Market Overview:
Collaborative robots, also known as co-bots, are designed to safely interact and work alongside humans without the need for protective barriers common to traditional robots. Key application areas of collaborative robots include food processing, material handling, machine loading, packing, assembling, and manufacturing. In manufacturing industries, collaborative robots are increasingly being deployed in applications such as welding, painting, packaging, etc. to improve productivity and reduce labor costs.
Market Dynamics:
The growing demand for automation in manufacturing and warehousing facilities is a major driver for the collaborative robot market. Labor shortage, high labor costs, and safety concerns are encouraging companies across industries to adopt collaborative robots. For instance, according to National Association of Manufacturers, over 2 million manufacturing jobs in the U.S. are unfilled due to talent shortages. Additionally, collaborative robots are easier and cheaper to deploy as compared to traditional industrial robots. The collaborative robots offer flexibility, speed, accuracy, and improved productivity gains which is fueling their adoption globally.
Some of the key technological advancements in collaborative robots include advanced sensors for safe human-robot collaboration, machine learning capabilities for autonomous decision making, advanced grippers, integrated safety features, and cloud connectivity. These advancements are further enhancing the functionalities and capabilities of collaborative robots.
Segment Analysis
The collaborative robot market is dominated by the industrial segment which accounts for around 60% of the total market share. This segment currently leads as collaborative robots find major applications in industries for tasks like assembling, disassembling, material handling, quality testing etc. Through their small size, flexibility and cost-effectiveness, collaborative robots help automate smaller tasks in industries without the need for expensive safety fixtures.
PEST Analysis
Political: Countries are promoting the use of collaborative robots to boost industrial automation and help industries optimize costs. Robotics incentives and regulations support the adoption of collaborative robots.
Economic: The lower costs of collaborative robots compared to traditional industrial robots is driving increased adoption. They offer a faster return on investment by improving productivity and reducing labor expenses.
Social: Collaborative robots enhance workplace safety by reducing accidents from tasks involving repetition or heavy lifting. They also allow workers to focus on more value-added tasks.
Technological: Advancements in vision capability, force/torque sensing, AI and motion planning have enabled collaborative robots to work safely alongside humans without the need for safety fences. This is boosting their market potential.
Key Takeaways
The Global Collaborative Robot Market Size is expected to witness high growth, exhibiting CAGR of 46% over the forecast period, due to increasing labor costs and shortage of workers. The market size for collaborative robots is projected to reach US$ 1156.76 Billion by 2030 from US$ 1156.76 Million in 2023.
Regional analysis: North America leads the collaborative robot market currently due to strong robotics adoption in industries across the US and Canada. However, Asia Pacific is poised to dominate the market in the coming years on the back of large scale industrialization in China, India, South Korea and Japan where industries are implementing collaborative robots aggressively for automation.
Key players operating in the collaborative robot market are ABB, Universal Robots, FANUC Corporation, Techman Robot, AUBO Robotics, KUKA, Kawada Robotics, Productive Robotics, Kawasaki Robotics, Precise Automation, Yaskawa, F&P Robotics, Rethink Robotics, Robert Bosch, MABI Robotic, Siasun, Franka Emika, Hanwha Precision Machinery, Carbon Robotics, Han’s Robot, ST Robotics, and Others. These players are focusing on innovations in payload capability, sensing and gripping technologies to enable collaborative robots for new applications.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
