Vancouver, BC -- (SBWIRE) -- 01/21/2021 -- Cobots, also known as Collaborative Robots, are robots which function side-by-side human workforce, which helps reduce the cost, time, and floor space which helps increase the efficiency of the manufacturing process. Cobots are used in a variety of industries, such as food and beverage, automobiles, plastics and polymers, electronics, healthcare, logistics, furniture and equipment, and various others. The global Cobots market is forecast to grow at a CAGR of 38.5% and reach a value of USD 9342.8 Million by 2027.

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The benefits provided by cobots in the logistics industry is a significant factor driving the market demand. The growing pace of the e-commerce sector plays a crucial role in the demand for cobots to enhance efficiency while decreasing costs. In the warehouses, the human workforce doesn't have to stride the routes for goods collections; thus, saving labor and time, along with mitigation of errors. From the customer point of view, it turns out to be faster delivery of goods, whereas, for workers, it results in shifting attention to other crucial responsibilities. In 2017, DHL Supply Chain made an announcement about the commencement of a pilot test with the LocusBots™ cobots. The firm conducted the pilot test within the facility of a firm dealing in life sciences in Tennessee.

Key participants include FANUC, Aubo Robotics, Universal Robots, Yaskawa, KUKA, Techman Robot, Precise Automation, ABB, Rethink Robotics, and Doosan Robotics, among others.

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Market Drivers
The fast growth of e-commerce is expected to boost market growth as e-commerce involves speedy yet careful handling of the goods, thus emphasizing the need for a continuous improvement of the packaging. Moreover, the recent pandemic has led to the imposing of the social distancing rules, which has led to a reduced number of people working at a specific location. Thus, this will be a great opportunity for market growth as cobots can replace the reduced workforce.

By application, dispensing is likely to witness the fastest growth rate of 39.2% in the forecast period. Dispensing robots are beneficial in decreasing human errors by restricting dependence on memory. In the healthcare sector, it can lessen the risk associated with medication errors provided other conditions are fulfilled, such as refilling. Further, cobots can provide prescriptions and efficiently run a pharmacy.

Regional Analysis
Europe has been dominating the market and is expected to dominate it during the forecast period, owing to the high use of cobots in the healthcare, automotive and logistics industries. However, the Asia Pacific region is expected to grow at a high CAGR and dominate the market during the latter part of the forecast period due to the growth of the automotive, metal and machinery industry where the cobots play a significant role in the production process.

By end-users, the automotive industry dominated the market in 2019. Flexibility is the most advantageous characteristic of a cobot. In the manufacturing sector, these are required to improve productivity in various operations. From the viewpoint of automotive manufacturers and suppliers, the flexibility offered by cobots allow them to be always prepared to cater to the rapidly changing consumer demand.

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Payload Capacity Outlook (Revenue, USD Billion; 2017-2027)
Less than 5 Kg
5 Kg to 10 Kg
Above 10 Kg

Application Outlook (Revenue, USD Billion; 2017-2027)
Handling
Assembling & Disassembling
Dispensing
Welding & Soldering
Processing
Others

End Users Outlook (Revenue, USD Billion; 2017-2027)
Automotive
Electronics
Plastics & Polymers
Furniture & Equipment
Metals & Machining
Food & Beverages
Healthcare
Others

Cobots Market segment by Region/Country including:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Spain etc.)
Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
South America Brazil, Argentina, Colombia and Chile etc.)
Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)

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Table of Content:
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique

Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights

Chapter 4. Cobots Market Segmentation & Impact Analysis
4.1. Cobots Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Escalating demand for cobots in the logistics sector
4.2.2.2. Growing investment in automation in end-user industries
4.2.2.3. Growing demand for cobots in the wake of COVID-19 pandemic
4.2.2.4. Higher return on investment (ROI)
4.2.2.5. Advent of industry 4.0
4.2.3. Market restraints analysis
4.2.3.1. Cost-prohibitive capital requirement
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Continued…

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