10.5 billion by 2027; it is expected to grow at a CAGR of 43.4% during the forecast period.

The collaborative robot market is driven by the high Return on Investment (ROI) derived from the deployment of collaborative robots and its benefits for businesses of all sizes in terms of general competitiveness, increased production, and enhanced product quality. In addition, the cobots are easier to program. These factors are paving way for their rapid adoption in SMEs and large-scale businesses alike.

Key strategies adopted by these players to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches and partnerships, collaboration & joint ventures.

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For instance, In December 2019, FANUC launched two new collaborative robots at the iREX 2019: the CRX-10iA and CRX-10iA/L. The new CRX Series robots are significantly lighter than the CR Series collaborative robots. They can be used for easy installation on a broad range of applications, such as driverless transport systems or AGVs. The robots also offer a new, intuitive programming interface suitable for users with little programming experience. In September 2019, Universal Robots (Denmark) launched the UR16e collaborative robot with a payload capacity of 16 kg for automating tasks such as heavy-duty material handling, heavy-part handling, and machine tending. The robot is expected to reduce the ergonomic and productivity challenges associated with lifting and moving heavy parts and products.

Universal Robots is currently the market leader in the collaborative robot market. The company offers UR+ Solutions, which includes compatible vision systems, end effectors, and application-specific software from third-party manufacturers, making it easier for the end user to set up and operate the robot. Universal Robots is one of the first collaborative robot manufacturers to offer such an extensive plug-and-play solution, which has helped them gain a competitive edge over its competitors. With investment from its parent company Teradyne (US), Universal Robots will work alongside Mobile Industrial Robots (Denmark), a market leader for AMRs, at a shared collaborative robot hub in Denmark to develop AGVs fitted with collaborative robots. This is expected to further strengthen the significant lead that Universal Robots has established worldwide. The company has been investing aggressively to strengthen its product development, as well as enhance its overseas sales networks. It expanded its business operations to developing countries such as the Philippines, China, and India during 2016–2017. The company strives to consistently seek innovation in its product offerings and expands its list of third-party accessories. In February 2020, Universal Robots and Mobile Industrial Robots (Denmark) together announced expansion into a new cobot hub in Odense, Denmark, with the financial backing of their parent company, Teradyne (US). The new hub will help attract new employees to facilitate the continued growth expected by the two companies in the coming years.

ABB is one of the market leaders for collaborative robots and is planning to focus more on the industrial automation business in the future. In December 2018, ABB announced that it had sold its Power Grid business to Hitachi (Japan). The divestment is completed as of 2020. ABB is one of the market leaders for industrial robots and is planning to focus more on the industrial automation business in the future. In December 2018, ABB announced that it had sold its Power Grid business to Hitachi (Japan). The divestment is completed as of 2020. The company’s collaborative robot business is well positioned to outgrow the market with the broad portfolio of offerings, innovation strength, global footprint, and deep domain expertise, supporting its customer’s transition towards robotics and automation in existing segments while driving growth through expansion into new customer segments. As ABB already has a broad portfolio of industrial robots, the company has mainly focused on collaboration, partnerships, and acquisitions to expand its reach for industrial robots. ABB has renewed its focus on existing segments such as the automotive industry, including electric vehicle manufacture, new automation solutions, including machine-centric robotics and flexible manufacturing concepts, and new markets including logistics and healthcare. Roughly 60 percent of revenue is already generated outside the automotive sector. ABB is focusing its efforts on new product development in terms of collaborative robots by enhancing the inherent functionality and capability of its robots to seek product differentiation with respect to its competitors. In November 2020, ABB, and Ericsson (Sweden) announced a partnership to support ABB’s customers and enterprises in Thailand with Ericsson’s 5G solutions. The focus areas of the partnership include ABB’s Robotics & Discrete Automation, Industrial Automation, and Motion business segments.

Related Reports:

Collaborative Robot Market with COVID-19 Impact Analysis, Component, Payload (Up to 5 Kg, 5-10 Kg, and Above 10 Kg), Application (Handling, Processing), Industry (Automotive, Furniture & Equipment), and Region - Global Forecast to 2027

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Report Code
SE 4480
RI Published ON
8/17/2021
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