The collaborative robot market is estimated to be valued at US$ 1156.76 Mn in 2023 and is expected to exhibit a CAGR of 46% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Collaborative robots, also known as cobots, are robots intended to operate with or beside human workers in a collaborative manner. Cobots help in improving productivity by performing repetitive, ergonomically unsafe, and high-precision tasks while ensuring the safety of humans. Growing adoption of cobots across industries such as automotive, electronics, food & beverages, logistics, and Healthcare for applications such as pick & place, material handling, quality testing, assembling & disassembling, machine tending is expected to drive the collaborative robot market growth over the forecast period.
Market Dynamics:
Increased adoption across industries is expected to be a key driver for the collaborative robot market growth over the forecast period. Cobots are widely adopted in automotive, electronics, food & beverages, logistics, and Healthcare industries due to various advantages offered such as improved productivity, reduced operational costs, improved workplace safety, high precision, and 24/7 operation capability. For instance, automotive OEMs and parts manufacturers are adopting cobots for welding, gluing, assembling, and packaging applications. Furthermore, growing awareness regarding benefits of collaborative robots, rapid technology advancements leading to affordable cobots, and increasing investments by key players are also expected to fuel the market growth during the forecast period.
SWOT Analysis
Strength: Collaborative robots are more cost-effective compared to traditional industrial robots. Their ability to safely work side-by-side with humans allows for increased productivity and efficiency. Cobots can perform simple and repetitive tasks with high accuracy and consistency.
Weakness: Initial setup and programming of collaborative robots require technical expertise which adds to costs. Limitations in payload capacity and workspace make them unsuitable for heavy lifting applications.
Opportunity: Growing adoption of automation across various industries like electronics, automotive, food & beverages is driving the demand for collaborative robots. Increasing labor costs is also propelling organizations to incorporate collaborative robots.
Threats: Slow adoption rate due to lack of awareness about benefits of collaborative robots especially in emerging economies. Technology obsolescence is a challenge as new and advanced robots are regularly introduced.
Key Takeaways
The Global Collaborative Robot Market Sizeis expected to witness high growth, exhibiting 46.% CAGR over the forecast period, due to increasing demand from automotive, electronics, metal and machinery industries for factory automation.
Regional analysis:
Asia Pacific dominates the collaborative robot market and is expected to grow at the fastest rate during the forecast period. Countries like China, Japan and South Korea are major adopters as labor costs are rising in these regions. North America and Europe are also significant markets for collaborative robots due to stringent safety regulations and declining workforce.
Key players:
Key players operating in the collaborative robot market are ABB, Universal Robots, FANUC Corporation, Techman Robot, AUBO Robotics, KUKA, Kawada Robotics, Productive Robotics, Kawasaki Robotics, Precise Automation, Yaskawa, F&P Robotics, Rethink Robotics, Robert Bosch, MABI Robotic, Siasun, Franka Emika, Hanwha Precision Machinery, Carbon Robotics, Han€TMs Robot, ST Robotics, and Others. These players are focusing on new product launches and partnerships with system integrators to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it