Analyzing the Growth of the Global Collaborative Robot (COBOT) Market

The industrial robots introduced in the automotive industry around the mid-20^th 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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