Collaborative Robot Market to Reach US$791.0 Million by 2022
The global Collaborative Robot Market is estimated to be valued at US$791.0 million in 2022 and is expected to exhibit a CAGR of 46.24% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Collaborative robots, also known as cobots, are designed to safely interact and collaborate with humans in a shared workspace. These robots offer several advantages such as increased productivity, improved safety, easy programming, and flexible deployment. The rising need for automation across various industries, such as manufacturing, automotive, and electronics, is driving the demand for collaborative robots globally. These robots can perform repetitive tasks with precision and accuracy, thereby reducing the risk of human errors and enhancing overall operational efficiency.
Market Key Trends:
One of the key trends in the collaborative robot market is the integration of Artificial Intelligence (AI) technology. AI-powered cobots can analyze complex data, learn from experience, and make intelligent decisions, making them more autonomous and efficient. This enables them to adapt to changing environments and work alongside humans seamlessly. AI integration also enhances the robot’s ability to understand and respond to human commands, enabling more intuitive and natural human-robot collaboration.
Moreover, the emergence of advanced sensing and vision technologies is another significant trend in the collaborative robot market. Robotic systems equipped with advanced sensors and cameras can perceive their surroundings accurately, enabling them to perform complex tasks with precision and safety. These sensing capabilities facilitate improved object detection, obstacle avoidance, and enhanced human-robot interaction.
Overall, the collaborative robot market is set to witness rapid growth in the coming years, driven by the increasing adoption of automation solutions across various industries, advancements in AI and sensing technologies, and the need for improved productivity and safety in manufacturing
The Collaborative Robot Market can be segmented based on payload capacity, application, industry, and region. In terms of payload capacity, the segment analysis reveals that the dominating sub-segment is the 0-5 kg payload segment. This is primarily due to the increasing demand for lightweight robots that can handle repetitive tasks in various industries such as automotive, electronics, and healthcare. These robots are used for tasks such as material handling, assembly, and pick-and-place operations. The 0-5 kg payload segment is expected to continue dominating the market throughout the forecast period.
The global Collaborative Robot Market is expected to witness high growth, exhibiting a CAGR of 46.24% over the forecast period of 2023-2030. This growth can be attributed to increasing automation in industries, especially in manufacturing processes. Collaborative robots offer numerous advantages such as enhanced productivity, improved safety, and reduced labor costs. As industries recognize the benefits of using collaborative robots, the demand for such robots is expected to rise.
In terms of regional analysis, the Asia-Pacific region is projected to be the fastest-growing and dominating region in the Collaborative Robot Market. This can be attributed to factors such as increasing industrial automation and the presence of key players in countries like China, Japan, and South Korea. These countries are adopting collaborative robots to enhance their manufacturing capabilities and meet the growing demand for products.
Key players operating in the Collaborative Robot Market include 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 key players are focusing on research and development activities to enhance the capabilities of collaborative robots and expand their market presence. Additionally, strategic partnerships, mergers, and acquisitions are also being witnessed in the market to gain a competitive edge.