Definition of Collaborative Robots Market

Collaborative robots or cobots refer to robots designed for direct human-robot interaction in a shared space or proximity to humans and robots. Cobot applications differ from traditional industrial robot applications in which robots are kept away from humans.  Cobot safety may rely on lightweight materials, rounded edges, and inherent speed and force limitations, or on sensors and software that ensure safe behavior.  They are majorly used in different verticals such as retail, food & beverages, automotive, electronics, plastic, and others. 

Global Collaborative Robots Market: Key Insights

Global Collaborative Robots Market Highlights Over 2023 - 2033

The global collaborative robots market is estimated to garner a revenue of USD 70.0 Billion by the end of 2033 by growing at a CAGR of ~42% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 1.0 Billion in the year 2022. The growth of the market can be attributed to the increasing production in the automobile sector followed by the surge in the adoption of collaborative robots for improving the efficiencies across the industry. As per the International Energy Agency, electric vehicle sales have increased to 6.6 Million in the year 2021. 

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Artificial intelligence-derived skills are required by collaborative robots to enable them to learn and analyze data and make better decisions. Hence, the growing integration of artificial intelligence is anticipated to drive the growth of the global collaborative robots market. More than 35 percent of organizations around the globe are using artificial intelligence in their operations.

Global Collaborative Robots Market: Growth Drivers and Challenges

Growth Drivers

• Rising Investment in Collaborative Robots- There has been a rising investment in collaborative robots owing to their capability of learning multiple tasks for assisting human beings. Therefore, it is expected to boost the growth of the global collaborative robots market. Cobots installation nearly doubled from more than 10,000 in the year 2017 to more than 20,000 in the year 2020

• Increasing Small & Medium Enterprises – As per the Office of the United States Trade Representative, approximately 28 million small and medium-sized businesses in the United States account for roughly two-thirds of new private jobs.

• Increase in the Adoption of 5G Technology – There are more than 200 Million 5G subscribers across the globe

• Rising Need to Reduce Number of Workplace Accidents- According to the International Labour Organization, there are nearly 160 Million victims of work-related illnesses and 340 Million occupational accidents annually

Challenges

• High Dependency on Traditional Industrial Robots

• Lack of Professional Workforce

• High Initial Expenditure for the Deployment

Robots are a new technology that has been slowly and steadily adopted in industries to improve operations. Moreover, this technology is expensive for the manufacturers to produce owing to the different parts being used in the manufacturing process of robots. Hence, it is expected to hamper the growth of the global collaborative robots market.

The global collaborative robots market is segmented and analyzed for demand and supply by vertical into retail, food & beverages, automotive, electronics, plastic, and others. Out of these, the automotive segment is expected to hold the largest share over the forecast period owing to the rising number of auto repair shops around the globe. For instance, there are more than 120,000 general automotive repairs shipped in the United States in the year 2020.

Global Collaborative Robots Market Regional Synopsis

Regionally, the global collaborative robots market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 on the back of rising automation of manufacturing processes, surging demand for light-weighted cars, and growing inclination towards artificial intelligence & automation. According to the International Federation of Robotics, China’s sales have increased between 15 to 20 percent on average per year for industrial robots.

Market Segmentation

Our in-depth analysis of the global collaborative robots market includes the following segments:

Key Companies Dominating the Global Collaborative Robots Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global collaborative robots market that are included in our report are KUKA AG, Denso Products and Services Americas, Inc., Precision Automation Company, Inc., Comau S.p.A., Rethink Robotics GmbH, NEURA Robotics GmbH, MABI Robotic AG, FANUC CORPORATION, AUBO ROBOTICS TECHNOLOGY CO., LTD, K2 Kinetics, and others.

Global Collaborative Robots Market: Latest Developments

• August 2022: KUKA AG, announced the launch of a new LBR iisy cobot that integrates into any manufacturing application from pre-defined production processes to open unstructured work environments

• July 2022: Comau S.p.A., announced the introduction of its new RACER-5 SENSITIVE ENVIRONMENTS for harsh settings with a high risk of contamination that are found in the electronics, pharma, and cosmetics, and food & beverage industry

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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