Collaborative Robots Market: Growth, Trends by 2024

The global collaborative robots market size was valued at USD 979.6 million in 2020 and is 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. The Asia Pacific dominated the collaborative robots market with a share of 23.26% in 2020.

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Collaborative Robots Market Share, Size & Industry Analysis, 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), By Industry (Automotive, Electronics & Semi-Conductors, Food & Beverages, Retail, Metal & Machining, Rubber & Plastic, Others), and Regional Forecast Between, 2021-2028

Top Companies of collaborative robots market:

• 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)
• Neura Robotics (Germany)

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Collaborative Robots Market Drivers and restrains:

• Drivers:
  • Increasing Demand for Automation: The need for automation to enhance productivity, efficiency, and consistency in manufacturing processes drives the adoption of collaborative robots.
  • Cost-Effectiveness: Collaborative robots are often more affordable and flexible than traditional industrial robots, making them accessible for small and medium-sized enterprises (SMEs).
  • Advancements in Technology: Innovations in sensor technology, artificial intelligence, and machine learning improve the capabilities and safety features of collaborative robots, boosting market growth.
  • Shorter ROI and Flexibility: The ability of cobots to be quickly deployed and reprogrammed for various tasks allows for a shorter return on investment and greater flexibility in production environments.
  • Growing Adoption in SMEs: The ease of integration and lower barriers to entry make collaborative robots increasingly popular among SMEs looking to enhance their manufacturing processes without significant upfront costs.
• Restraints:
  • Initial Investment Costs: Despite being more cost-effective than traditional robots, the initial investment for collaborative robots can still be significant for some businesses.
  • Integration Challenges: Integrating cobots with existing systems and processes can be complex, requiring adjustments and potentially disrupting ongoing operations during implementation.
  • Limited Payload and Reach: Collaborative robots typically have limitations in payload capacity and reach compared to traditional industrial robots, which can restrict their application in certain industries or tasks.
  • Technical Expertise Requirements: Effective use of collaborative robots requires specialized knowledge and training, which may be a barrier for organizations lacking the necessary technical expertise.
  • Technological Obsolescence: Rapid advancements in robotics technology may lead to the obsolescence of existing models, requiring frequent updates or replacements to keep up with new developments and maintain competitive advantage.

Reasons to buy this report:

This report provides a detailed analysis of the current market status, trends, growth segments, and competitive dynamics in the collaborative robots market. It enables businesses to identify opportunities for growth and development while also highlighting potential challenges and risks. By evaluating business segments and product portfolios, the report enables stakeholders to make more informed market strategies and investments.

A thorough understanding of the industry dynamics outlined in the report can significantly improve decision-making and facilitate the development of effective success strategies in the collaborative robots market. Overall, this report is an excellent resource for those seeking in-depth information about this rapidly changing industry.

Regional Atributes:

• 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

Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

Industry developments of collaborative robots market:

• ABB Ltd. introduced a “”Wizard Easy Programming”” a block-based programming interface to keeping programming its single-arm YuMi cobot more easy. The company also claimed that it aims to make its cobots easier to set up for those who don’t know how to program, decreasing the entrance barrier.
• Universal Robots introduced UR+ application kits to make the deployment of Cobots easier for small, medium, and big businesses, as well as innovative solutions at MODEX 2020 that demonstrated the use of cobots to automate difficult-to-staff operations like palletizing and piece-picking.

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