Cobot Market

Cobot (Collaborative Robots) Market Size (2022 - 2027)

The global Cobot (collaborative robot) market is foreseen to progress from $981 million in 2020 to $7,172 billion by 2026, expanding at a CAGR of 41.8% over the foreseen period 2022 - 2027.

Cobots are new generation robots that are used for different applications and are capable of performing complex task. In 2013, more than 65,000 units of industrial robots were delivered to the automotive industry. Countries like China, Japan, and Germany have the largest market share of industrial robots. As there is a huge rise in the expansion of collaborative robots in various sectors, many companies are investing in robotic solutions for high productivity and efficiency.

The collaborative robot or cobot is mainly designed to interact with humans in a shared workspace physically. Growing adoption in small and medium-sized enterprises (SMEs) and investments in manufacturing process automation are the main growth drivers. The emergence of robots working alongside humans in fields such as intelligent assembly of parts and manufacture of electronic products is still fueling demand.

Market Growth and Trends

Technological developments have led to advances in the robotics industry on a remarkable level. Initially, these devices were overpriced and came with limited or restricted functionality, such as a fixed axis or fixed angles of rotation. However, with technological advancements, modern robots can perform incredible tasks efficiently and at a lower price. In addition, they offer a rapid return on investment (ROI) thanks to the optimization of overheads and the improvement of the production rate.

Market Drivers and Restraints

High-performance accuracy and flexibility to program for any task increase the rate of adoption of collaborative robots by different industries. Increased investments in industrial automation and enhanced performance are driving demand for collaborative robots worldwide. The lack of skilled jobs and rising labor costs are the main factors that increase the inclination of manufacturing industries towards collaborative robots.

However, currency devaluation and the economic crisis in several countries are hampering the growth of the global cobot market. As collaborative robots operate at a certain speed, changes in the work environment are depleting the productivity of collaborative robots. Low-cost robots still face the challenge of meeting industrial demand at high speed. This is the main factor hindering the adoption of collaborative robots by small businesses. To meet the requirement for productivity, maintaining their rate is a hurdle for collaborative robot manufacturers.

COBOT MARKET REPORT COVERAGE:

Market Segmentation

Cobot Market - By Payload Capacity

• Up to 5 kg
• Up to 10 kg
• More than 10 kg

In 2018, cobots with a load capacity segment of up to 5 kilograms accounted for the largest market share, which is attributed to the flexibility, lightness and ability of the machine to optimize low weight collaborative processes such as placement, sampling and testing.

Cobots with a load capacity greater than 10 kg are expected to experience significant growth, due to their ability to handle larger tasks that require precision, reliability, and collaboration with more cumbersome processes. Robots are supposed to experience an exponential CAGR of 46.2% during the forecast period.

Cobot Market - By Application

• Assembly
• Sampling and Placement
• Handling
• Packaging
• Quality Testing
• Machine Maintenance
• Bonding and Welding, etc

In 2018, the assembly applications segment accounted for the largest market share due to the ability to combine repetitive and easy work with more complex assembly processes.

While the adoption and growth of collaborative pick and place robot applications should spur segment growth during the outlook period. Co-robots are used in vertical positioning and selection applications to reduce shrinkage and increase accuracy when managing inventory. Pickup and drop robots are lightweight, small, and can be deployed in a limited space.

Cobot Market - By Vertical

• Automotive
• Food and Beverage
• Furniture and Equipment
• Plastics and Polymers
• Metal and Machinery
• Electronics
• Pharmaceuticals
• Others

The automotive industry accounted for a 24% market share in 2018 and is expected to lead the way in the forecast period. Key factors such as lower downtime cost and reduced floor space are presumed to drive growth during the forecast period.

Regional Analysis

Europe is an income-generating region and accounted for a significant market share of around 37% in 2018. Regional growth is attributed to the extensive application of cobots in different vertical sectors such as electronics, logistics and inspection. Additionally, the regional growth of cobot technology can be attributed to several benefits, such as increased collaboration and efficient manufacturing optimization solutions offered by workplace automation.

The increasing focus on the quality and precision of cobots in the Asia-Pacific required the implementation of maximum standards, increasing the deployment of cobots in the region. Technology's ability to produce better quality, higher efficiency, less waste, and standardize products is anticipated to significantly increase the adoption of collaborative robots during the projected period. Additionally, with a sharper focus on automation, the adoption of artificial intelligence, and all other necessary technological developments, the market has significant potential for rapid growth during the prediction period.

Key players in the market

1. ABB Group

2. Denso Robotics

3. EPSON Robots

4. Energy Technologies Corporation

5. F&P Robotics AG

6. Fanuc Corporation

7. KUKA AG

8. MRK-Systeme GmbH

9. Precise Automation, Inc.

10. Rethinking Robotics, Inc.

11. Robert Bosch GmbH

12. Universal A/S robots

13. Yaskawa Electric Corporation

14. MABI AG

15. Robot Techman from Quanta Storage, Inc.

16. Franka Emika GmbH

17. AUBO Robotics Inc.

18. Comau S.p.A.