Collaborative robots, also referred to as cobots, are used in numerous industries for a varied range of applications, due to their additional benefits over conventional industrial robots. Some of the features of collaborative robots that make them stand out include their collaborative usage capabilities to be used alongside humans, easy installation and operation, and much lower cost than that of conventional industrial robots. With all these additional benefits, collaborative robots also provide enhanced process efficiency as well as a reduction in production cost. Moreover, the increase in the demand for automation in small and medium enterprises (SMEs) and quick return on investments are expected to further push the demand for collaborative robots over the coming years.
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During the industrial revolution, which began to gain shape during the 18th and 19th centuries, the demand for autonomous machines proliferated to increase the production as well as improve the quality of products. Prior to the industrial revolution, the manufacturing of products was carried out manually using ordinary tools and machinery. With the onset of industrialization, the demand for mass production and specialized machinery increased and brought out a shift from conventional methods to the deployment of automated machines to perform tedious and repetitive jobs. During that period, workers in an industry used to operate the machines for production. Due to rapid technological advancement in industrial automation, the requirement for automated machines, which could perform the task with preset instructions and negligible human interactions, increased. The requirement of such machines led to the invention and popularization of controlled devices.
Further technological advancements, such as the introduction of integrated circuits, laid the foundation of industrial robots. In 1959, George Devol and Joseph Engelberger developed the first industrial robot. Later on, the researchers and programmers successfully executed complex programming, and robots with advanced capabilities for other applications were created. The introduction of robots in the manufacturing industry rapidly transformed the process of production, which led to generating the demand for more automated solutions (both hardware and software) to increase process optimization in the manufacturing units.
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The collaborative robot market is currently witnessing a high growth rate due to the growing need for increasing operational efficiency in manufacturing organizations, adopting new digital industrial technologies such as industry XX and industrial IoT, and declining prices of cobots and quick return on investment. Furthermore, the rise in awareness regarding collaborative robots is propelling the overall demand, especially in the developing economies.
However, reluctance by SMEs due to high initial deployment cost and integration with the current legacy system are some of the factors that are restraining the market growth. However, the rise in the integration of cobots over mobile platforms and new evolving application areas for collaborative robots are some of the factors creating viable opportunities for players operating in the collaborative robot market.
