Industrial Cobot Market by Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026

Executive Summary

According to the report titled, 'Industrial cobot Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026,' the global industrial cobot market size was $0.65 billion in 2018 and is estimated to reach $12.48 billion by 2026, growing at CAGR of 44.8% from 2019 to 2026.

The collaborative robot are used to interact with humans in a shared workspace. a rise in the adoption in the small and medium enterprises (SMEs) and investments in automation of manufacturing processes are the key factors driving the market growth. Emergence of robots working along with humans in areas like smart parts assembly and electronics product assembly further fuels the demand.

The demand for industrial cobots in the commercial sector is expected to increase rapidly during the forecast period, owing to various factors such as rise in demand for automation, availability of affordable & energy-efficient industrial cobots, and surge in investment in R&D activities. However, high installation cost thus hampering the industrial cobots market growth globally. In addition, technological advancements enable developers to design new and innovative products, while maintaining the affordability of the product. The adoption of industrial cobots, such as cobot arms, has increased by small and medium businesses, owing to their low cost and enhanced usability.

Collaborative robots are used in a wide range of industries, from semiconductors and automobiles to plastics processing and metal forging. Collaborative robots have been used for high-volume operations, but as the technology advances and costs declines, more options and opportunities are opening for medium- and small-sized operations. The various advantages offered by value added processing are better quality & consistency, maximum productivity, safety, and reduced labor costs.

Machine tending is one of the applications used for loading & unloading the raw materials in many manufacturing industries, that can easily be done with the help of collaborative robots due to the high return on investment and operator productivity gains. Skilled operators can increase their value with a collaborative robot assisting with repetitive tasks.

The automotive industry includes companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. It is one of the world's most important economic industry by revenue and the largest user of industrial cobots. Furthermore, increase in number of auto makers include SMEs, which are deploying industrial cobots to assist human workforce in their workshops. In addition, collaborative robots help increase the productivity, improve product quality, reduce costs, and boost profit margins so that you can compete effectively.

By region, the industrial cobot market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe was the highest revenue contributor, accounting for more than 37% of the overall market revenue in 2018, and is projected to grow at CAGR of 42.1%. The growth of the European industrial cobot market is mainly driven by factors, such as increase in economic activities, surge in industrialization, and emergence of industry 4.0.In addition, the growing trends toward flexible production of small quantities with high complexity in the region can easily be supported through industrial cobots. This is expected to considerably increase the demand for industrial cobot in the European region.

According to Ankit Prajapati, Lead Analyst, Semiconductors & Electronics, “The global industrial cobot market forecast is expected to witness considerable growth in the semiconductor industry due to its emerging trends of faster and efficient connectivity solutions in consumer electronics and automotive segment. Surge in demand for better biomedical and healthcare services by the aging European population, coupled with increase in demand from end-user industries such as semiconductors manufacturing, polymers, metallurgy, and fiber optics are expected to fuel the growth of industrial cobot market in Europe.”

KEY FINDINGS OF THE STUDY

• By application, the material h andling segment generated the highest revenue in the industrial cobot industry in 2018.
• By end user, the manufacturing segment is projected to dominate the industrial cobot market share, during forecast period.
• By region, Europe generated the highest revenue in the market in 2018.

The key industrial cobot market leaders profiled in the report include ABB Ltd, The Fanuc Corporation, Kawasaki Heavy Industries Ltd., Nachi Fujikoshi Corporation, Yaskawa Electric Corporation, KUKA AG, Seiko Epson Corporation, Staubli International AG, Universal Robots A/S and Teradyne. These key players adopted several strategies such as new product launch and development, acquisition, partnership &collaboration, and business expansion to increase their industrial cobot market share.

Companies Mentioned

• ABB Ltd
• The Fanuc Corporation
• Kawasaki Heavy Industries Ltd.
• Nachi Fujikoshi Corporation
• Yaskawa Electric Corporation
• KUKA AG
• Seiko Epson Corporation
• Staubli International AG
• Universal Robots A/S
• Teradyn

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

• Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
• Scientific and technical writings for product information and related preemptions
• Regional government and statistical databases for macro analysis
• Authentic news articles and other related releases for market evaluation
• Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.