Collaborative Robots Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Collaborative Robots Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Collaborative Robots Market

The collaborative robots market size was valued at USD 979.6 million in 2020, and the market is now projected to grow from USD 1,358.2 million in 2021 to USD 16,387.3 million by 2028, exhibiting a CAGR of 42.7% during the forecast period of 2021-2028.

COVID-19 impacted the collaborative robots market growth. It led to Universal Robots, ABB and FANUC lower sales as they restrained supply chains and reduced the adoption of cobots in the automotive & electronics industries. Lockdowns affected manufacturing overall and specific uses of robotics helped with social distancing in hospitals and delivering orders. Automation also played a role in the production of the pharmacy goods industry as this industry also provided popular products during a pandemic. It was forecasted that there would be a rebound in 2021 as the application of robotics in such sectors was still in high demand.

Cobots are more advantageous than industrial robots because they have a lower demand for capital investment, which is suitable for SMBs. Semi-autonomous in nature, cobots require few other elements such as controllers and vision systems, which are less expensive to purchase and use. Cobots have become cheaper and are easier to operate so there is less training requirement than with other robots. Additional benefits that can further increase CNC machine improvements include the possibility of operation in plug-and-play mode and automatic operation from CAD data. The collaborative robots market share is gradually growing as more industries turn to affordable and flexible solutions to increase competitiveness.

Also, there is an increase in demand for automation within industries because advancements in robotics lead to the running of industries independently and more efficiently. Elements such as the high cost of labour, scarcity of workers and time taken to train workers are pushing automation in industries such as distribution, fulfilment and warehousing. Cobots are very useful because they can accomplish repetitive and picky tasks, and do it in rather dangerous areas. They are increasingly being adopted across sectors in manufacturing activities, thus enhancing their role in industrial uses.

Comprehensive Analysis of Collaborative Robots Market

The collaborative robots market and machinery and equipment industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the machinery and equipment industry. These segmentations are methodically segregated by payload capacity, by application and by industry. The payload capacity includes, Up to 5 Kg, 6-10 Kg, 11 Kg and Above. The application includes, Welding, Material Handling, Quality Testing, Painting/Spraying, Assembling and Others. The industry includes, Automotive, Electronics & Semi-Conductors, Food & Beverages, Retail, Metal & Machining, Rubber & Plastic and Others.

The Asia Pacific market is expected to grow significantly in the future years as industrial production increases, small and medium firms grow and there is a high demand for customized accuracy concerning machines. China leads this growth due to its strong manufacturing base, low-cost labour and favourable government policies supporting Foreign Direct Investments (FDIs). Along with lenient emission and safety regulations provides a competitive edge positioning Asia Pacific as a dominant region in the market.

The top players in the market play a crucial role in the machinery and equipment industry assuring industrial prospectus growth and setting market standards. These players include, Universal Robots (Headquarter: Odense, Denmark), Rethink Robotics GmbH (Headquarter: Massachusetts, U.S.), Denso Wave Incorporated (Headquarter: Aichi Prefecture, Japan), Fanuc Corporation (Headquarter: Yamanashi, Japan), Bosch Rexroth AG (Headquarter: Lohr a. Main, Germany), ABB (Headquarter: Zürich, Switzerland), Yaskawa America, Inc. - Motoman Robotics Div. (Headquarter: Fukuoka, Japan), AUBO Robotics (Headquarter: Tennessee, U.S.), Stäubli International AG (Headquarter: Freienbach, Switzerland), K2 Kinetics (Headquarter: Pennsylvania, U.S.), Rethink Robotics (U.S.), MABI Robotic (Switzerland), FrankaEmika (Germany), F&P Robotics (Switzerland) and Neura Robotics (Germany). These market players provide a level-playing competitive landscape.

In December 2020, ABB Ltd. released Wizard Easy Programming, a block-based programming interface to continue simplifying programming its single-arm Yumi cobot. The company also said it wants to simplify its cobots’ deployment for those unfamiliar with programming to make the entrance barrier as low as possible.

Segmentation Table

Global Collaborative Robots Market Scope

Study Period

2017-2028

Base Year

2020

Forecast Period

2021-2028

Growth Rate

CAGR of 42.7% from 2021 to 2028

Historical Period

2017-2019

Unit

Value (USD Billion)

Segmentation

By Payload Capacity, Application, Industry, and Region

By Payload Capacity

Up to 5 Kg

6-10 Kg

11 Kg and Above

By Application

Welding

Material Handling

Quality Testing

Painting/Spraying

Assembling

Others (Packaging, etc.)

By Industry

Automotive

Electronics & Semi-Conductors

Food & Beverages

Retail

Metals & Machining

Rubber & Plastic

Others (Agriculture, Aerospace, etc.)

By Region

North America (By Payload Capacity, Application, Industry and Country)

• U.S. (By Payload Capacity)
• Canada (By Payload Capacity)

Europe (By Payload Capacity, Application, Industry and Country)

• U.K. (By Payload Capacity)
• Germany (By Payload Capacity)
• France (By Payload Capacity)
• Rest of Europe

Asia Pacific (By Payload Capacity, Application, Industry and Country)

• China (By Payload Capacity)
• Japan (By Payload Capacity)
• India (By Payload Capacity)
• Southeast Asia (By Payload Capacity)
• Rest of Asia Pacific

Middle East & Africa (By Payload Capacity, Application, Industry and Country)

• GCC (By Application)
• South Africa (By Application)
• Rest of Middle East & Africa

South America (By Payload Capacity, Application, Industry and Country)

• Brazil (By Payload Capacity)
• Mexico (By Payload Capacity)
• Rest of South America

Please Note: It will take 5-6 business days to complete the report upon order confirmation.