Global Industrial Cobot Market Expected to Reach $12.48 Billion by 2026

According to a recent report published by Allied Market Research, 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. The rise in 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.

Key Findings of the Study:

• By application, the material handling 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.