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In the midst of the COVID-19 pandemic, there is an urgent requirement to automate (minimize human contact) the diagnosis of the infection. In this situation, cobots can be used for tasks, such as opening vials, processing patient samples and loading them into the required instruments for diagnostic testing. Further, I believe that such robots can play a role in delivery of treatment or vaccines
-- Chief Executive Officer, a mid-sized company
The collaborative robot market size is worth USD 2.3 billion in 2024 and is expected to reach USD 10.4 billion by 2030, representing a CAGR of 14.9% during the forecast period. A collaborative robot, also known as cobot, often refers to a companion robot typically designed to work along with humans. The cobots or collaborative robot is intended for direct interaction with humans within the workspace. These robots are equipped with biosensors such as vision sensors and force sensors that enable them to respond quickly by perceiving information.
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Collaborative robots have been programmed to perform specialized or repetitive tasks in industries such as object handling, assembling, palletizing products, machine tending, inspection and pick & drop products from one place to another. Driven by growing industrialization, there is a surge in the demand for advanced automation technology that helps to achieve precision in manufacturing and streamline the operation to meet commercial requirements.
Additionally, the integration of artificial intelligence, machine learning technologies, and 5G technologies has positively influenced the industries to stay productive while maintaining quality and efficacy. Collaborative robots also come with built-in safety mechanisms, including speed reduction, torque limiting, force control, and collision detection-which significantly reduces accident chances in the workplace. Moreover, collaborative robots provide flexibility in the workspace and can easily integrate with existing operational lines without extensive modifications.
It is interesting to note here that various industrial sectors, including healthcare, pharmaceutical, automobiles, food industry and others are shifting towards automation in manufacturing operations to minimize labor expenditure, optimize existing processes, and reduce errors in supply chain management. Cobots have successfully reshaped automation technology by allowing small and mid-sized companies to automate their cost-intensive manufacturing operations. The ability to collaborate with humans in the workspace has further fueled innovations in designing products, driving industries towards smarter production solutions. In fact, it is estimated that collaborative robots and human interaction can enhance the working efficiency of industrial operations by 30-40%. The significance offered by collaborative robots has catered to the attention of various industrial leaders to innovate advanced cobots to handle sensitive manufacturing operations. According to the study conducted by Robotics Industries Association (RIA), it is estimated that overall revenues generated by selling cobots is estimated to represent over 25% of the overall robot's market by 2030. Driven by the benefits, widespread adoption, and increased participation of industrial players for innovation, the global collaborative robots market is anticipated to grow at a steady rate during the forecast period.
The Cobot market report covers an in-depth analysis of various companies that are active in the development of collaborative robots across various segments, as defined in the table below.
| Key Report Attributes | Details | |
| Historical Trend | 2018-2023 | |
| Base Year | 2023 | |
| Forecast Period | 2024-2030 | |
| Market Size 2030 | USD 10.4 billion | |
| Market CAGR | ~14.9% | |
| Distribution by Payload Capacity |
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| Distribution by Type of Industrial Operation |
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| Distribution by Type of End User |
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| Key Geographical Region |
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| Key Companies Profiled | (A full list of key companies captured is available in the report) | |
| PowerPoint Presentation (Complimentary) |
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| Customization Scope | 15% Free Customization | |
| Excel Data Packs (Complimentary) |
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The key objective of the cobot market report is to provide a detailed market analysis in order to estimate the existing market size, market trends, market value, statistics, and future opportunities for the stakeholders during the forecast period. Based on multiple parameters, likely adoption trends, and expected price variations for these products, we have provided an informed estimate of the likely evolution of the market in the mid to long term for the forecast period 2024-2030. The market report also features the likely distribution of the current and forecasted opportunity across payload capacity, type of industrial operation(s) performed, end-users, and key geographical regions. In order to account for future uncertainties and to add robustness to our model, we have provided three collaborative robot market forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry's growth.
The opinions and insights presented in this market report were also influenced by input solicited via a survey and discussions held with senior stakeholders in the industry. The market research report features detailed transcripts of discussions held with the following individuals (in alphabetical order):
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. The financial figures mentioned in this market research report are in USD unless otherwise specified.
On the basis of payload capacity, the collaborative robot market is segmented into below 6kg, between 6 kg and 10 kg, and above 10kg. According to our projection, collaborative robots with payload capacity below 6 kg accounts for the highest share of the market, capturing 45.2% of the overall revenue share by 2030. Cobots with payload capacity below 6 kg are often favored in various industrial sectors to handle intricate tasks particularly in pharmaceutical and electronics industry. Moreover, small payload capacity collaborative robots can be used for a variety of applications such as handling, assembling of material and balancing products. However, collaborative robots with above 10 kg payload capacity are likely to grow at a higher CAGR of 16.6% during the forecast period, owing to the growing requirement for heavy-duty robots to manage bulky tasks in the industry.
On the basis of type of industrial operations, the collaborative robot market is segmented across small part assembly, case packing, material handling, palletizing / depalletizing, picking and placing, welding, and others. According to our projection, picking and placing accounts for 36.9% of the revenue share by 2030. Picking and placing is the most crucial part of the industrial sector specifically in ecommerce businesses. The sector requires transportation of products from one place to another in warehouses and material handling. Picking and placing require high speed without compromising with precision, which is anticipated to drive the demand for cobots to perform these tasks effortlessly. However, the assembly segment will grow at a compounded annual growth rate (CAGR) of 17.2% during the forecast period.
