Capabilities of cobots are generally becoming cheaper and easier to program, hence more within reach of the novice user. For example, in Denmark, Universal Robots has the UR+ platform, which permits the user to program the robot for programming and deployment of many other robot end effectors, vision systems, and add-on software from other manufacturers.
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The cobots is anticipated to have the highest CAGR during the forecast period. Robotiq from Canada, Schunk from Germany, PIAB from Germany, OnRobot from Denmark, Cognex and Energid from the USA among others manufacture the UR+ certified peripherals and software allowing for better integration and less compatibility issues with the robots made by Universal Robots. BMW is has implemented UR10 robot arm in its German plant for tasks like gluing, apart from this the robots are also used for plugging rubber plugs into car chassis. Doosan Robotics Inc. launched their E-Series cobots in April 2023 which carry NSF certification enabling them to be sued in the food and drinks industry. It works in the most sensitive segments but does not disrupt the work CAB (Complementary air-balanced robot) standards or the affordability of the design.
Key Market Players:
Key players include Universal Robots A/S, ABB, FANUC CORPORATION, Yaskawa Electric Corporation, and KUKA AG. Ongoing developments regarding cobots are supported by continuous improvement in the field of artificial intelligence, machine learning, and sensor technologies. At this point in time, their development makes the cobots more intelligent, adaptive, and dexterous in handling complex tasks. Cobots will surely change work environments, shape the future of work, and influence overall productivity and efficiency, as these already have huge demand from industries today.
FANUC CORPORATION (Japan), ABB (Switzerland), Yaskawa Electric Corporation (Japan), KUKA AG (Germany), Mitsubishi Electric Corporation (Japan), Kawasaki Heavy Industries, Ltd, (Japan), Denso Corporation (Japan), Nachi-Fujikoshi (Japan), Seiko Epson Corporation (Japan), and Dürr Group (Germany) are a few of the major companies involved in the industrial robotics market. These companies have presence across key regions- Europe, North America, and Asia Pacific-and strong distribution networks. Also, they have established a portfolio of reliable products and services with more market dominance due to effective business strategies. In addition, M FANUC CORPORATION (Japan), ABB (Switzerland), Yaskawa Electric Corporation (Japan), KUKA AG (Germany), among others, have more significant product footprint, with a larger market share and products having broader application spectra and a greater geographical presence.
The Asia Pacific market is expected to witness the highest CAGR in the industrial robotics market during the forecast period.
The increasing population is attracting companies to invest in Asia Pacific. The presence of some prominent players in the industrial robotics market, such as FANUC CORPORATION (Japan), Yaskawa Electric Corporation (Japan), and Mitsubishi Electric Corporation (Japan), is another factor driving the regional market. According to the International Organization of Motor Vehicle Manufacturers, China is the largest manufacturer of commercial vehicles. Consequently, the demand for industrial robots in the electronics and automotive industries is expected to be high. China offers higher subsidies for robot adoption than any other nation and is projected to lead the world in the number of industrial robots used across industries.
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