How large is the Collaborative Robot Market?

This is a golden era of automation, where robotics is turning out as avital technology which drives huge efficiencies and in certain cases,even turns the impossible into possible. Collaborative robots or cobots is one such invention of robotics which have been around since the 1990s. However, in last few years,developments in automation and sensors technologyas well as artificial intelligence, have elevated their
significanceto a greater extent.

Growing Adoption of Collaborative robots 

Collaborative robots are the latest version of robots programmed to collaborate with people in a shared work space. However, the dispute around collaborative robots is not likely to end any time soon. Some might consider them as aprogress of labor forceby guiding them in unprecedented stages of through put or some might think of them as amachinery that overcomes the global labor force by removing many experienced labors from their jobs. 

At present, collaborative robots account for merely 5% of the global industrial robot sales.However, this number is likely to escalatedue the growing demand in the near future. A research report by Research Dive forecasts that the collaborative robot market  will be worth $8,840.5 million by 2026, driven largely by implementation in the metal & machining, automotive, furniture & equipment, plastic & polymers food, and & beverage industries. According to this research the growing safety provided by collaborative robot is a key driver to their adoption.

The Shift to Collaborative Robots 

Collaborative robotsare undeniably a robust trend in the robotics sector at present. With growing technological developments, robotics have become affordable to a widergroup ofindustries.On the other hand, the digitalization of warehouses indicates tremendous growth in market opportunity for new players to earn revenues.These robots are making a considerable impact on large as well as small businesses. Several industry players are considering these automated machines as a game-changer for several manufacturing companies. Due to this, many market players in the robotics industry have started leaping into the collaborative robots space. 

In 2015, ABB, a leader in power and automation technologies developed YuMi, the world's first completely collaborative robot. This robot changed the definition of a typical robot and signaled the beginning of a new era where humans and robots safely worked side-by-side, in a free and shared environment. 

Robotic companies like Universal Robots, ABB, FANUC, KUKA, and Motoman, are enduring to developout-standing, interactive robots within the collaborative sector in the coming years. Currently, Jharkhand government in India is using collaborative robots in COVID-19 is olation units to minimize human interference with patients. These robots are helping intransferring both medicines as well food from one bed to another, without any interference of health workers.

All together, the cobots arecapable of improving application functionality andreducing the amount of space required for a robotic unit. This innovative technology is offering huge benefits as well as returns to production lines, industries, and workers.

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Future Scope of Collaborative Robots 

Collaborative robots areforeseen to unlock various markets that were conventionally neglected by robotics including food, logistics, and safety.  Businesses that providerobotic solutions to these segment sare foreseen to experience valuable opportunities in the coming future. For instance, 6 River Systems, has acollaborative robot, named Chucks, which uses cloud software to synchronize warehouse activities and function in co-ordination with human workers. This example of the use of cobots is definitely changing the viewpoint of many industrial players about these advanced-automated robots.

The rapid innovations in this challenging sector promises to introduce bothproductivity and advancement to innumerablemarket verticals in the next few years.In addition, the rising demand for collaborative robots from small & medium scale businesses due their affordable price as well as easy maintenance are expected to boost the growth of collaborative robots market at an exceptional rate in the upcoming years.

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