The global collaborative robots market size is projected to reach USD 11,684.7 million by 2027, exhibiting a CAGR of 42.0% during the forecast period. Introduction of robotics technology in agriculture will create several opportunities, states Fortune Business Insights™ in its report, titled “Collaborative Robots Market Size, Share & COVID-19 Impact Analysis, By Payload Capacity (Upto 5 Kg, 6-10 Kg, 11 Kg and Above), By Application (Welding, Material Handling, Quality Testing, Painting/Spraying, Assembling, Others), By Industry (Automotive, Electronics & Semi-Conductors, Food & Beverages, Retail, Metal & Machining, Rubber & Plastic, Others), and Regional Forecast, 2020-2027”.
Agricultural productivity and efficiency can get substantially boosted with the deployment of advanced technologies such as collaborative robots, which can aid farmers in routine farming tasks. To that end, private organizations and academic institutions are developing innovative robots in a bid to bolster agricultural operations worldwide. For example, a Florida-based company, Harvest CROO, developed a strawberry-harvesting robot called Berry 5, which helps in picking and packing ripe berries at a pace significantly faster than humans. Similarly, researchers at the University of Cambridge developed “Vegebot”, a robot embedded with Machine Learning (ML) algorithms that enable it to harvest fresh lettuce and also allow it to decipher between ripe and diseased lettuce.
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As per the report, the global market value in 2019 stood at USD 725.8 million. The other highlights of the report include:
- Careful segmentation of the market and granular study of each segment;
- Microscopic analysis of the regional developments occurring in the market;
- Detailed research into the market drivers, trends, and challenges; and
- Tangible assessment of the competitive landscape of the market.
Some of the leading companies that are operating in the global market are:
- Universal Robots
- Rethink Robotics GmbH
- Denso Wave Incorporated
- Fanuc Corporation
- Bosch Rexroth AG
- Yaskawa America, Inc.- Motoman Robotics Div.
- AUBO Robotics
- Stäubli International AG.
- K2 Kinetics
Unprecedented Economic Downturn Created by COVID-19 to Stall Industrial Investments
The COVID-19 pandemic has generated unparalleled upheavals in the global economy, affecting wide range of industries and businesses. According to forecasts by the International Monetary Fund (IMF), the global economy is likely to grow at -3% in 2020, with manufacturing activities contracting sharply worldwide. Such dampening projections have fueled uncertainty and created widespread panic, stalling investments in industrial technologies and hampering the collaborative robots market growth. For example, the automotive industry, where cobots are extensively utilized, has been one of the hardest hit sectors by the coronavirus. In March, for instance, Fiat Chrysler announced the shutting down of its plants in Poland, Italy, and Serbia, with similar announcements made by leading carmakers such as Volkswagen and PSA Group.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Collaborative robots are gaining rapid popularity among users across numerous industries. The demand for these products is likely to increase further in the coming years. Concepts such as artificial intelligence (AI) and the internet of things (IoT) have enabled rapid advancements in these products. Integration of latest concepts have allowed better operational efficacies and an overall increase in the precision and accuracy involved with these devices. Automation has played a major role towards the advancements that these devices have made in recent years. The use of embedded systems has created several growth opportunities for the companies operating in this market. Collaborative robots (cobots) are used to assist humans for handling heavy loads and perform repetitive tasks at workplaces. They are used for manufacturing purposes such as assembly and material handling of large equipment.
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April 2020: OnRobot, the Danish collaborative robots specialist, released “Eye”, its next-gen 2.5D vision system. The system can work on an application based on a single image taken for part recognition and calibration, with its 2.5D vision allowing unrivalled depth perception.
February 2020: Universal Robots (UR) and Mobile Industrial Robots (MiR) announced investment of USD 36 million to acquire a building site in Odense. Backed by their US-based parent company Terdyne, UR and MiR will build the world’s biggest hub for these robots at the site.
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