• After an arid 2020, when cobot revenues saw negative growth for the first time, growth is predicted to be of the order of 15-20% year on year up to 2028 • Over half of collaborative robots were shipped to Asia in 2020 • Electronics manufacturing is the largest consumer of cobots, but other sectors are recognising their potential
London, 19th January 2021 - Leading market research company Interact Analysis has released a new report on the collaborative robot market. The report reviews what turned out to be a difficult 2019 and a tumultuous 2020 but gives reason for optimism for the sector from now up to 2028, with significant growth predicted.
Thereafter up to 2028 there will be an annual growth rate of the order of 15-20%. The forecast has been lowered considerably compared to the equivalent 2019 report, the main reasons being, besides the Covid effect, competition from small articulated and SCARA robots in industrial settings, and the slower than expected increase in cobot installations in non-industrial applications but, in these turbulent times, the outlook looks good for the sector.
The impact of Covid-19 on the cobot market varies from region to region. The virus started in the Asian regions and then moved to Europe and North America. As a result, normal business operations and commissioning of automation projects in the Asia-Pacific region will resume earlier than in other regions. This is important for the cobot market, as over 50% of cobots were shipped to Asian countries in 2020. However, only the Chinese and, interestingly, the North American markets are forecast to surpass the size of 2019, mainly due to large domestic demand. China has seen high take-up of cobots because the country, as the world's largest manufacturing base, is suffering from a labour shortage and is in strong need of higher levels of automation to improve production efficiency. By 2022 all regions are predicted to have exceeded the 2019 market-size, with Western Europe, along with China and North America seeing the fastest growth rates.
Jan Zhang, senior director at Interact Analysis tells us: "Collaborative robots are still the new kid on the block. Their application potential hasn't been fully exploited yet, by any means. At present, electronics is by far the biggest end-industry employing cobots, but their potential is now being recognised across a range of sectors. Their flexibility and ease of use makes them strong candidates for logistics, services and even education applications. Our research tells us that those non-manufacturing areas will account for 21.3% of collaborative robot revenues by 2024. Our little Cobot friends are certainly set to enjoy significant growth compared to other robot types!"
About the report
To produce the report, the Interact Analysis team conducted over 30 hours of interviews with 30 key industry personnel at leading robot companies and end-users. These were conducted face-to-face or by phone. Banks of data were collected and analysed, some direct from companies and held confidentially, some, such as company reports, from public sources. This is another bottom-up and top-down report from Interact Analysis - their preferred model - allying fresh data from collaborative robot companies, regions and end-users (bottom-up) with ‘top-down' information such as estimated penetration of collaborative robots into manufacturing and warehousing applications and factors such as economic outlook, labour rates, labour availability, eCommerce/warehousing growth, GDP and manufacturing output. All these factors contributed to the forecasts found in the report. To learn more, visit https://www.interactanalysis.com/download/the-collaborative-robot-market-report/
About Interact Analysis
Interact Analysis is an international provider of market research for the Intelligent Automation sector. Our team of experienced industry analysts delivers research into three core sectors: industrial automation, robotics and warehouse automation, and commercial vehicles. Intelligent Automation - which is the integration of artificial intelligence and automation - will change virtually every industry imaginable. This combination enables greater efficiencies, productivity, convenience, and scale. It has the potential to drastically alter the outlook for many traditional industries such as manufacturing, healthcare and automotive as well as to lead to the emergence of entirely new industries. To learn more, visit www.InteractAnalysis.com