Collaborative robots, also known as cobots, are robots designed to safely and effectively interact with humans in a shared workspace. Cobots are equipped with sensors, cameras and other technologies that enable them to perceive their surroundings and collaborate on tasks while avoiding unsafe situations. They are used for a variety of tasks including product assembly, material handling, packaging, pick and place operations, inspection, quality control and testing. The collaborative robots market has gained immense traction in the past few years as it combines the precision, strength and speed of automation with the flexibility, judgment and cognition of human workers. Compared to traditional industrial robots, cobots are more affordable, easily programmable and accessible to small and medium businesses across industries.
The Global Collaborative Robot Market is estimated to be valued at US$ 1332.59 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Collaborative Robot Market Demand 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 growing demand for automation across industries is one of the major drivers of the collaborative robot market. Cobots optimize production lines, reduce cycle times, improve product quality and enable businesses to scale operations efficiently. Their flexibility and affordability ensure quick return on investment.
Europe currently dominates the collaborative robot market owing to large presence of automotive, electronics and metal industries in the region. However, Asia Pacific is anticipated to grow at a high CAGR during the forecast period due to rising labor costs, increasing industrialization and industrial automation in major economies like China and India. Countries like Japan, South Korea are also contributing to the regional market growth.
Market Key Trends
One of the key trends shaping the Collaborative Robot Market is their increasing applications in small parts assembly, packaging, quality testing and material handling. Previously confined mainly to large automotive plants, collaborative robots are now enabling increased automation even for small producers and manufacturers across industries. Their plug-and-play nature, ease of programming and reconfiguration ensures a quick integration in varied production settings. Collaborative robots has also emerged as a compelling solution to resolve the labor shortage challenges faced by many industries worldwide and future application areas are expected drive continued demand for cobots.
Porter’s Analysis
Threat of new entrants: Low as established players have strong brand recognition and technology advantages.
Bargaining power of buyers: High as buyers have various options from different manufacturers.
Bargaining power of suppliers: Low as raw materials and components readily available from multiple suppliers.
Threat of new substitutes: Low as collaborative robots have unique advantages over traditional industrial robots.
Competitive rivalry: Fierce as major players focusing on product innovations and expanding applications.
Geographical regions where the market is concentrated in terms of value include North America and Europe as major industries automotive, electronics have been early adopters with large manufacturing facilities. Both regions together accounted for over 65% of the total collaborative robot market share in 2024.
The Asia Pacific region is expected to be the fastest growing collaborative robot market during the forecast period. Growing industrial automation and adoption of industrial robotics across industries like automotive, electronics and food & beverages are driving the market in countries like China, Japan and South Korea. Increasing labor costs and shortage of workforce are compelling industries to deploy collaborative robots for tasks like assembly, packaging and quality inspection.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it