Collaborative robots can work in collaboration with people to improve human abilities. Using collaborative robots, also known as cobots, has many benefits, including the ease with which they can be programmed, installed, and expanded to perform new tasks.
The market for the collaborative robot in 2021 was USD 701.56 million and will be worth USD 2506.90 million by 2030, growing at a 15.2% CAGR.
Automotive, electronics, aerospace, packaging, furniture & equipment, metals & machining, and other industries use collaborative robots extensively. The growing demand for robotics in various industries significantly boosts the global collaborative robot market. The demand for robotics is rising as automation becomes more and more necessary in various industries around the world.
This growth can be attributed to the increasing adoption of collaborative robots or cobots in small and medium enterprises (SMEs). These companies are investing more and more in cobots to interact with humans in the workplace and automate the manufacturing process. Growth has been fueled by technological advances and the integration of artificial intelligence (AI) and machine learning (ML) technologies into industrial robots.
Key Market Drivers
The increased adoption rate in the SME sector is the major factor stimulating the market for collaborative robots. The outsourcing of manufacturing operations has hampered the growth of the SME sector in industrialized nations to low-cost locations. To maintain the balance of large, small, and medium-sized businesses in industrialized nations, collaborative robots are being used in the industrial sector more and more. Because of this, SMEs are showing an increased level of interest in putting collaborative robots on their manufacturing floors. Additionally, the market is anticipated to advance due to the demand for applications like pick-and-place, machine tending, material handling, assembly line, welding, packing, and inspection, particularly in the SME sector.
Restraining Factors
Despite the high market growth rate anticipated for collaborative robots during the forecast period, some factors will likely impede the expansion. One of the most significant ones is the high initial cost associated with purchasing, integrating, adding accessories, programming, maintaining, etc. Cobots also have a limited speed, making them unsuitable for high-speed applications. Most of them cannot learn on their own and need human supervision. These are a few of the variables that are predicted to limit the market growth.
Market Segmentation
Payload capacity insights
In 2021, the largest market position was maintained by the up to 5 kg payload capacity segment, with 44% of revenue share due to a broad range of attributes. They optimize low-weight collaborative processes like picking, placing, and testing while being lightweight and flexible.
The introduction of sophisticated cobots with payloads in this range is creating new market expansion opportunities.
Application Insights
The assembly application segment ruled the entire market with 23.0% of the share in 2021 due to the increased use of cobots for combining simple and repetitive tasks and supporting intricate assembly processes.
Over the forecast period, the pick and place segment will grow at the fastest CAGR of about 31%. This is due to the growing need for collaborative robots in pick-and-place applications across a variety of industries to handle inventory with more precision and less shrinkage. Additionally, they are lightweight, small in size, and can be installed in small spaces, which is increasing their demand.
Vertical Insights
In 2021, the largest market was contributed by the automotive segment, with 24% of the revenue share. Due to their capacity to save on floor space and the expense of production downtime, collaborative robot adoption has increased, which is largely responsible for the growth. They also play a significant role in other processes like spot and arc welding, component assembly, painting, and coating.
Regional Insights
In 2021, Europe led the entire regional market with 30% of the revenue share. This is primarily attributable to the widespread use of collaborative robots in a variety of industries, including inspection, electronics, and logistics. Additionally, a number of benefits, including effective manufacturing optimization solutions and increased workplace collaboration, are anticipated to support market growth.
Asia Pacific will grow at a CAGR of over 34.0% as maximum standards are implemented in response to the increasing focus on the precision and quality of cobots. The demand for cobots in the area is driven by their capacity to produce high standard goods, minimize waste, boost productivity, and standardize goods. Additionally, the region has significant growth potential due to consumer inclinations toward automation, artificial intelligence, and the development of other necessary technologies.
Key players analysis of the Collaborative Robot Industry
- KUKA
- ABB
- Techman Robot
- YASKAWA
- FANUC
- Universal Robots
- F&P Robotics
- Precise Automation
- Wyzo
- Elite Robot
- Rethink Robotics
- Doosan Robotics
- MIP Robotics
- Denso Corporation
- Neura Robotics