Collaborative Robots Market Is Expected To Reach at USD 1.01 Billion By 2022, at a CAGR Of 31.5% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
Contrive Datum Insights Pvt Ltd
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Contrive Datum Insights Pvt Ltd
According to a market research study published by Contrive Datum Insights, The Asia-Pacific region should have a CAGR of more than 34.0% by 2030.
Farmington, Feb. 03, 2023 (GLOBE NEWSWIRE) -- The Global Collaborative Robots Market Size Was Valued At USD 1.01 Billion In 2022 And Is Expected to Expand at a CAGR of 31.5%, from 2023 to 2030. This growth can be explained by the fact that more and more small and medium-sized businesses (SME) are using collaborative robots (also called "cobots") (SMEs). More and more, these companies are investing in cobots that can work with humans in a shared workspace and automate manufacturing processes. Artificial intelligence (AI) and machine learning (ML) are being used in industrial robots, which has helped the growth even more.
In July 2022, FANUC America Corporation (US), a leading supplier of CNCs, robotics, and ROBOMACHINEs, announces a West Campus expansion that will push its operational space in Oakland County, Michigan to nearly two million square feet. The construction will include a 655,000 square foot state-of-the-art facility to house manufacturing, engineering, and R&D projects.
In June 2022, Universal Robots A/S (Denmark) launched a new 20 kg cobot called the UR20 to its product range. A 20kg (44.1lbs.) payload capacity, which is 4kg more than UR’s previous heaviest load capability of 16kg with its UR16e cobot. Reach of 1750mm, which is 450mm more than the longest previous UR cobot reach of 1300mm with the UR10e.
Segment Analysis:
Payload Capacity Insights
The sub segment of 6–10 kg and up to 5 kg is expected to grow quickly because it can do a lot of operations quickly and over and over again.
The 11 kg and above sub segment is expected to grow a lot in the next few years because the automotive industry needs to do important jobs like putting together spare parts and components, building the engine, tightening bolts on cars, and so on.
Industry Insights
Automotive Industry is likely to stay at the top for the foreseeable future, as manufacturers work to lower operating costs, assemble spare parts and components faster, paint and coat, and improve the overall ergonomics of the workplace. Cobots are used with laser-cutting machines, engine foundries, moulding machines, packaging and palletizing lines, and forming presses in the automotive industry.
In the coming years, the sub segment of electronic and semi-conductors is expected to grow quickly. This is because more people are buying electronic goods, nanotechnologies are becoming more popular, and sensitive conductors are being used.
Application Insights
Over the next few years, the material handling sub segment is expected to have the largest market size. This is because of rising demand from the automotive, food and beverage, electronics, and semi-conductor industries. Also, material handling is very important in these kinds of businesses because some of the parts are fragile and need to be moved carefully. Robots are often used in this kind of situation to keep workers safe and cut down on accidents.
Industry Vertical Insights
In 2021, 68.6% of the market's total revenue came from the oil and gas segment. During the time frame of the forecast, it is expected to grow at a CAGR of more than 8%. The oil and gas segment includes crude oil, natural gas, biogas fuels, petroleum, and refineries. In the oil and gas business, the main way to move things is through a pipeline. Collaborative Robotss are being put in place so that it is safe and accidents don't happen. Also, using detection systems makes less of an impact on the environment, cuts down on waste, and gives real-time analysis that makes it easy to find mistakes and fix them quickly.
Regional Outlook:
The Asia-Pacific region should have a CAGR of more than 34.0% by 2030. This is because the quality and accuracy of cobots are getting more and more attention, which is leading to the creation of maximum standards. Cobots are in high demand in the area because they can make high-quality products, reduce waste, improve efficiency, and standardise products. The region also has a lot of growth potential because consumers are becoming more interested in automation, artificial intelligence, and the development of other important technologies.
Europe was the place with the most growth in 2021.
North America: (US, Canada, Mexico, Rest of North America)
Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America(Brazil, Argentina, Rest of Latin America)
Rest Of the World
Base Year
2022
Historical Year
2017 to 2022
Forecast Year
2023 to 2030
Market Drivers:
Small and medium-sized businesses, especially in developed countries, are expected to quickly use collaborative robots in their production processes. Small and medium-sized businesses (SMEs) that already use collaborative robots see benefits in their overall competitiveness, increased production, and better product quality. For example, the UR10 collaborative robot from Universal Robots A/S (Denmark) is used by Betacom Limited (New Zealand), a small company that makes lighting solutions for roads, areas, and tunnels, to put LED lenses on the circuit board.
Market Opportunities:
Because of the COVID-19 pandemic, there are now more robots being used in health care. During the pandemic, robots were used to clean patient rooms and surgery rooms. Several hospitals used robots to spray disinfectant and make sure people wore masks and stayed away from sick people as the rules said. In some hospitals, robots were programmed to use a thermal camera to do a first screening of patients. This was done to stop the spread of COVID-19.
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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