Collaborative Robot Market Size Projected to Generate a Revenue of $27,380.0 Million by 2032Download Sample Reports Overview
The Global Collaborative Robot Market Size is predicted to be valued at $27,380.0 million by 2032, surging from $1,430.0 million in 2022, at a CAGR of 36.3%.
Impact Analysis of COVID-19 on the Collaborative Robot Market
The COVID-19 pandemic has had a moderate impact on the collaborative robot market. The pandemic caused disruptions in global supply chains, affecting the production and delivery of collaborative robots (cobots). Manufacturing facilities faced temporary closures, reduced workforce, and delays in component sourcing, impacting the availability of cobots in the market. The pandemic highlighted the need for automation and contactless operations in various industries such as manufacturing, healthcare, and logistics. Collaborative robots, with their ability to perform repetitive tasks and assist human workers, witnessed an increase in demand during the pandemic. Many industries preferred cobots to maintain productivity while ensuring social distancing measures.
The emphasis on safety and hygiene measures due to the pandemic further drove the adoption of collaborative robots. Cobots can perform tasks that minimize human contact, reducing the risk of virus transmission. They can also be utilized for tasks like disinfection and sanitization in healthcare and public spaces. While cobots were already used in manufacturing, they found new applications in areas like healthcare, e-commerce, and food service. Cobots were deployed for tasks such as remote patient monitoring, package sorting, and food preparation to minimize human contact. With travel restrictions and limited on-site presence, remote monitoring and programming capabilities of collaborative robots became more important.
Global Collaborative Robot Market Analysis
Collaborative robots have become increasingly popular in recent years due to several advantages they offer compared to traditional industrial robots. Moreover, collaborative robots are designed to be easily integrated into existing workflows without requiring significant modifications to the workspace. They often have a plug-and-play functionality, allowing them to be quickly set up and operate within a short span of time. This reduces installation costs and minimizes disruptions to the production process. Furthermore, collaborative robots are typically less expensive to maintain compared to traditional industrial robots. They are designed to be compact, lightweight, and versatile, which helps in reducing manufacturing costs as well. Collaborative robots are often built with simplified mechanical designs and advanced sensing technologies, making them more reliable and requiring less maintenance. This reduces the overall maintenance costs and downtime associated with robot repairs. Collaborative robots are designed to be easily reprogrammed and reconfigured for different tasks. These are the major factors anticipated to boost the collaborative robot market share during the forecast period.
Lack of awareness and expertise are factors expected to hinder the widespread adoption of cobots across various industries. Many businesses may not be aware of the capabilities and benefits of collaborative robots. They might not realize the potential for increased productivity, improved safety, and cost savings that cobots can offer. This limited awareness can prevent businesses from exploring and adopting this technology. Effectively programming, operating, and maintaining cobots requires a certain level of knowledge and expertise. However, there might be a shortage of individuals within the workforce who possess the necessary skills. Cobots often require programming and customization to perform specific tasks, and without the expertise to handle these requirements, businesses may hesitate to invest in them. Moreover, to overcome the lack of expertise, businesses need to invest in training and education programs to upskill their workforce. This includes providing training on programming, operation, and maintenance of cobots. However, implementing such programs can be time-consuming and costly, especially for smaller businesses with limited resources. These factors are anticipated to restrain the collaborative market growth in the coming years.
Collaborative robots are compact and can be easily deployed in small work areas. They are designed to work alongside human workers without the need for safety barriers, optimizing the use of available space and allowing SMEs to maximize their production capacity. They are designed to detect and respond to human presence, minimizing the risk of accidents or injuries. This enhanced safety enables SMEs to automate their processes while ensuring the well-being of their employees. All these are the major factors projected to create several growth opportunities for the key players operating in the global collaborative robot industry during the forecast period.
Global Collaborative Robot Market, Segmentation
The collaborative robot market is segmented on the basis of component, application, end user, payload capacity, and region.
