Collaborative robots, also known as cobots, are transforming the landscape of industrial automation with their ability to work alongside humans safely and efficiently.
The global collaborative robots market is projected to record a high-paced CAGR of 25.1% during the forecast period. The current valuation of the collaborative robots market is US$ 2.2 billion in 2023 and is anticipated to reach a high of US$ 20.5 billion, by the year 2033.
The use of robots in industrial operations has also lowered the amount of workplace accidents. Furthermore, they significantly improve product quality, which in turn are growing demand across a wide range of businesses and sectors. Several retailers and e-commerce behemoths have begun to invest in robotic technology, which play an important role in managing their logistics and supply chain activities. These businesses are currently implementing robotics to aid their warehouse workers. Growing demand for cobots in the logistics sector is expected to give profitable growth opportunities for the business over the predicted timeframe. Moreover, depending on the assembly process, throughput might be significant than in typical robotic systems.
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Here’s a closer look at their significance:
- Enhanced Safety: Collaborative robots are designed to operate safely alongside human workers without the need for physical barriers or safety cages. Advanced sensors and built-in safety features enable cobots to detect and respond to human presence, reducing the risk of accidents and injuries in the workplace.
- Increased Productivity: By automating repetitive or strenuous tasks, collaborative robots help boost productivity and efficiency in manufacturing and logistics operations. Cobots can perform a wide range of tasks, including assembly, pick-and-place, packaging, and quality inspection, allowing human workers to focus on more complex or value-added activities.
- Flexibility and Adaptability: One of the key advantages of collaborative robots is their flexibility and adaptability to changing production needs. Cobots can be easily programmed and reprogrammed to perform different tasks or work in various environments, making them ideal for agile manufacturing processes and small-batch production runs.
- Cost-Effectiveness: Collaborative robots offer a cost-effective automation solution, particularly for small and medium-sized enterprises (SMEs) with limited budgets and space constraints. Compared to traditional industrial robots, cobots are often more affordable, easier to install, and require minimal integration efforts, making them accessible to a wider range of businesses.
- Improved Ergonomics: By taking over repetitive or ergonomically challenging tasks, collaborative robots help reduce the risk of musculoskeletal disorders (MSDs) and other work-related injuries among human workers. Cobots can handle heavy payloads and perform precision tasks with consistent accuracy, minimizing the physical strain on human operators.
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Key Players:
- Universal Robots A/S
- AUBO Robotics
- Fanuc Corporation
- Stäubli International AG
- Robert Bosch GmbH
- KUKA AG
- Precise Automation Inc.
- Denso Wave Incorporated
- ABB Group
- Yaskawa Electric Corporation
- K2 Kinetics
Recent Developments:
- In May 2019, the Saudi government declared a US$ 30 billion investments to enhance warehousing facilities through the deployment of advanced autonomous robots in newly built warehouses across Saudi Arabia, consequently contributing to the growth of the cobots market in this region during the forecast period.
- In October 2019, the South Korean government pledged a US$150 million commitment to build intelligent robots for diverse industrial applications such as warehousing and logistics, therefore accelerating the expansion of the cobots industry.
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