New York City, NY, 24 March 2020/24 Market Rports: It is estimated for the cobot market to reach USD 981 million in 2020 to USD 7,972 billion by 2026; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 41.8% during 2020–2026. unlike traditional industrial robots, collaborative robots (cobots) provide a fast ROI (as low as 6 months in many cases), which benefit both SMEs and large companies. This factor is driving the market during the forecast period.
Low payload robots are driving the growth of the market during the forecast period
Low payload cobots are cheaper and take up less surrounding space compared to higher payload robots. Hence, they are mainly preferred by first-time users. For instance, COBOTTA, a cobot from DENSO (Japan), has an inherently safe design owing to its low weight and, therefore, does not require extensive use of sensors compared to higher payload cobots, which keeps it more affordable.
Other low-cost robots such as the Panda Powertool from Franka Emika (Germany) and EVA from Automata (US) are also considered under this segment. These cobots often have grippers fitted by the cobot manufacturers themselves, reducing the hassle of integration and programming for the end-user. Another benefit of these cobots is that they are easily re-deployable and take up minimal space when compared to higher payload cobots.
Asia Pacific region is dominating the market during the forecast period
The large scale of manufacturing industries in APAC, especially for the automotive, electronics and metals sectors is driving the market in the Asia Pacific region during the forecast period. Presence of players in the region is also the factor that is driving the growth of the market during the forecast period. Low-cost manufacturers in China is driving the market in the region during the forecast period.
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