The component segment is classified into hardware and software. Among these, the software sub-segment is anticipated to be the fastest growing during the forecast period. Collaborative robots are designed to be user-friendly and easily programmable, even by individuals without extensive programming knowledge. The software segment focuses on developing intuitive programming interfaces, graphical programming tools, and drag-and-drop functionality to simplify the programming process. This driver enables more users to deploy and operate collaborative robots effectively. Collaborative robots are used in a wide range of industries and applications. The software segment aims to provide flexibility and adaptability through software solutions that allow users to easily customize and reprogram the robots for different tasks and environments. Advanced software capabilities, such as machine vision and artificial intelligence, enable cobots to adapt to changing conditions and perform complex tasks.
The application segment is further classified into handling, assembling & disassembling, welding & soldering, dispensing, processing, and others. Among these, the welding & soldering sub-segment is projected to witness the highest CAGR during the forecast period. The demand for collaborative robots in the welding and soldering applications is rising due to the need to automate and streamline manufacturing processes. Cobots are designed to work alongside human workers, enhancing productivity and efficiency in tasks such as welding and soldering. Welding and soldering processes often involve hazardous conditions, including exposure to high temperatures, toxic fumes, and repetitive tasks. Collaborative robots offer improved safety by taking over these tasks, reducing the risk of accidents and minimizing worker exposure to hazardous environments. They can also perform repetitive tasks consistently without fatigue, enhancing ergonomics in the workplace.
The end user segment is further classified into automotive, electronics, metals & machining, plastics & polymers, furniture & equipment, healthcare, and others. Among these, the furniture & equipment sub-segment is predicted to have the fastest growth during the forecast period, due to the increasing demand for automation and robotic solutions in the manufacturing and logistics sectors. Collaborative robots can perform repetitive and labor-intensive tasks with high precision and speed. They can work continuously without fatigue, resulting in increased efficiency and productivity in furniture and equipment manufacturing processes. Cobots are designed to be easily programmed and reprogrammed for different tasks and product variations. In the furniture and equipment segment, where there is a wide range of product designs and sizes, cobots provide the flexibility to handle diverse production requirements.
The payload capacity segment is further classified into up to 5kg, up to 10kg, and above 10kg. Among these, the up to 5kg sub-segment is predicted to have the fastest growth during the forecast period. The demand for collaborative robots with payload capacity of up to 5kg is boosted by their suitability for a wide range of applications across various industries. From automotive and electronics manufacturing to healthcare, food & beverage, and logistics, these cobots can handle tasks that require precision, dexterity, and repetitive motions. Moreover, collaborative robots are designed to be user-friendly and require minimal programming and training. Their intuitive interfaces and advanced safety features enable quick integration into existing production lines without significant disruption. The up to 5kg payload capacity cobots are particularly suitable for tasks such as material handling, assembly, packaging, and quality control, which are common in many industries.
The collaborative robot market in Europe is projected to show the fastest growth during the forecast period. Europe has been experiencing rising labor costs, making it less economically viable for companies to rely solely on human labor. Cobots offer an efficient and cost-effective solution by working alongside human workers, increasing productivity, and reducing labor expenses. Europe has stringent safety regulations and standards in place to protect workers. Collaborative robots are designed to operate safely alongside humans, equipped with advanced sensors and safety features, making them suitable for various industries. Some European countries are facing a shortage of skilled labor in certain industries. Cobots can be programmed and deployed quickly, reducing the need for highly skilled operators, and enabling companies to overcome labor shortages. The rapid advancements in robotics technology, including improvements in artificial intelligence, machine learning, and computer vision, have made cobots more capable, flexible, and easier to integrate into existing workflows. This has expanded their applications across various industries in the region, such as manufacturing, healthcare, logistics, and agriculture.
Key Players in the Global Collaborative Robot Market
Some of the leading collaborative robot market players are
- Universal Robots A/S
- Fanuc Corporation
- Denso Corporation
- Techman Robot Inc.
- Omron Adept Technologies Inc.
- Doosan Robotics
- Epson Robors
- Robert Bosch GmbH
- F&P Robotics AG