The global Cobot (collaborative robot) market is predicted to reach USD 1.97 billion in 2024 and USD 11.30 billion by 2029, growing at a CAGR of 41.8% during the forecast period.
Cobots are new-generation robots used for different applications and capable of performing complex tasks. 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 the expansion of collaborative robots in various sectors rises, many companies are investing in robotic solutions for high productivity and efficiency.
The collaborative robot or cobot is mainly designed to interact physically with humans in a shared workspace. 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 the intelligent assembly of parts and the manufacture of electronic products is still fueling demand.
Global Cobot Market Drivers:
High-performance accuracy and flexibility in programming 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 toward collaborative robots. Technological developments have led to remarkable advances in the robotics industry. 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 in production rate.
Global Cobot Market Restraints:
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 their productivity. Low-cost robots still face the challenge of meeting industrial demand at high speed. This is the main factor hindering small businesses' adoption of collaborative robots. To meet the requirement for productivity, maintaining their rate is a hurdle for collaborative robot manufacturers.
GLOBAL COBOT MARKET REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
41.8% |
Segments Covered |
By Payload Capacity, Application, Vertical and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
ABB Group, Denso Robotics, EPSON Robots, Energy Technologies Corporation, F&P Robotics AG, Fanuc Corporation, KUKA AG, MRK-Systeme GmbH, Precise Automation, Inc., Rethinking Robotics, Inc., Robert Bosch GmbH, Universal A/S robots, Yaskawa Electric Corporation, MABI AG, Robot Techman from Quanta Storage, Inc., Franka Emika GmbH, AUBO Robotics Inc., Comau S.p.A. and other market players. |
This research report on the global cobot market has been segmented and sub-segmented based on the payload capacity, application, vertical, and region.
Global 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 machine's flexibility, lightness, and ability 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.
Global 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.
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.
Global 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.
Global Cobot Market - By Region:
North America
The United States
Canada
Rest of North America
Europe
The United Kingdom
Spain
Germany
Italy
France
Rest of Europe
The Asia Pacific
India
Japan
China
Australia
Singapore
Malaysia
South Korea
New Zealand
Southeast Asia
Latin America
Brazil
Argentina
Mexico
Rest of LATAM
The Middle East and Africa
Saudi Arabia
UAE
Lebanon
Jordan
Cyprus
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 standardized 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:
The major companies operating in the global cobot market include ABB Group, Denso Robotics, EPSON Robots, Energy Technologies Corporation, F&P Robotics AG, Fanuc Corporation, KUKA AG, MRK-Systeme GmbH, Precise Automation, Inc., Rethinking Robotics, Inc., Robert Bosch GmbH, Universal A/S robots, Yaskawa Electric Corporation, MABI AG, Robot Techman from Quanta Storage, Inc., Franka Emika GmbH, AUBO Robotics Inc., Comau S.p.A., and others.
FAQ's
Collaborative robots find applications in various industries such as automotive, electronics, healthcare, food and beverage, and logistics for tasks including assembly, pick-and-place, quality inspection, packaging, and material handling.
Challenges include concerns about job displacement, the complexity of integrating collaborative robots into existing workflows, high initial investment costs, and the need for skilled technicians to operate and maintain these systems.
Artificial intelligence enables collaborative robots to adapt to changing environments, learn from human demonstrations, optimize task performance, and collaborate more effectively with human workers, thereby improving productivity and efficiency.
Future trends include the integration of collaborative robots with Internet of Things (IoT) technologies for enhanced connectivity and data exchange, advancements in human-robot collaboration through natural language processing and gesture recognition, and the emergence of cloud-based robotics platforms for remote monitoring and control.
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