The global mobile collaborative robots market was valued at $543.3 million in 2019 and is predicted to progress at a CAGR of 26.3% between 2020 and 2030. According to the forecast of P&S Intelligence, a market research firm based in India, the market will generate a revenue of $6,800 million by 2030. The burgeoning requirement for industrial automation solutions and the growing usage of mobile cobots in the automotive industry are the main factors driving the advancement of the market.
The rising requirement for industrial automation solutions is a huge factor responsible for the expansion of the market. The various complexities associated with production processes, the ballooning labor costs, the lack of availability of labor, and the increasing requirement for higher industrial productivity are fueling the adoption of industrial automation solutions across the globe. Additionally, organizations operating in the developing countries such as India and China are extensively using automation solutions for offsetting labor shortage and improving their productivity.
The mushrooming usage of mobile cobots in the automotive industry is another important factor driving the progress of the mobile collaborative robots market. Due to their various advantages such as their ability to provide standardization in manufacturing processes and their ability to improve the industrial output, these cobots are increasingly being used in automotive manufacturing plants. Moreover, their ability to handle multiple tasks such as assembling, material handling, and welding is making them highly sought after among manufacturers.
Furthermore, the rising requirement for automation and the existence of several automotive original equipment manufacturers (OEMs) in countries such as the U.S., South Korea, China, and Germany are propelling the sales of cobots around the world. Depending on offering, the mobile collaborative robots market is classified into services, software, and hardware. Out of these, the hardware category recorded the highest growth in the market in the past years, due to the extensive usage of these robots by automobile manufacturers.
When payload is taken into consideration, the mobile collaborative robots market is categorized into >10 kg, 5–10 kg, and <5 kg. Out of these, the 5–10 kg category is predicted to exhibit the fastest growth in the market in the future years. This will be a result of the increasing utilization of these robots in the electronics and automotive industries for handling materials having weights within this range.
Globally, the mobile collaborative robots market registered the highest growth in the Asia-Pacific (APAC) region in the years gone by and this trend is likely to continue in the forthcoming years as well. This is credited to the soaring investments being made in automation solutions by the players operating in the automotive industry, the surging population levels, and the rising requirement for consumer electronics products in the regional countries such as South Korea, China, and India.
Hence, it can be said with surety that the market will demonstrate huge expansion all over the world in the future years, primarily because of the soaring popularity of automation solutions and the rising requirement for higher industrial productivity across the world.
