Collaborative robot market rapidly expanding according to report
Interact Analysis projects strong growth for the collaborative robot market as non-automotive industries become more invested in the technology.
Interact Analysis‘ market report – The Collaborative Robot Market – 2019 – indicates strong and sustained growth for the collaborative robot industry. In 2018, global revenues from collaborative robot production exceeded $550 million. This was almost a 60% increase over 2017; and over 19,000 collaborative robots were shipped. Interact Analysis forecasts that revenues for collaborative robots will reach $5.6 billion in 2027, accounting for almost one third of the total robotics market, and that <5 kg and 5 to 9 kg collaborative robots, popular in small to medium-sized industrial settings, will represent the majority of sales in 2023.
Material handling, assembly and pick & place will be the three biggest applications of collaborative robots. But these functions, which accounted for 75% of collaborative robot revenues in 2018, will drop to below of 70% total revenues by 2023, as other functions for collaborative robots are developed.
The use of collaborative robots in non-industrial applications will play a significant role in the coming years in sectors such as life sciences, logistics, and the hospitality sector. This is because they are flexible and easy to set up, making them attractive to smaller companies that may not have previously considered using robots.
Labor shortages and the drive to improve efficiency mean that China will be the fastest growing region for collaborative robot shipments. The demand for simple, cost-effective, entry-level robots, together with different regulations surrounding industrial equipment in China has fueled the growth of Chinese collaborative robot manufacturers who only supply their local market.
This has arguably distorted the market figures. Interact Analysis has included two data sets in its report; one with and one without the impact of China. It is important to note, however, that growth outside of China is still forecast to rise at a compound annual growth rate (CAGR) of over 30% in the next 5 years.
Maya Xiao, lead analyst on collaborative robots for Interact Analysis, said, “The collaborative robot market is still relatively immature, but Interact Analysis has identified clear potential growth areas, both in industrial and non-industrial settings, enabling manufacturers to respond effectively, and take full advantage of what we predict to be an area which will occupy a significant market share in the coming years.”
– Edited from an Interact Analysis press release by CFE Media.