Reports and Studies

COWEN – Ahead of the Curve Series

Collaborative Insights: Robotics

Deus Ex Machina, Part I

DECEMBER 6, 2018

Industrial robotics is a nearly $50B global market growing at a roughly 15% CAGR, dominated by large, non-US suppliers out of Japan and Europe. Increasing global demand for more complex products and rising emerging market wage trends support continued robotic investment – not necessarily at the expense of total jobs. China is the largest demand market, but only just recently claimed the widest installed base. Emerging Asia rapidly expanding as trade fears drive supply chain retooling. Subsequent reports will focus on warehouse and collaborative robotics, two developing markets with exciting early-stage investment opportunities and a fragmented landscape.

COWEN – Ahead of the Curve Series

Collaborative Insights: Robotics

Deus Ex Machina, Part II

NOVEMBER 14, 2019

Collaborative Insights: Robotics Warehouse/logistics robotics is a younger, more dynamic market than traditional robotics and expected to grow from ~$4B today to over $22B by 2022. Cowen, along with MassRobotics, conducted a proprietary survey of market participants and developed an industry growth model that supports third-party estimates. Robotics is a fragmented, largely private, and North-American-centric landscape: private investment in 2019 of ~$8B is over 9x 2014 levels. Giants like AMZN historical consolidators. Labor trends within the sector have improved considerably despite rapid acceleration in robotic deployment. Anti-globalization trends likely foster US development and leadership.

COWEN – Ahead of the Curve Series

Collaborative Insights: Robotics

Deus Ex Machina, Part III

MARCH 15, 2021

Collaborative robotics removes the physical barriers that have historically separated humans and machines, and is early stage in terms of deployment. Cowen partnered with cobot pioneer Teradyne and exoskeleton leader Sarcos Robotics to help us create independent market models. We see a $20B+ potential opportunity by 2026. Cowen’s joint survey with MassRobotics showed nearly universal Covidrelated demand spikes at robotics firms, with users asking for new, collaborative applications. Private investment dollars continue to ramp, from <$1B to over $9B in the past six years, and 2021 is on pace to exceed 2020.

Deus Ex Machina, Part IV –  Robotics as Tools in Climate Fight

MAY 11, 2022

Robotics will emerge as a critical tool to meet customer ESG / climate goals as plans are formalized and ESG investing expands. Cowen’s joint survey with MassRobotics shows buy in by end users, though most have not yet deployed, suggesting the opportunity is ahead. Through discussions with Locus Robotics, Cowen developed a proprietary framework to model the carbon impact of robotic deployment. Input from 12 analysts across Cowen and WRG; ABB and CGNX are favorites in our coverage; many players are still private.


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