Cobot market will exceed $11 billion, representing 29 percent of the industrial robotics market.
FREMONT, CA: Researchers of ABI Research, a provider of strategic guidance for visionaries, declared that the annual earnings for cobot arms will peak up to $11.8 billion by 2030. The market of the cobot environment will be worth $24 billion by 2030 with a CAGR of 28.6 percent when the earnings from software and end-of-arm tooling are added to the broader definition.
ABI researchers stated that collaborative robotics would increase in the market in the coming years. The analysis came from ABI's Industrial Collaborative Robots Market Tracker, which is a part of the company's Industrial Collaborative and Commercial Robotics research service.
“The prospects for the collaborative robotics market remain strong, despite some very visible inhibitors,” says Rian Whitton, Senior Analyst at ABI Research. “The hardware innovation is still trailing behind, and most of the value related to cobots does not come from collaboration. It comes through ease-of-use, re-programmability, the lower total cost compared to industrial systems, and re-deployability.”
The industrial robot market is leading in the business as compared to the collaborative robot market. The research states that the earnings attained from cobot arm are only 5 percent of the industrial robot market. The research also mentioned that this is expected to grow to 29 percent by 2030. While focusing on the growth, ABI Research team mentions the various fields in which growth can be expected, like advances in sensors, machine vision, and motion control. Along with this, the value of software is expected to grow, from $558 million in 2020 to $10.6 billion by 2030.
“In essence, the value is one of lowering barriers rather than building entirely new use-cases for robots. What is more, cobots still trail industrial systems in speed, performance, and payload, which will have to change if adoption is to continue at this feverish rate,” Whitton added.
The growth of software includes traits like analytics, perception, motion control, and operations-related software. Universal Robots lead the market with 59 percent of the world cobot. The company is noted for screw-driving applications in the automotive markets. Universal Robotics is used by smaller companies for pick-and-place and machine-tending applications and by huge firms as well.
Adding to this, some companies, like Jabil, utilizes the collaborative robots en masse for their effectiveness as re-deployable and flexible assets in a rapid change of work environment. Since manufacturers require more flexibility through customization, last-minute orders, high volume, and low-mix automation, these collaborative robots are observed as a step towards a cleaner and more flexible workstation.
Along with ABI Research predictions, other researchers have also put forward their cobot market predictions. In May 2019, Grand View Research released a report with the prediction that, the collaborative robotics market would reach a peak of $10.14 billion of 2025 with a compound annual growth of 44.5 percent during the forecast period.
“Collaborative Systems are not revolutionizing the industry so much as being the catalyst for a leaner and more flexible industrial robotic solution that opens the field up to small and medium manufacturers. As the demands of customization and high-mix, low-volume manufacturing solutions present managers with new challenges, this technological development will be crucial in transitioning to a more adaptable solution,” concluded Whitton.