During the industrial revolution, which began to gain shape during the 18th and 19th centuries, the demand for autonomous machines proliferated to increase the production as well as improve the quality of products. Prior to the industrial revolution, the manufacturing of products was carried out manually using ordinary tools and machinery. With the onset of industrialization, the demand for mass production and specialized machinery increased and brought out a shift from conventional methods to the deployment of automated machines to perform tedious and repetitive jobs. During that period, workers in an industry used to operate the machines for production. Due to rapid technological advancement in industrial automation, the requirement for automated machines, which could perform the task with preset instructions and negligible human interactions, increased. The requirement of such machines led to the invention and popularization of controlled devices.
Read Report Overview: Global Collaborative Robot (Cobot) Market
The continuous upswing in the demand of collaborative robots, which has high payload capacity and can be used for a number of new application areas logistics and warehouses, science and research labs, and security in a dynamic industry environment, would drive the market in the long-term. Also, during COVID-19, the cobots have shown their application in disinfecting and sanitization, and sample collection for the COVID-19 testing.
With recent developments in artificial intelligence, machine learning, and Industrial IoT, the collaborative robots are becoming increasingly flexible and are available at a fraction of the cost of those used in manufacturing environments. Industrial robots have a plethora of benefits, however, there are certain challenges associated with them, which have led to the requirement and foundation of collaborative robots.
Factors Affecting the Global Collaborative Robot Market:
The collaborative robot market is currently witnessing a high growth rate due to the growing need for increasing operational efficiency in manufacturing organizations, adopting new digital industrial technologies such as industry 4.0 and industrial IoT, and declining prices of cobots and quick return on investment. Furthermore, the rise in awareness regarding collaborative robots is propelling the overall demand, especially in the developing economies.
Global Collaborative Robot Market Size
In terms of value, the global collaborative robot market was valued at $739.1 million in 2019 and is expected to reach $2,305.2 million in 2025 at a CAGR 27.85% during the forecast period 2020-2025.
Request for a Sample: https://bisresearch.com/requestsample?id=987&type=download
Competitive Landscape
The collaborative robot market is one of the most highly competitive markets, with leading players competing intensely to gain a larger share in this business. The competitive landscape of the collaborative robot market shows companies adopting both organic strategies, including business expansions and product launches and inorganic strategies, including partnerships/ agreements /collaborations and acquisitions to gain a major share of the industry.