The global Collaborative Robot Market is estimated to be valued at US$ 1,156.76 Mn or Bn 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 are simple, safe, and affordable robotic arms designed to work alongside human operators in industrial settings. These robots can handle repetitive, light payloads in a variety of industries like automotive, electronics and food & beverages to increase productivity.
Market key trends:
One of the key trends driving the growth of the collaborative robot market is their growing adoption across small and medium enterprises. Collaborative robots are becoming the preferred choice for SMEs as they are more affordable compared to traditional industrial robots and do not require expensive safety precautions. Their compact size, ease of programming and integration has facilitated their adoption in various applications such as material handling, assembly, machine tending, packaging and inspection in SMEs across different industries. Furthermore, ongoing technological advancements focused on enhancing payload capacity, mobility, compatibility with various end-of-arm tools and safety certifications of collaborative robots will continue to support the increased demand.
SWOT Analysis
Strength: Collaborative robots or cobots have less payload limitations allowing them to perform complex tasks. They have integrated safety features that allow them to work alongside humans without the need for additional safety measures.
Weakness: Cobots have limited workspace as compared to traditional industrial robots. Their programming and installation also requires expertise which leads to higher initial costs.
Opportunity: Increasing demand from SMEs to automate processes is driving the adoption of collaborative robots. They help improve productivity while ensuring job security of human workers. Growing investments from technology companies is also expanding application areas of cobots.
Threats: Integration challenges with legacy systems can slow down return on investment. Open source technologies pose threats from inexpensive clone robots. Trade tensions and geopolitical issues can disrupt supply chains and affect the industry.
Key Takeaways
Global Collaborative Robot Market Size is expected to witness high growth, exhibiting CAGR of 46.% over the forecast period, due to increasing labor costs and productivity concerns of manufacturers.
Regional analysis: North America dominated the overall market in 2023 and is expected to continue its dominance till 2030, backed by rapid technological advances and increasing investments in automation by American companies. Asia Pacific is anticipated to be the fastest growing regional market owing to rising labor wages, government incentives for smart manufacturing, and expanding electronics sector in countries like China, South Korea, and Japan.
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’s Robot, ST Robotics, and Others. Key players are focusing on new product launches to consolidate their market position. They are also partnering with system integrators to accelerate adoption of cobots across industries.
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