The cobots market is projected to grow at a CAGR of 55.70% during the forecast period, reaching a total market size of US$3,938.433 million in 2024. Cobots, or collaborative robots, are designed to aid human beings for specific tasks, which are highly complex in nature and require high precision. These robots work in a close association with humans. The robots can observe any unusual activity in their surroundings and can cooperate with humans without physical separation. Smaller, smarter, flexibility and user-friendly are some attributes which make cobots more attractive to be used in factories and industries. Increasing competition across various industries coupled with rising focus on automation is driving the demand for Cobots. Moreover, introduction of advanced robotic technologies and their attributes such as user friendliness and safety are some of the factors driving the growth of global cobots market. The major market restraint is the high initial investment in the solutions and rigorous training program for the employees to interact with these robots which require significant time and capital expenditure and leads to lesser adoption by the enterprises.
Rising investments in automation across different industries
Booming e-commerce industry
Lack of awareness regarding the benefits of cobots
In January 2019, Omron Automation Americas launched the new TM Series Collaborative Robot with repetitive task automation functionality and offers a manual teaching function that allows operators train the robot through hand-guidance instead of software.
In July 2019, Universal Robots launched its Authorized Training Centers (ATC) program to provide cobot training classes.
The major players profiled in the Cobots market include Universal Robots, Omron Automation, KUKA AG, Festo, FANUC, ABB, Kawasaki Heavy Industries, Ltd., AUBO Robotics, Yaskawa, and TECHMAN ROBOT INC.
The cobots market has been analyzed through the following segments:
By End Use Industry
Food and Beverage
Rubber and Plastics
Middle East and Africa