Northbrook, IL -- (SBWIRE) -- 02/17/2021 -- According to MarketsandMarkets, the global collaborative robot market is projected to grow from USD 981 million in 2020 to USD 7,972 million by 2026; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 41.8% during 2020–2026. Unlike traditional industrial robots, collaborative robots (cobots) provide a fast ROI (as low as 6 months in many cases), which benefit both SMEs and large companies. This is one of the primary drivers for its adoption. In tandem, emerging companies offering low-cost cobots and their increasing affordability is leading to a greater adoption among various industries.

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Collaborative robots with payload up to 5 Kg estimated to hold largest share of market throughout forecast period

Low payload cobots are cheaper and take up less surrounding space compared to higher payload robots. Hence, they are mainly preferred by the first time users. For instance, COBOTTA, a cobot from DENSO (Japan), has an inherently safe design owing to its low weight and, therefore, does not require extensive use of sensors compared to higher payload cobots, which keeps it more affordable. Other low-cost robots such as the Panda Powertool from Franka Emika (Germany) and EVA from Automata (US) are also considered under this segment. These cobots often have grippers fitted by the cobot manufacturers themselves, reducing the hassle of integration and programming for the end user. Another benefit of these cobots is that they are easily re-deployable and take up minimal space when compared to higher payload cobots.

Market for software component to grow at higher CAGR during forecast period

Many cobot manufacturers are now investing in developing intuitive software programming software, as well as application-specific software. For instance, Universal Robots (Denmark) offers the URCaps programming environment for its collaborative robots. Techman Robot (Taiwan) offers the TM Palletizing Operator and TM Manager software for its cobots. Low-cost cobot manufacturers, such as Franka Emika (Germany), also offer various software packages through their Franka World online platform. Third-party software companies such as Energrid (US) and Vention (Canada) are also developing various software packages and application-specific plug-ins for collaborative robots. The application-specific software is expected to be key in facilitating easier and faster deployment of cobots for first time and existing users alike.

Handling application expected to hold largest share of collaborative robot market during forecast period

Handling tasks such as pick and place or palletizing are some of the most mundane and repetitive tasks being performed by human workers today. Human workers are not only prone to errors or damage but also run the risk of contamination when working in industries such as food & beverages and healthcare. Machine tending requires workers to stand for long hours beside a CNC or injection molding machine. Collaborative robots are able to automate a machine tending process during off hours, without any supervision, boosting productivity. Due to the popularity of handling applications, several cobot manufacturers such as KUKA (Germany) and F&P Robotics (Switzerland) offer in-house manufactured grippers as an optional purchase with their robots. Various third-party manufacturers such as Robotiq (Canada) and SCHUNK (Germany) also offer electric or vacuum-enabled collaborative grippers for cobots. Handling tasks are applicable for a wide range of industries, from automotive to furniture.

Collaborative robot market for electronics industry expected to grow at highest CAGR during forecast period

The electronics industry require low payload cobots (up to 5 Kg) for most applications, which are cheaper to purchase. Low payload cobots are also smaller in size and can be easily integrated into the production floor. With most collaborative robots now having an accuracy of 0.1 mm or less, they are ideal for handling and assembling delicate circuit boards and PCBs alongside human workers. Cobot manufacturers such as Doosan Robotics (South Korea) and Techman Robot (Taiwan) initially marketed their cobots for use in the electronics industry. In a few cases, however, large cobots with a payload above 10 Kg are used to automate packaging and palletizing applications to prevent any damage to electronic components inside the box.

Collaborative robot market in APAC expected to grow at highest CAGR during forecast period

The collaborative robot market in Europe is expected to be surpassed by APAC by 2021. This is due to the large scale of manufacturing industries in APAC, especially for the automotive, electronics and metals sectors. Regional players such as Doosan Robotics (South Korea) and Techman Robot (Taiwan) have successfully developed cobots which can directly compete with cobot manufacturers from Europe. China has several low-cost manufacturers such as Elephant Robotics (China), Han's Robot (China), and Siasun (China) who are driving the growing acceptance of collaborative robots.

Key Market Players

Major companies in the collaborative robot market are Universal Robots (Denmark), Techman Robot (Taiwan), FANUC (Japan), KUKA (Germany), Doosan Robotics (South Korea), AUBO Robotics (US), ABB (Switzerland), YASKAWA (Japan), Precise Automation (US), Rethink Robotics (US). Apart from these, Automata (UK) Productive Robotics (US) are among a few emerging companies in the collaborative robot market.