Collaborative robots, or co-bots, are robots that work alongside human workers. Many workers are wary of the increased use of robots in general, fearing the loss of their jobs. M.I.T. and Boston University estimated that up to six people lose their jobs for each robot per 1,000 workers a company adds. Employers, however, cite increased productivity, cost savings, and healthier work environments when robots are used in the workplace. Robots can work in hazardous jobs or do repetitive tasks thereby reducing worker injuries.
Today’s market size shows the total global sales of collaborative robots in 2015, 2020, and 2025. Figures for 2020 and 2025 are projections. According to the Robotic Industries Association, the United States is third behind Japan and China in the total number of industrial robots in use—250,000 in 2017. According to the Brookings Institution, metro Detroit has more than 15,000 industrial robots in place, almost five times the number of any other major city in the U.S.
Geographic reference: World
Year: 2015, 2020 and 2025
Market size: $120 million, $3.1 billion (projected) and $12 billion (projected).
Source: Dolan, Matthew, “Rise of the Robots,” Lansing State Journal, October 30, 2017, page 8A.
Original source: Barclays Equity Research analysts