by The global 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.
Market Overview:
Collaborative robots, commonly known as “cobots”, are robotic arms designed to safely work alongside human workers without the need for safety cages or barriers. They have sensor and control systems that allow them to actively cooperate and share a workspace with people. This allows for a more efficient use of floor space and resources as well as enabling manufacturing flexibility.
Market key trends:
One of the key trends fueling the collaborative robot market is their versatility. Cobots can perform a variety of tasks like pick and place, assembly, packaging and palletizing which makes them suitable for diverse manufacturing applications. They integrate easily into existing production lines and their small size allows them to work in confined spaces like on assembly lines where large traditional robots cannot access. Their easy programming and handling has also simplified reprogramming for different tasks and lower the costs of production set up changes. Additionally, advances in sensor technologies, vision systems and force control have further improved cobots’ ability to collaborate with human workers on flexible production lines.
Segment Analysis
The Global Collaborative Robot Market Size is segmented by payload capacity into up to 5kg, 5-10 kg, and above 10 kg. Among these, the 5-10 kg payload capacity subsegment accounted for the largest market share in 2022 and is expected to continue its dominance over the forecast period. Cobots with a 5-10 kg payload capacity are highly versatile and ideal for handling, assembling, packaging, and light machine tending applications across various industries.
Key Takeaways
The global collaborative robot market is expected to witness high growth, exhibiting a CAGR of 46% over the forecast period, due to increasing labor shortage and the growing demand for automation across industries.
Regional Analysis
Europe accounted for the largest share of the global collaborative robot market in 2022. Countries like Germany, Italy, France are some of the major contributors to the European collaborative robot market. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to rapid industrialization and rising labor costs in countries such as China and India.
Key Players
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. ABB is currently the market leader with over 30% market share owing to its large product portfolio and worldwide network.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
