The latest report by IMARC Group, titled “Collaborative Robot Market Report by Component (Hardware, Software), Payload (Upto 5 Kg, 5-10 Kg, Above 10 Kg), Application (Material Handling, Pick and Place, Assembly, Palletizing and De-Palletizing, and Others), End Use Industry (Automotive, Electronics, Manufacturing, Food and Beverage, Chemicals and Pharmaceutical, and Others), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the market. The global collaborative robot market size reached US$ 2.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 50.8 Billion by 2032, exhibiting a growth rate (CAGR) of 37.98% during 2024-2032.
Factors Influencing the Growth of the Collaborative Robot Industry:
- Technological Advancements:
The collaborative robot (cobots) market is being propelled by significant technological advancements, integrating cutting-edge technologies to enhance their capabilities and usability. Notably, advancements in artificial intelligence (AI) and machine learning (ML) have empowered cobots to adapt to dynamic environments, learn from experience, and execute complex tasks with enhanced efficiency and precision, fostering seamless collaboration with human workers. Moreover, the integration of advanced sensor technology, including cameras, LiDAR, force/torque sensors, and proximity sensors, equips cobots to accurately perceive their surroundings and interact safely with humans, thereby contributing to enhanced productivity and safety in industrial settings.
- Increasing Labor Costs and Workforce Shortages:
The escalating labor costs and workforce shortages across industries globally are driving the growth of the collaborative robot market. As labor expenses rise, manufacturers are seeking alternative solutions to sustain competitiveness and profitability. Cobots offer a viable resolution by automating repetitive and physically demanding tasks traditionally performed by human workers. Their collaborative nature allows for the optimization of the workforce, enabling the reallocation of human workers to more skilled tasks while delegating routine operations to cobots. Additionally, cobots mitigate the impact of workforce shortages by filling in gaps in labor-intensive industries, ensuring continuous productivity without fatigue or breaks, thus reducing dependence on a limited human workforce.
- Emphasis on Workplace Safety and Ergonomics:
Heightened concern for workplace safety and ergonomics is propelling the demand for collaborative robots designed to work safely alongside human workers. Traditional industrial robots are often constrained by safety cages or fenced-off areas, hindering their flexibility in dynamic manufacturing environments. In contrast, cobots are equipped with advanced safety features and ergonomic design principles, including built-in safety sensors and intelligent control systems, enabling them to operate in close proximity to humans without posing a risk of injury. This fosters seamless collaboration and interaction between humans and robots, addressing critical safety concerns in industrial settings.
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Top Companies in the Collaborative Robot Industry:
- ABB Ltd.
- AUBO (Beijing) Robotics Technology Co. Ltd.
- DENSO WAVE Incorporated (Denso Corporation)
- Doosan Robotics Inc. (Doosan Group)
- Fanuc Corporation
- Kawasaki Heavy Industries Ltd.
- KUKA AG (Midea Group)
- Omron Corporation
- Precise Automation Inc. (Brooks Automation Inc)
- Rethink Robotics GmbH
- TechMan Robot Inc. (Quanta Storage Inc.)
- Universal Robots (Teradyne Inc)
- Yaskawa Electric Corporation
Collaborative Robot Market Report Segmentation:
By Component:
- Hardware
- Software
Hardware dominates the market due to the extensive array of physical components required for the operation and functionality of collaborative robots, including sensors, actuators, manipulators, and control systems.
By Payload:
- Upto 5 Kg
- 5-10 Kg
- Above 10 Kg
Upto 5 kg holds maximum number of shares due to the versatility and widespread applicability of collaborative robots within this weight range across various industries.
By Application:
- Material Handling
- Pick and Place
- Assembly
- Palletizing and De-Palletizing
- Others
Material handling resents the largest segment due to the widespread adoption of collaborative robots for tasks such as pick-and-place, palletizing, and packaging across various industries, driving efficiency and productivity gains.
By End Use Industry:
- Automotive
- Electronics
- Manufacturing
- Food and Beverage
- Chemicals and Pharmaceutical
- Others
Automotive dominates the market due to the high demand for precision, efficiency, and flexibility in manufacturing processes, where collaborative robots play a crucial role in enhancing productivity and agility.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the collaborative robot market is attributed to its rapid industrialization, expanding manufacturing sector, and increasing adoption of automation technologies across various industries.
Global Collaborative Robot Market Trends:
The increasing adoption of cobots among small and medium-sized enterprises (SMEs) is driving market growth, offering a cost-effective automation solution for businesses with limited resources and space. Cobots provide these enterprises with flexibility, affordability, and ease of use to streamline operations and scale production capabilities without extensive capital investment. Moreover, the market is expanding into diverse application areas outside traditional manufacturing sectors, including healthcare, hospitality, agriculture, and retail. Cobots are increasingly utilized in tasks such as patient care assistance, food preparation, crop harvesting, and consumer service, reflecting the advancement of cobot technology to perform a wider range of tasks with precision and safety. Additionally, the COVID-19 pandemic has accelerated the adoption of cobots in healthcare and service industries, meeting the growing need for automation to ensure operational continuity, minimize human contact, and enhance safety protocols.
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