The
industrial robots introduced in the automotive industry around the mid-20th
century significantly increased the efficiency of the work process and
performed several tedious and repetitive applications with great precision and
accuracy. The first prototype of industrial robot named Unimate was introduced
in the year 1961 by General Motors. However,
limitations of industrial robots such as the life hazards imposed by them on
workers, special expertise required for operating them and the long downtime of
the robots during maintenance and repairing fueled the need for the development
of safe and flexible robots overcoming these challenges. This led to the
invention of collaborative robots.
Collaborative
robots or cobots, unlike the conventional industrial robots can be used
alongside humans and possess several capabilities such as easy installation, operation,
and low cost. Moreover, they can be used to perform various applications such
as assembling, packaging and palletizing, machine tending, pick and place, and screw
driving.
The
first collaborative robot was launched in 2008, by Universal Robots A/S, a
leading collaborative robot manufacturer. However, the demand for collaborative
robots has increased sharply over the last five years giving a significant
boost to the robotics industry.
According
to the latest market intelligence report by BIS Research titled “Global Collaborative Robot (Cobot) Market –
Analysis and Forecast (2018-2023),” the collaborative robot market was
valued at $283.7 million in 2017 and is projected to grow at a double-digit
CAGR of 63.95% during the forecast period, 2018-2023 and reach $5441.5 million
by 2023.
This
exponential growth of the market can be attributed to factors such as the
growing demand for collaborative robots in varied end-user industries such as
manufacturing, healthcare, automotive, aviation, and logistics; declining
prices and quick return of investment; increased productivity at workplace; and
the minimal infrastructure and flexibility in the functioning of collaborative
robots. However, the inability of collaborative robots to operate in restricted
environments and their slower pace as
compared to industrial robots are some of the major challenges restraining the
growth of the market.
In
addition to the market drivers and challenges, the report by BIS Research also highlights the
competitive landscape and market strategies such as product launches,
partnerships, agreements, and collaborations adopted by leading players present
in the market. The collaborative robot market is segmented on the basis of
industry, application, and region.
The
growth of automation driven industries in developing countries such as India and
China and the rising demand for high payload capacity collaborative robots are
some of the potential opportunities that are expected to drive the
collaborative robot market in the future.
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