A number of factors such as the surging need for industrial automation solutions, rising demand for mobile cobots from the automotive industry, increasing 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 PS Intelligence, the market size is expected to reach $6.8 billion by 2030 from $543.3 million in 2019. Moreover, the market is witnessing a trend of surging use of bin-picking mobile cobots in warehouses and factories.
One of the prime factors aiding the mobile collaborative robots market is the surging need for industrial automation solutions. The rise in complexity of production processes, increase in 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 mobile collaborative robots 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 the 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 by manufacturers in the growing electronics industry to increase their productivity and perform repetitive tasks in less time. These products are offered to electronics manufacturers by Teradyne Inc., Aubo Robotics Inc., Yaskawa Electric Corporation, Kawasaki Heavy Industries Ltd., Fetch Robotics Inc., Bosch Rexroth AG, and ABB Ltd.
Geographically, the Asia-Pacific (APAC) mobile collaborative robots market held the largest share in 2019, and it 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 the increase in adoption of industrial automation solutions to diminish human intervention, are also boosting the need for mobile cobots in APAC.
Thus, the rise 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.