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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Collaborative robots known as cobots are robotic arms which are capable of working along with humans in a shared workspace. They have safety features which enable them to collaborate with human workers without harming them. Cobots are more affordable compared to traditional industrial robots owing to their flexible design and ease of programming. They assist humans by performing repetitive and strenuous tasks thereby increasing productivity.
Market key trends:
One of the major trends driving the growth of the collaborative robot market is the increasing adoption of automation across different industries. Automation helps reduce costs and improves productivity. As collaborative robots are easily programmable and offer enhanced flexibility compared to traditional robots, they are increasingly being used for automation of pick and place, packing, assembling, and inspection type applications in industries like automotive, electronics, manufacturing, food & beverages, and logistics among others.Their ability to safely work alongside human workers without any safety cages makes them ideal for small and medium enterprises looking to automate their operations.
Threat of new entrants: Low set up cost for collaborative robots has lowered entry barriers. However, presence of established players make it difficult for new entrants.
Bargaining power of buyers: Buyers can negotiate on pricing and demand additional features due to availability of substitutes in the market.
Bargaining power of suppliers: Major components are standardized allowing buyers to choose from multiple suppliers. This reduces supplier bargaining power.
Threat of new substitutes: Industrial robots pose as substitutes. However collaborative robots requires lower safety requirement and can operate harmoniously with humans.
Competitive rivalry: The market is highly competitive with presence of global and regional players. Players focus on new product launches and strategic collaborations to gain competitive edge.
Strength: Collaborative robots eliminates safety fencing required for industrial robots. This allows humans and robots work side by side improving productivity.
Weakness: High initial costs and quality issues limit widespread adoption of collaborative robots. Require expertise for programming collaborative robots.
Opportunity: Wide acceptance in SMEs due to ease of use and scalability. Growth in e-commerce is increasing demand for ordering, packaging and palletizing application.
Threats: Strict safety standards and regulations differ across countries impacting sales. Alternative technologies like exoskeletons can replace collaborative robots.
The Global Collaborative Robot Market Size is expected to witness high growth, exhibiting CAGR of 46.% over the forecast period, due to increasing automation across industries. The market was valued at US$ 1156.76 Mn in 2023 and is projected to reach US$ 22425 Mn by 2030.
Regional analysis – Asia Pacific dominates the collaborative robot market and is expected to grow at the fastest rate owing to rapid industrialization and presence of manufacturing hubs in China, Japan and India. China dominates collaborative robot sales in the region supported by government initiatives to adopt new technologies.
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. Key players are focused on portfolio expansion through mergers, partnerships and new product launches.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it