Collaborative robots, also known as cobots, are designed to safely interact and work in close proximity with human workers without the need for safety cages or barriers. Cobots assist humans in various manufacturing processes by performing repeatable and dangerous tasks like material handling, assembly, packaging, and palletizing. They help reduce cycle times and increase productivity by taking over mundane and strenuous tasks. The rapid automation of factories and warehouses has spurred demand for collaborative robots that can work collaboratively side-by-side with human employees. The global collaborative robot market is estimated to be valued at US$ 1332.59 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Factory Automation (as highlighted in the heading): The exponential rise in factory automation to gain operational efficiencies and reduce production costs has driven the adoption of collaborative robots. Cobots offer an affordable and safer way to automate repetitive production tasks compared to traditional industrial robots. They allow smaller manufacturers to benefit from automation without significantcapex. This has resulted in a rising deployment of collaborative robots across automotive, electronics, food & beverages, plastics, and rubber industries.
Growing Demand from SMEs: Many small and medium-sized enterprises are increasingly investing in collaborative robots as they provide a cost-effective solution to automate production without compromising on flexibility. Cobots enable SMEs to improve productivity without substantial investment in costly safety equipment. Their ease of deployment and use has boosted their adoption among smaller manufacturers to gain competitive advantage. This expanding customer base from the SME sector is estimated to thrust the collaborative robot market growth over the forecast period.
Segment Analysis
The collaborative robot market can be segmented into payload capacity, component, industrial vertical, application, and geography. By payload capacity, the market is dominated by the up to 5 kg segment as these collaborative robots are easy to deploy, flexible, and affordable. By component, the hardware segment dominates as the hardware is an integral part of any collaborative robot.
PEST Analysis
Political: Governments across the world are supporting the adoption of collaborative robots to boost productivity and gain a competitive advantage. Many nations are offering tax incentives for industrial automation.
Economic: Collaborative robots are helping industries automate tasks at lower costs compared to traditional industrial robots. They are improving operational efficiency and easing labor shortages.
Social: cobots ensure improved occupational safety by removing humans from hazardous industrial tasks. They are also enhancing integration of people with disabilities in the workplace.
Technological: Advancements in sensors, vision technology, force control, and collaborative capabilities are making cobots safer to work alongside humans. Development of lightweight, affordable, and dexterous collaborative robots is further fueling market growth.
Key Takeaways
The global collaborative robot market share is expected to witness high growth over the forecast period.
Regional analysis
shows that Asia Pacific dominates the market currently due to rapid industrialization and government support for factory automation in major economies like China and India. North America is also growing at a significant rate driven by high focus on workplace safety and demand from industries like electronics and automotive in the US and Canada.
Key players
operating in the collaborative robot market are Cardinal Health, Inc., Stryker Corporation, Karl Storz GmbH & Co. Kg, Zimmer Biomet Holdings, Inc., Baxter International Inc., Becton, Dickinson and Company, Angiodynamics, Inc., Hologic, Inc., Ecolab Inc., Olympus Corporation, Medtronic PLC, Fresenius Medical Care AG & Co. KGaA, B. Braun Melsungen AG, Johnson & Johnson, and Smiths Group PLC. The focus of these players is on developing affordable, rapid deployment collaborative robots that can work safely around humans. Many players are also focusing on collaboration with system integrators for application-specific solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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