Cobots Market Size Worth USD 9,342.8 Million By 2027 | CAGR of 38.5%: Emergen Research

Cobots Market Size Worth USD 9,342.8 Million By 2027 | CAGR of 38.5%: Emergen Research

PR Newswire

VANCOUVER, BC, Oct. 13, 2020

- Escalating demand for cobots in the logistics sector is one of the significant factors influencing the market growth.

- Market Size – USD 680.3 Million in 2019, Market Growth - CAGR of 38.5%, Market Trends –Growing demand for cobots in the wake of the COVID-19 pandemic

VANCOUVER, BC, Oct. 13, 2020 /PRNewswire/ -- The Global Cobots Market is expected to reach USD 9342.8 Million by 2027, according to a new report by Emergen Research. Cobots or collaborative robots are revolutionizing the human-robot interactions in various end-user industries, including automotive manufacturing, electronics, food & beverage, plastics & polymers, furniture & equipment, healthcare, and logistics industries, among others. Cobots function in collaboration with the human workforce, thereby reducing cost, time, and floor space when compared to traditional robots. Cobots find extensive usage in applications that require precision and help achieve a faster return on investment (ROI). For instance, the Franka Emika Panda cobot can perform operations with a precision of 0.1 mm, does not stray from its activities, and will continuously function with the specified constraints, such as in case of the task associated screw tightening, cobots will always accomplish it with the identical pressure and tension ascertaining quality consistency.

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The benefits provided by cobots in the logistics industry is a significant factor driving the market demand. The growing pace of the e-commerce sector plays a crucial role in the demand for cobots to enhance efficiency while decreasing costs.  In warehouses, the human workforce does not have to stride the routes for goods collection; thus, saving labor and time, along with mitigation of errors. From the customer point of view, it turns out to be faster delivery of goods, whereas, for workers, it helps shift attention to other crucial responsibilities. In 2017, DHL Supply Chain made an announcement about the commencement of a pilot test with the LocusBots™ cobots. The firm conducted the pilot test within the facility of a firm dealing in life sciences in Tennessee.

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The COVID-19 pandemic had a massive impact on the global industrial sector, especially the manufacturing sector, with the imposition of mandatory regulations such as social distancing rules and restrictions on the number of people working at a specific location. Firms in the manufacturing sector can overcome such concerns by deploying automation in their production facilities and assembly lines. Cobot is a niche solution for automation, offering the most effective, cost-efficient, and flexible way for plants seeking automation to lessen dependence on external factors. During the pandemic, collaborative technology is beneficial in mitigating the significant concern for manufacturers to safeguard the workforce while maintaining their workflow.

Key Highlights From The Report

To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/cobots-market

Emergen Research has segmented the Global Cobots Market on the basis of payload capacity, application, end-users, and region:

Payload Capacity Outlook (Revenue, USD Billion; 2017-2027)

Application Outlook (Revenue, USD Billion; 2017-2027)

End-Users Outlook (Revenue, USD Billion; 2017-2027)

Regional Outlook (Revenue, USD Billion; 2017-2027)

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