Global Collaborative Robots Market 2023-2030

Global Collaborative Robots Market 2023-2030

Global collaborative robot market is estimated to grow at a CAGR of 40% during the forecast period. Collaborative Robots or Cobots are robots that interact with humans in a shared space to work. These cobots work autonomously with safety assured by isolation from human contact. In addition, these cobots can perform various functions such as information robots in public spaces for purposes such as crowd analysis, to inspection robots equipped with cameras and visual processing technologies that can serve in a variety of applications such as patrolling perimeters of secure facilities, and logistics robots that transport materials within a building.

The factors that drive the global collaborative robots market growth include the rising need to provide ease and accuracy to the work. Further, the growing demand for reducing operational costs in manufacturing plants is another major factor fueling the growth of the global collaborative robot industry. The adoption of these robots in the heavy industries sector assists end-users in achieving the operational flexibility required for addressing different product requirements. However, the lack of skilled labor or workforce for operating as well as the high costs of installation and maintenance are some of the factors that challenge the collaborative market growth during the forecast period.

Segmental Outlook

The collaborative robot market is segmented into application and vertical. Based on the application, the market is segmented into handling, assembling and disassembling, processing, and others. Based on the verticals, the market is segmented into automotive, food & beverage, metal &machinery, electrical & electronics, chemical, rubber, and plastics, and others.

Handling, Assembly & Disassembling Applications to Hold Significant Share

Based on the application segment, handling applications including pick and place, and assembly & disassembling application segment accounts for a significant share in the market, owing to the ease of work with even more complex assembly processes. In addition, the handling segment also registers notable growth owing to the rising adoption and applications of pick & place collaborative robots. The cobots are utilized in picking up and placing applications across verticals to reduce shrinkage and increase accuracy while handling. Pick & place robots are lightweight, small in size, and can be deployed in limited space, thus the adoption is expected to rise in the near future.

Regional Outlook

The global collaborative robots market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. North America is expected to hold a prominent share of the market. This is attributed to the continuous contributions of the key players present in the region. In addition, the availability of novel and advanced manufacturing facilities in the region based on new technologies and innovations to manufacture high-quality robots at a fast speed with lower costs further give a boost to the regional growth of the market. To cope with the highly competitive environment, the manufacturers in the region are implementing more intelligent software and hardware. Moreover, the rising adoption of robots for automation has been observed in the food &beverage industries as they require high accuracy, precision as well as hygiene. Thus, the market is expected to rise in the region in the near future.

Market Players Outlook

The prominent players operating in the collaborative robot market include ABB Group, Hyundai Robotics, a division of Hyundai Heavy Industries Holdings, FANUC Corp., Yaskawa Electric Corp., KUKA AG, EPSON Robots, a company of Seiko Epson Corp., F&P Robotics AG, among others. Collaborative robot manufacturers are adopting various strategies such as new product launches and approvals, mergers and acquisitions, partnerships and collaborations, and many others to thrive in a competitive environment. For instance, In November 2019, Universal Robotics along with Mobile International Robots opened 1500 sq. m collaborative robotics in Barcelona, which will further promote the company’s collaborative automation in Europe.