Factors such as increasing need for industrial automation solutions, rising demand for mobile cobots from the automotive industry, surging government initiatives, and reducing operational costs, are projected to drive the growth of the mobile collaborative robots market at a CAGR of 26.3% during the forecast period (2020–2030). According to P&S Intelligence, the market size is expected to reach $6,800.0 million by 2030 from $543.3 million in 2019.
Moreover, the market is witnessing a trend of surging integration of bin-picking mobile cobots in warehouses and factories. Mobile cobots have high accuracy and take less time to operate, making them necessary among manufacturers across several verticals. These also allow them to quickly enable accurate placement of parts and achieve high-machine uptime, with less human intervention. Thus, players operating in the industry have been focusing on launching mobile cobots. For example, Teradyne Inc. launched ActiNav, an autonomous bin-picking kit, for machine tending applications, in April 2020.
One of the prime factors aiding the mobile collaborative robots market is the surging need for industrial automation solutions. The rising complexity of production processes, increasing focus on higher productivity, high labor costs, and labor shortage have increased the demand for industrial automation solutions, across the world. Moreover, companies in developing countries like China and India are adopting automation solutions heavily to improve productivity and counter labor shortage, thereby enhancing their capability to compete in the global market.
The application segment of the market is categorized into pick & place, welding, material handling, assembling, and machine tending. Among these, the assembling category is projected to record the highest CAGR in the coming years. This can be ascribed to the fact that mobile cobots are required on a large scale in assembly application, as these help in reducing assembly time and thus increasing the speed of manufacturing. With the surging automation level in the manufacturing sector, the need for such cobots is rising for assembly purposes.
Moreover, the mobile collaborative robots market is categorized into electronics, manufacturing, automotive, retail, mining & mineral, agriculture, aerospace & defense, and healthcare, based on end user. Out of these, the electronics category is expected to hold the largest market share by 2030. This can be attributed to the rapid adoption of mobile cobots in the growing electronics industry by manufacturers to increase their productivity and perform repetitive tasks in less time.
Geographically, the Asia-Pacific (APAC) mobile collaborative robots market is expected to witness the fastest growth during the forecast period. This can be ascribed to the growing population, increasing disposable income, surging awareness about automation solutions, and rising automotive and consumer electronics industries, in the region. Moreover, the presence of major electronics manufacturers, including Samsung Electronics Co. Ltd. and LG Electronics Pvt. Ltd., and increase in adoption of industrial automation solutions to diminish human intervention, are also boosting the need for mobile cobots in APAC.
Thus, the surge in need for industrial automation solutions and the benefits of adopting collaborative robots in industries are expected to propel the market growth in the future.
