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The collaborative robots market share is expected to increase by USD 1.08 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 16.08%.
This collaborative robots market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers collaborative robots market segmentations by application (material handling, assembly, inspection and testing, welding, and painting and dispensing) and geography (Europe, APAC, North America, South America, and MEA). The collaborative robots market report also offers information on several market vendors, including ABB Ltd., FANUC Corp., Festo SE and Co. KG, Fiat Chrysler Automobiles NV, Hans Laser Technology Industry Group Co. Ltd., Kawasaki Heavy Industries Ltd., Robert Bosch GmbH, Staubli International AG, Teradyne Inc., and Yaskawa Electric Corp. among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increased adoption rate in SME sector is notably driving the collaborative robots market growth, although factors such as regulatory hurdles faced by vendors may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the collaborative robots market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Collaborative Robots Market Driver
One of the key factors driving the collaborative robots market is the increased adoption rate in SME sector. Outsourcing of manufacturing operations to low-cost locations has impeded the expansion of the SME sector in industrialized countries. Collaborative robots are increasingly being used in the industrial sector to keep the balance of large, small, and medium-sized firms in industrialized countries. As a result, SMEs are becoming more interested in installing collaborative robots on their production floors. Furthermore, demand for applications such as pick-and-place, machine tending, material handling, assembly line, welding, packing, and inspection, particularly in the SME sector, is expected to propel the market forward.. In February 2021, ABB launched new GoFa and SWIFTI cobot families, offering high payloads and speeds, to complement YuMi and Single Arm YuMi in the company's cobot line-up. These cobots are strong, fast, and highly capable cobots that accelerate the company's expansion in the high-growth segments, including electronics, healthcare, consumer goods, logistics, and food and beverage, among others, meeting the growing demand for automation across multiple industries.
Key Collaborative Robots Market Trend
Advances in vision systems is another factor supporting the collaborative robots market growth in the forecast period. Vision systems are being augmented by specialized sensors that can heighten the perception of collaborative robots and their positioning in a 3D space. For instance, ABB collaborative robots are incorporated with technologies such as Integrated Force Control and Integrated Vision that allow for 2D and 3D vision. As a result, they eliminate the need for traditional machine fencing and barriers. Moreover, vision systems and sensors are intuitive and facilitate rapid decision-making and troubleshooting. In addition, Technavio expect that the emergence of startups and new entrants such as Veo Robotics and Osaro to leverage machine learning tools to develop machine vision. Moreover, Osaro is developing a vision software to ensure the efficiency of collaborative robots in applications in the pharmaceutical and F&B industries. On the other hand, Veo Robotics provides an advanced vision system that can detect objects and humans in the robot's surroundings, thereby ensuring a safe environment for workers. Therefore, such development will further surge the adoption of collaborative robots which will further drive the growth of the market during the forecast period.
Key Collaborative Robots Market Challenge
Regulatory hurdles faced by vendors will be a major challenge for the collaborative robots market during the forecast period. Collaborative robots are built in accordance with standards to ensure human safety while also improving design characteristics including cushioned arms, rounded bodies, and lightweight attributes. Furthermore, a big problem for collaborative robot vendors is ensuring that their services comply with international standards, reducing liability and compliance expenses for robot manufacturers, and ensuring that the collaborative robot can be sold anywhere in the globe. Furthermore, substantial norms and standards exist in several regions, such as in Europe: Vendors must ensure that all new machinery that falls under the scope of the Machinery Directive, including collaborative robots, is designed and built to meet the common, minimum safety requirements. Furthermore, in 2020, there will be regulatory and policy changes, including strict artificial intelligence (AI) laws in the United States and the European Union (EU), which will have far-reaching implications for technology businesses and government agencies. Furthermore, the EU unveiled its long-awaited draught legislation for the use of AI in late April 2021, outlawing some inappropriate uses and requiring strong safeguards, such as documentation verification of safety and human oversight, to ensure AI technology is trustworthy.
This collaborative robots market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global collaborative robots market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the collaborative robots market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the collaborative robots market encompasses successful business strategies deployed by the key vendors. The collaborative robots market is fragmented and the vendors are deploying growth strategies such as inorganic growth in the market through M&A of technology-based companies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The collaborative robots market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the collaborative robots market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global industrial machinery market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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