Cobots’ Share of Industrial Robot Market Poised for Major Growth

Automation is helping to solve challenges for a wide range of industries and collaborative robots are leading the charge. A report by Interact Analysis states that cobots will account for approximately 30% of the total robot market by 2027.

Is your business contemplating an investment in collaborative robots? Though it’s true that cobots are new, they’re already making a huge impact. Consider some of the reasons why you should pay attention to collaborative robots.

Collaborative Robots Make Their Mark on Many Industries

The Interact Analysis report forecasts that collaborative robot revenues will go from $550 million in 2018 to $5.6 billion by 2027. And by 2023, the most popular cobots will be the segment that includes industrial robots. Cobot growth is expected in other fields such as life sciences and hospitality.

Cobots aren’t just being used in manufacturing facilities. For example, they’ve begun to revolutionize logistics. Collaborative robots are being used to move products in pick-and-place applications and to transport materials around warehouses and medical facilities. Equipped with GPS and LiDAR, cobots will save humans a lot of time by moving stuff around humans normally would move.

People are even meeting collaborative robots in their day-to-day lives. Cobots are delivering packages and meals to hungry consumers. Shoppers are meeting cobots working at grocery stores. Where have you seen cobots? Expect to see more. As consumers get more comfortable with cobots, they’ll be used for reception, preparing meals, and even medical exams.

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Why Collaborative Robots Are Becoming So Popular

Not only can cobots help to improve efficiency in manufacturing, logistics, and life sciences, but small and medium businesses are thrilled with how easy it is to set them up. They’re also extremely flexible. Local companies that don’t have large budgets for automation implementation can easily deploy cobots to do real, meaningful work in multiple departments.

These simple, cost-effective, entry-level robots are also making them more accessible on a global level. Manufacturers in countries where human labor is relatively inexpensive have historically seen less of a need to develop their workforce. But with low-cost industrial robots, these manufacturers will implement automation solutions and train workers on new skills.

Labor shortages plague many industries from agriculture to aerospace. Experts only expect the labor crisis to get worse throughout the next decade. Cobots and other industrial robots will help to fill the gap left by aging workers. Businesses that invest in cobots will improve job satisfaction, create an engaged workforce, and draw more talent.