Robots that collaborate with humans are referred to as collaborative robots. These were created primarily to effectively and efficiently aid people in an industrial setting effectively and efficiently. These can cooperate with people to carry out delicate and intricate operations that cannot be automated and where the little direction is needed. They can easily adapt to changing environments and workplace requirements, which enables them to be integrated into a wide range of new applications. Due to the integration of sensors and cameras, collaborative robots are also very safe for human employees.

In 2021 the market for collaborative robots was worth USD 701.56 million, and it will reach USD 2506.90 million by 2030, growing at a 15.2% CAGR During the forecast period.

The main drivers of the market’s expansion are the manufacturing companies’ increased emphasis on automation, the rise in demand for small, light, and dexterous robots, the low average selling price, and higher returns from investing in collaborative robots.

Market Dynamics

Drivers

The main factors propelling the growth of the Collaborative Robots market during the forecast period are investments in the automation of manufacturing processes. And the increased acceptance of robotics in small and medium enterprises (SMEs). The development of collaborative robots that operate alongside humans in industries like the assembly of electronics products. And smart parts will only increase demand for these machines in the coming years. Additionally, the capacity of robots to collaborate well with people in a larger environment has resulted in a rise in the number of robot installations in the industry. 

Restraints

The cobots’ inferior power efficiency limits the several applications of collaborative robots in the heavy-duty manufacturing industry. The speed supplied by traditional industrial robots with payload capacities comparable to those of collaborative robots is greater than that of the former for an average speed of about 1 m/s. Because cobots are not as popular as traditional industrial robots, market growth can be restricted.

Opportunity 

Robotics have been in extremely high demand in the medical sector during the Covid-19 pandemic crisis. Additionally, the abrupt COVID-19 pandemic breakout has accelerated the expansion of robot usage, particularly for automation needs in the medical sector. These robotic automation systems have frequently been used to sanitize operating and patient rooms throughout the pandemic. Therefore, there will be many future opportunities for using cobots, particularly in the healthcare sector.

Market Segmentation 

By Application

The assembly application segment contributed to a sizable revenue share of approximately 23.0% in 2022. It is due to the growing use of collaborative robots to combine simple, repetitive activities and support intricate assembly processes.

The market for gluing and welding will grow at the greatest CAGR. This is due to the several advantages that cobots provide, including decreased waste, improved uniformity, quality. And output products that are attracting the attention of marketers. 

By Payload Capacity 

In 2022, the upto 5Kg payload capacity segment ruled the market with the largest share of 44%. They optimize low-weight collaborative activities like picking, positioning, and testing while being flexible and light. The introduction of sophisticated cobots with payloads in this range is creating new market expansion potential.

By Vertical

The automotive market ruled the entire market, with the largest revenue share of 24% in 2022. The market is growing due to their capacity to save on floor space and the expense of production downtime. Additionally, they play a significant role in spot and arc welding, part assembly, painting, coating, and other processes. 

Regional Overview 

Europe held a sizeable revenue share of more than 30% in 2022 as it is a lucrative hub for collaborative robotics. This is mostly attributable to the widespread use of collaborative robots. In a variety of industries, including inspection, electronics, and logistics. Additionally, a number of benefits, including effective production optimization solutions and greater workplace communication, will promote market growth.

The Asia Pacific will see a CAGR of more than 34.0% between 2023 and 2030. Due to the region’s increasing emphasis on the precision and quality of cobots. Demand for cobots in the area is driven by their capacity to manufacture high-quality products, decrease waste, boost efficiency, and standardize products.

Key Players 

  • KUKA 
  • ABB 
  • Techman Robot 
  • YASKAWA 
  • FANUC 
  • Doosan Robotics 
  • F&P Robotics 
  • Universal Robots 
  • Rethink Robotics 
  • Precise Automation 
  • Wyzo
  • Elite Robot
  • MIP Robotics 
  • Denso Corporation 
  • Neura Robotics 

In 2021 the market for collaborative robots was worth USD 701.56 million. And it will reach USD 2506.90 million by 2030. Growing at a 15.2% CAGR During the forecast period. The market’s expansion can be linked to rising auto industry production. Followed by a boom in the use of collaborative robots to boost productivity across the board. A few other factors driving the adoption of collaborative robots include falling pricing. And the growing use of these machines in non-manufacturing applications like packing and logistics.

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