Global Industrial Cobot Market Report and Forecast 2024-2032

Global Industrial Cobot Market Report and Forecast 2024-2032

Global Industrial Cobot Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global industrial cobot market size reached approximately USD 2.30 billion in 2023. Aided by technological advancements, the market is assessed to grow at a CAGR of 35% between 2024 and 2032 to attain a value of around USD 34.46 billion by 2032.

Industrial cobots, or collaborative robots, are advanced robotic systems designed to work alongside human employees within a shared workspace. Unlike traditional industrial robots that often require separate operational areas due to safety concerns, cobots are engineered to interact safely and effectively with human workers. This collaboration is made possible through a combination of sophisticated sensor technology, safety features, and advanced programming that enables these robots to detect, respond to, and even predict human actions to avoid accidents and ensure a harmonious work environment. Cobots are versatile and can be deployed across a wide range of industries for various tasks, including but not limited to assembly, welding, painting, inspection, and packaging.

The industrial cobot market expansion is underpinned by several key factors. First and foremost, the ongoing technological advancements in robotics and artificial intelligence (AI) have significantly enhanced the capabilities of cobots, making them more adaptable, intelligent, and accessible to businesses of all sizes. Furthermore, the increasing emphasis on workplace safety and the rising labour costs globally have compelled industries to invest in automation solutions that can work safely alongside human employees.

The automotive industry remains a prominent end-user of cobots, leveraging their flexibility and efficiency to perform tasks such as assembly, machine tending, and quality inspection. Meanwhile, the electronics sector is rapidly adopting cobots for precision tasks, including circuit board assembly and testing. In the food and beverage industry, cobots are revolutionising operations by performing packaging, palletizing, and quality control, thereby ensuring compliance with stringent hygiene standards. Such diverse uses are revolutionising the industrial cobot market expansion.

Technological advancements are at the core of the expanding capabilities of cobots. Innovations in sensor technology have greatly enhanced the ability of cobots to perceive their environment, allowing for more nuanced interactions with human operators and other objects in their vicinity. This is crucial for tasks requiring precision, such as assembling small components or handling delicate materials.

Machine vision systems equipped with cobots are becoming increasingly sophisticated, enabling these robots to recognise shapes, colours, and patterns. This capability is especially beneficial in quality control processes, where cobots can identify defects or inconsistencies in products with high accuracy and consistency. This is one of the key industrial cobot market trends.

Artificial Intelligence (AI) plays a pivotal role in advancing cobot capabilities, providing them with the ability to learn from their operations and improve over time. Through machine learning algorithms, cobots can adapt to new tasks with minimal human intervention, making them highly versatile tools in the industrial sector.

Governments across the globe are recognising the potential of automation and robotics to boost industrial productivity and maintain competitiveness. Many have introduced financial incentives, such as tax breaks, subsidies, and grants, to encourage businesses to invest in cobot technologies. Additionally, regulatory frameworks are being adapted to facilitate the safe integration of cobots in workplaces, ensuring that these innovations can be deployed without legal or bureaucratic hindrances.

These incentives are not only aimed at large corporations but are also designed to support small and medium-sized enterprises (SMEs), enabling them to leverage cobot technology to enhance their operations.

Workplace safety is a significant concern in industries where hazardous tasks are prevalent. Cobots are designed with safety in mind, equipped with sensors and software that allow them to detect and respond to human presence, ensuring that they can operate alongside humans without posing risks. By taking over dangerous tasks, such as handling toxic materials or operating in unsafe conditions, cobots can significantly reduce the incidence of workplace accidents and injuries. This is driving the industrial cobot market growth.

This focus on safety is driving the adoption of cobots in sectors beyond manufacturing, including pharmaceuticals, agriculture, and healthcare, where their ability to work safely in close proximity to humans is highly valued.

The scalability and declining costs of robotic technology are making cobots increasingly accessible to SMEs, driving innovations in the industrial cobot market. This accessibility is crucial for SMEs aiming to compete in a global market, as it allows them to automate processes and enhance productivity without the need for large capital investments or extensive modifications to their existing infrastructure.

Cobots offer SMEs the flexibility to automate a wide range of tasks, from assembly and packaging to inspection and material handling, enabling these businesses to scale their operations more efficiently and respond more swiftly to market demands.

Despite the optimistic outlook, the industrial cobot market faces challenges that could impede its growth. The high initial investment in cobot deployment, including the cost of the robots and the integration into existing systems, can be a significant barrier for some businesses. Additionally, there is a growing need for skilled personnel who can install, programme, and maintain these systems. This skills gap presents a challenge for the rapid deployment of cobots, especially in regions with limited access to technical education and training.

Market Segmentation

The industrial cobot market can be divided based on application, end use, and region.

Market Breakup by Application

• Machine Tending
• Material Handling
• Value Added Processing
• Transport
• Test/Inspection

Market Breakup by End Use

• Electronics
• Automotive
• Food and Beverages
• Healthcare
• Manufacturing
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the industrial cobot market. Some of the major players explored in the report by Expert Market Research are as follows:

• Kawasaki Heavy Industries, Ltd.
• ABB Ltd.
• Denso Corporation
• Omron Corporation
• Fanuc Corporation
• Yaskawa Electric Corporation
• Universal Robots A/S
• Teradyne, Inc.
• Midea Group Co Ltd. (Kuka AG)
• Staubli International AG
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.