Logistics applications are expected to outpace automotive industry uses and become the second most common use for cobots in the near future.
According to a recent report by Interact Analysis, in 2018 global collaborative robot revenues totalled US$566.9 million, a number that is expected to reach $5.6 billion by 2027, accounting for 30.2 percent of the total robot market.
Material handling, assembly, and pick-and-place are forecast to remain the three biggest uses of collaborative robots. These three functions, which accounted for 75 percent of collaborative robot revenues in 2018, will hold a 68.4 percent share in 2023.
In the next five years, the fastest-growing regions for cobot shipments are China, North America, the rest of APAC and then Eastern Europe. All are forecast to grow at a compound annual growth rate (CAGR) of more than over 30 percent.
In 2018, 51.6 of revenues were generated by the two largest manufacturers – Universal Robots and TechMan Robot. More than 80 percent of collaborative robot suppliers generated less than $10 million in revenues in 2017 and 2018.