The mushrooming demand for industrial automation solutions is fueling the requirement for mobile collaborative robots. The surging complexities of manufacturing processes, high labor costs, and labor shortage and the growing requirement for higher productivity are pushing up the demand for industrial automation across the world. Additionally, many companies in developing countries such as India and China are increasingly using automation solutions for solving the issue of labor shortage and improving their productivity.
Besides, the ballooning use of mobile collaborative robots in the automotive industry, on account of their several advantages such as standardization in manufacturing process and high-quality output, is also driving their sales around the world. Moreover, these robots provide various other benefits such as handling several tasks like assembling, material handling, and welding, which further boosts their popularity among automobile manufacturers. Furthermore, the boom in the automobile industry, especially in China and India, is propelling the demand for these robots.
Browse detailed report – Mobile Collaborative Robots Market Analysis and Demand Forecast Report
According to the India Brand Equity Foundation (IBEF), automobile production in India grew at a CAGR of 2.36% during FY2016–2020. Moreover, the sales of automobiles surged at a CAGR of 1.29% during FY16–FY20 in the country. The increasing automobile production is fueling the expansion of the automotive industry, which is, in turn, driving the growth of the mobile collaborative robots market. According to the estimates of the market research company, P&S Intelligence, the market value will rise from $543.3 million in 2019 to $6.8 billion by 2030.
The market is also expected to advance at a CAGR of 26.3% from 2020 to 2030. Out of hardware, software, and services, the demand for mobile collaborative robots hardware was found to be the highest in 2019. This was due to the extensive use of these robots in the automobile industry and the fact that hardware is an integral component of mobile cobots. These robots can handle payloads having weights less than 10 kg, between 5 and 10 kg, and greater than 10 kg.