Dublin, June 27, 2024 (GLOBE NEWSWIRE) -- The "Global Collaborative Robot (Cobot) Market: Focus on Industry, Application, Type, Payload, Component, and Region - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.
Collaborative robots (Cobots) have had a transformational industrial influence, particularly in areas that value flexibility and efficiency.
Market Demand Drivers: Increasing Demand for Automation Across Industries
The increased demand for automation across industries is propelling the market for collaborative robot (Cobots), which are altering manufacturing landscapes with better precision, flexibility, and safety. Cobots excel in completing duties with high accuracy and consistency, which is crucial in industries like electronics and pharmaceuticals, where sensitive components must be handled carefully to reduce errors and improve product quality.
Market Restraints: High Initial Investment and Operational Expenditures
The integration of collaborative robotics (Cobots) into commercial operations presents significant financial challenges due to considerable initial investments and ongoing operational costs. Cobots' high initial costs are attributed in part to novel technology such as advanced sensors, artificial intelligence, and powerful control systems. This financial barrier is particularly difficult for small and medium-sized enterprises (SMEs).
Market Opportunities: Increasing Adoption Among Small and Medium-Sized Enterprises (SMEs)
Small and medium-sized organizations (SMEs) are increasingly adopting collaborative robot (Cobot), leading to significant economic opportunities in the industry. Cobots provide SMEs with a cost-effective and customizable automation option, which is especially tempting considering their lower startup and recurring costs than traditional robots. This affordability and versatility enable SMEs to implement automation technologies that can scale with business growth, expanding the potential market for Cobot manufacturers.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 129 |
| Forecast Period | 2023-2033 |
| Estimated Market Value (USD) in 2023 | $2.1 Billion |
| Forecasted Market Value (USD) by 2033 | $6.97 Billion |
| Compound Annual Growth Rate | 12.7% |
| Regions Covered | Global |
Market Segmentation
Segmentation 1: by Industry
- Automotive
- Electrical, Electronics, and Semiconductor
- Plastic and Polymer
- Pharma and Chemistry
- Food and Beverage
- Aerospace and Defense
- Metal and Machining
- Others
Automotive to Dominate the Global Collaborative Robot (Cobot) Market (by Industry)
The collaborative robot (Cobot) market is led by the automotive segment, with a 14.04% share. This is because of its strong integration of cobots in all stages of production, from assembly to inspection and packing, automotive companies use cobots because of their precision, adaptability, and ability to securely interact with human workers, streamlining production lines and lowering operational costs.
Segmentation 2: by Application
- Material Handling
- Assembly
- Molding Operations
- CNC Machine Tending
- Test and Inspection
- Packaging and Palletizing
- Polishing
- Screw Driving
- Gluing, Dispensing, and Welding
- Others
Material Handling to Dominate the Global Collaborative Robot (Cobot) Market (by Application)
The collaborative robot (Cobot) market is led by the material handling segment, with a 20.73% share. This is because of their versatility and effectiveness, cobots are ideal for operations including packaging, palletizing, assembly, and part feeding. Cobots are especially well-suited for these activities because of their ability to interact securely with human workers, adapt to a variety of payloads, and conduct repeated operations with great precision and dependability. This appropriateness is increased by the simplicity with which cobots may be reprogrammed and redeployed for various duties, making them an affordable choice for small and medium-sized businesses wishing to improve operational efficiency.
Segmentation 3: by Type
- Static Cobot
- Mobile Cobot
Static Cobot Segment to Witness the Highest Growth between 2023 and 2033
The static cobot segment dominated the global collaborative robot (Cobot) market (by type), with a 67% share due to its broad application and critical significance in stationary jobs across a variety of production contexts. Static cobots are widely employed for processes such as machine tending, welding, and assembly that need precision and consistency within defined operational zones. Their ability to be readily incorporated into existing production lines without requiring major workspace redesign or additional safety equipment makes them especially appealing to small and medium-sized businesses wishing to implement robotics with minimal interruption.
Segmentation 4: by Payload
- Less than 5Kg
- 5Kg-9Kg
- 10Kg-20Kg
- Above 20Kg
Less than 5Kg Segment to Witness the Highest Growth between 2023 and 2033
The less than 5Kg segment dominated the global collaborative robot (Cobot) market (by payload), with a 34% share due to the reason that these lightweight cobots are versatile and easily accessible. Their compact size and low mass make them ideal for precise and delicate activities like component assembly in electronics or sophisticated pick-and-place procedures, which are common in many modern production environments. These lightweight cobots are also easier to incorporate into existing industrial setups, take up less space, and provide safer interaction with human workers due to their lower inertia and force limits.
Segmentation 5: by Component
- Hardware
- Software
Hardware Segment to Witness the Highest Growth between 2023 and 2033
The hardware segment dominated the global collaborative robot (Cobot) market (by component), with a 33% share. This is due to the significant initial expenditure necessary for physical robotic devices and their associated components. Hardware is the foundation of cobot functioning, and it includes advanced sensors, actuators, control units, and the robotic arms themselves, all of which are required for precise and efficient operation. As companies increasingly use cobots for a variety of applications, the need for these advanced hardware systems rises, propelling market growth.