The global collaborative robots market is segmented across automotive industry, food processing industry, electrical / electronic industry, plastic and rubber industry, life sciences / pharmaceutical industry, metal industry, and others based on end user. According to our market study report, the automotive segment captures the maximum share 45.3% of the overall collaborative robot market worldwide. In the automotive industry, cobots play a significant role in assembling various components of automobiles such as engines, dashboard modules, and seats. These cobots perform a variety of tasks such as screwing, gluing, and riveting with higher precision. In the long run, the electrical / electronic industry segment will grow at a higher CAGR of 16.3% during the forecast period.
Based on key geographical insight, the cobot market has been distributed into North America (the US and Canada), Europe (Germany, France, Italy, Spain, the UK, and the rest of Europe), and Asia-Pacific (China, India, Japan, and South Korea), along with the rest of the world. On the basis of our market analysis, Europe accounts for the highest share (47%) of the market by 2030. In Europe, cobots have been widely used in the automobile industry for material handling and inspection. In Asia-Pacific, the collaborative robot market size will grow at a CAGR of 8.8% during the forecast period. The growth in Asia-Pacific has been fueled by increasing industrialization and manufacturing sectors that demand precision and accurate handling of manufactured goods, assembling of equipment as well as picking of goods.
Presently, nearly 80 companies are active in the global collaborative robots market that holds technical expertise for manufacturing cobots to be utilized in various industries. Overall, the market for collaborative robots witnesses the presence of several small, mid-sized, and large players that currently claim to work on manufacturing collaborative robots with high-tech safety along with hand-guiding features. Notably, the key players engaged in this industry are focusing on the development of collaborative robots that can handle simple and precision tasks effortlessly. In order to maintain a competitive edge, various cobot manufacturers are emphasizing adding more advanced technical features to their existing collaborative robot portfolio to perform a wide variety of industrial tasks.
The key drivers of the cobot market include increasing demand for cobots in the logistics and e-commerce sectors. Driven by the growing trend of e-commerce shopping, there is a spike in online sales that further underscores the requirement of warehouse labor to ensure efficient operation. Collaborative robots help streamline warehouse operations by handling repetitive tasks to boost operational efficiency with higher precision. Furthermore, Cobot ensures flexibility and scalability in utilizing the warehouse properly and enhancing order fulfillment. Additionally, the integration of collaborative robots reduces the cost of hiring labor, improves data optimization, and enhances warehouse security. Cobots also play a significant role in logistics and supply chain management in a wide range of industries, including pharmaceuticals, aerospace, food, and others. The growing synergy between cobot technology and e-commerce, as well as other industries, raises demand for advanced collaborative robots with innovative features, which is anticipated to be a major driver for the collaborative robot market growth.
Although the demand for cobots is increasing at a steady pace, the collaborative robot market still encounters various challenges. One of the significant obstacles is the high initial development cost of cobot. The cost of the collaborative robot may vary according to the payload capacity, integrated safety features, and customization required to meet industry demand. High development costs can create budget issues specifically for small and mid-size firms. Cobots have been designed to offer flexibility and are extremely user-friendly for handling light, repetitive tasks. Their restriction on handling heavy material or their inability to handle heavy-duty applications may restrict market growth. In addition, slow technological innovations in heavy-duty collaborative robots and rising competition with traditional robots may impact the growth of this market in the upcoming years. In order to overcome these challenges, industrial leaders are required to uptake investment and innovation initiatives.
With the aim of streamlining logistics, manufacturing, and supply chain operations, several industrial players have begun to invest in collaborative robot technologies. Businesses have begun to rely on automation to reduce operational costs and enhance production efficiency the growing adoption of automation provided a sizable opportunity for stakeholders to make investments in cobot technology. Further, the rising integration of robotic arms with mobile platforms such as automated guided vehicles and autonomous mobile robots has provided lucrative opportunities for industrial leaders to drive innovation in this field. Currently, several robot technology providers are moving towards technological advancements, such as the integration of artificial intelligence and 5G technology to provide low latency connectivity, enhance manufacturing capacity, and improve the quality of products. For instance, in June 2024, Doosan Robotics will incorporate Rocketfarm’s Pally (a prominent palletizing software) into its robot arms as well as PRIME-SERIES with the aim of streamlining workflows for a wide range of industries.
In addition, in December 2023, GoPal P35 was launched by Robotize ApS, the first-ever autonomous mobile robot. The GoPal P35 can accommodate accessories and has the ability to fulfill consumer requirements for a platform-autonomous ground robot with high operational reliability. Driven by the ongoing technological advancements and acceptance of automation on a large scale, the cobot market size will grow at a substantial rate during the forecast period.
Examples of key companies engaged in the collaborative robot industry (which have also been profiled in this market report; the complete list of companies is available in the full report) include ABB, Comau, FANUC, KUKA, Kinova, Precise Automation, Robotics Systems Integration, Staubli, Universal Robots, and Yaskawa Electric. This market report includes an easily searchable excel database of all the companies developing cobots worldwide.
Several recent developments have taken place in the field of collaborative robot industry. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The cobot market report features an extensive study of the current market landscape, market size, market share, market growth, market forecast, market outlook, and future opportunities for the developers of collaborative robots. The market research report features an in-depth analysis, highlighting the capabilities of various industry stakeholders engaged in the collaborative robot market.