by Collaborative robots, also known as cobots, are revolutionizing industrial processes with their ability to work safely alongside humans in shared workspaces. Cobots can handle tasks that may be too dangerous, dull or difficult for human workers to perform. Equipped with advanced sensors and designed to automatically detect nearby human motions, cobots can seamlessly assist workers without compromising on safety. The global Collaborative Robot Market is estimated to be valued at US$ 1332.59 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Enhanced Safety in Workplace Processes
One of the major drivers boosting the adoption of collaborative robots is their ability to enhance safety in industrial workplaces. Conventional industrial robots operate behind safety cages to avoid contact with humans. However, this limits robots’ ability to seamlessly assist workers. Cobots are designed to work safely alongside humans through advanced sensors and motion detection capabilities. They can automatically halt or slow down motion if a human comes in close contact, minimizing risks of collision or injury. This allows cobots to work collaboratively with people on the same manufacturing line or workspace. The trend of shared human-robot workspaces is gaining traction globally and driving increased demand for collaborative robots.
SWOT Analysis
Strength: Collaborative robots are capable of working safely alongside humans without any safety enclosures. This allows for easier integration of robots in production lines and factories.
Weakness: Initial set up and programming of collaborative robots require high technical skills which increase initial costs. Lack of standard safety protocols also poses risks.
Opportunity: Growing demand from SMEs for robots that can work safely with humans offers huge opportunities. Expanding applications in e-commerce and healthcare also present growth prospects.
Threats: Stiff competition from established industrial robot vendors poses pricing challenges. Regulations around safety may increase compliance costs.
Key Takeaways
The global collaborative robot market demand is expected to witness high growth.
Regional analysis
shows that Asia Pacific dominates currently due to strong adoption in key markets like China, Japan and South Korea. Growing at over 15% annually, the APAC region is expected remain the major revenue generator.
Key players
operating in the collaborative robot market are Cardinal Health, Inc., Stryker Corporation, Karl Storz GmbH & Co. Kg, Zimmer Biomet Holdings, Inc., Baxter International Inc., Becton, Dickinson and Company, Angiodynamics, Inc., Hologic, Inc., Ecolab Inc., Olympus Corporation, Medtronic PLC, Fresenius Medical Care AG & Co. KGaA, B. Braun Melsungen AG, Johnson & Johnson, and Smiths Group PLC.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
