In its latest report on the collaborative robot market, Interact Analysis has revised downwards the growth predictions made in our 2019 report. The main factor behind this downward revision is, of course, the COVID-19 pandemic, but there are other downward drivers, such as competition from small articulated and SCARA robots in industrial settings, and a slower than expected increase in cobot installations in non-industrial settings. Nevertheless, this report gives good grounds for optimism for the short to medium term in the collaborative robot sector.
V-shaped rebound and sustained growth predicted The collaborative robot market weathered a difficult 2019 due to a slow-down in the global economy which affected the important Asian market the most, and a tumultuous 2020, when the market saw negative growth for the first time – -11.3% in revenue terms, and -5.7% in shipment terms. Factory and warehouse shut-downs slowed down demand and customers exercised caution with investment, leading to delays and cancellations of orders. However, Interact Analysis’s in-depth research has found chinks of light for the sector. The company predicts that there will be a V-shaped rebound for the industry which will result in growth of nearly 20% in 2021, surpassing the 2019 market size. Thereafter up to 2028 there will be an annual growth rate of the order of 15-20%. Not as high as previously predicted, but healthy nonetheless.