Significance of Collaborative Robots

A collaborative robot, which is also known as a cobot, is a type of robot that has the ability to do and learn multiple tasks so that it can assist human beings in terms of performing several jobs and tasks. In other words, these autonomous robots are hard-coded in such a way that they repeatedly perform one task, thus working independently and remaining stationary.
A collaborative robot is used for the purpose of direct human-robot interaction within a shared space or where robots and humans are in close range. Cobot applications differ from the traditional industrial robot applications in which robots are kept isolated from the contact of homosapiens. Cobot safety may highly depend on rounded edges, inherent limitation of speed, lightweight construction materials, and force, or on software and sensors that ensure safe behavior.

The International Federation of Robotics asserted that there are two main categories of robots – 1) service robots for professional and domestic use and 2) industrial robots that are utilized in automation (in an industrial environment). These service robots are primarily considered to be cobots as they are planned to work alongside humans.

The cobots have a lot of implementations ranging from information robots in public spaces to the logistics robots that help in the transportation of materials within a building, including the variety of industrial robots that help in the automation of unergonomic tasks like helping people to locomote heavy parts, or assembly operations or machine feeding.

Market Overview

In 2020, the overall valuation of the Global Collaborative Robots Market was USD 609 Million. It is predicted to reach USD 1. 67billion by 2027, Representing a CAGR of 35 percent throughout the estimated period.

Due to the various parameters like the affordability of these cobots, ease of handling, and less complexity involved than in comparison to the old traditional robots, the market for these collaborative robots market is likely to expand and grow in the next upcoming years. Hence this will offer various lucrative growth opportunities in the next upcoming future.

Various benefits that can be yielded while With Cobots

Businesses have a lot of concrete reasons for investing a significant amount of money in robots, particularly collaborative robots. In fact, the collaborative robotics market almost has a 35 percent anticipated CAGR throughout the forecasted period of up to 2027. Hiring challenges and Supply chain frustrations are only accelerating robotics adoption, particularly in warehousing and manufacturing.

Also, within these industries, there possesses a high amount of strain due to demand, supply chain, and staffing struggles, and hence, there lies a massive potential application for robotics. For instance, automated warehouses have gained a share of approximately 60% rise in sales as a result of the greater productivity provided by the robots. As per the National Association of Manufacturers, it is estimated that over 2 Mn manufacturing jobs will go unfilled by 2030. Moreover, a report from Oxford Economics it had been found that 8.5 percent of the worldwide workforce could be replaced by robots by 2030.