Segmentation 6: by Region
- North America - U.S. and Canada
- Europe - U.K., Germany, France, and Rest-of-Europe
- Asia-Pacific - China, India, Japan, and Rest-of-Asia-Pacific
- Rest-of-the-World - South America and Middle East and Africa
Asia-Pacific was the highest-growing market among all the regions, registering a CAGR of 13.36%. Europe is anticipated to gain traction in terms of collaborative robot (Cobot) adoption owing to the growth of adoption of Cobots in the automotive industry and with the biggest automotive companies residing in the European region, the usage of collaborative robot (Cobot) will drive the market forward.
In Europe, Germany is anticipated to show the highest growth in the collaborative robot (Cobot) market among other countries in the region, growing at a CAGR of 13.36%. The growth of Germany in the collaborative robot (Cobot) market is mainly due to the fact that it benefits from extensive government support, automotive giants who are investing in Cobots heavily, and innovative companies and start-ups.
Recent Developments in the Global Collaborative Robot (Cobot) Market
- In January 2022, Stellantis N.V. is a Dutch multinational vehicle manufacturer that emerged from merging PSA and Fiat Chrysler Automobiles. The company installed 11 collaborative robot arms from Universal Robots (UR) at its Mirafiori factory in Turin, Italy, to automate a number of complicated assembly line activities and quality controls for the new Fiat 500 electric vehicle.
- In December 2023, ABB Robotics and XtalPi have formed a strategic cooperation to manufacture a line of automated laboratory workstations in China. The new automated laboratories will increase the efficiency of R&D operations in biopharmaceuticals, chemical engineering and chemistry, and new energy materials.
- In October 2023, Aerobotix Inc. revealed a new mobile robot for the aerospace and defense industries. Aerobotix and partner Compass Technology Group (CTG) stated they constructed the first collaborative mobile robot for the U.S. Air Force repair facilities. The self-navigating Adaptive Radome Diagnostic System (ARDS), developed by the Air Force's Small Business Innovation Research (SBIR) program, uses microwave signals to non-destructively examine aircraft radomes and discover flaws like delamination or water infiltration.
How can this Report add value to an Organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of industries where collaborative robot (Cobot) can be deployed. Moreover, the study provides the reader with a detailed understanding of the collaborative robot (Cobot) market by application on the basis of industry (automotive, electrical, electronics, and semiconductor, plastic and polymer, pharma and chemistry, food and beverage, aerospace and defense, metal and machining and others) and on the basis of application (material Handling, assembly, molding operations, CNC machine tending, test and inspection, packaging and palletizing, polishing, screw driving, gluing, dispensing, and welding, and others), and product on the basis of type (static cobot and mobile cobot), by Payload (less than 5Kg, 5Kg-9Kg, 10Kg-20Kg, and above 20Kg), by Component (Hardware and Software).
Growth/Marketing Strategy: The collaborative robot (Cobot) market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been partnerships and contracts to strengthen their position in the collaborative robot (Cobot) market. For instance, In May 2023, MG Tech Group unveiled its new high duty cobot palletizer at its most recent trade event, featuring an HC30 Yaskawa cobot and a Rockwell Automation system. The cobot palletizer is aimed at a variety of markets. Manufacturers can afford a machine that can accomplish up to 6 cycles per minute while also being simple to install and maintain. It also has a smaller footprint, saving up to 15% more room than a "standard" robotic palletizer because there is no shell around the unit.
Competitive Strategy: Key players in the collaborative robot (Cobot) market analyzed and profiled in the study involve major companies offering collaborative robot (Cobot) services designed for various applications. Moreover, a detailed competitive benchmarking of the players operating in the collaborative robot (Cobot) market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on thorough secondary research, which includes analyzing company coverage, product portfolio, market penetration, and insights gathered from primary experts.
The collaborative robot (Cobot) market comprises key players who have established themselves thoroughly and have the proper understanding of the market, accompanied by start-ups who are looking forward to establishing themselves in this highly competitive market. The collaborative robot (Cobot) market was dominated by established players, accounting for 68% of the market share, whereas start-ups managed to capture 32% of the market. With the increasing adoption of collaborative robot (Cobot) across various industries, more players will enter the global collaborative robot (Cobot) market with each passing year.
Some prominent names established in this market are:
- ABB
- AUBO (Beijing) Robotics Technology Co. Ltd.
- Bosch Rexroth AG
- Comau S.p.A.
- DENSO International America, Inc
- FANUC CORPORATION
- HAHN Group GmbH
- KUKA AG
- Nachi Robotic Systems, Inc.
- Robotiq
- Productive Robotics, Inc.
- Seiko Epson Corporation
- TECHMAN ROBOT INC.
- Universal Robots A/S
- Yaskawa Motoman
For more information about this report visit https://www.researchandmarkets.com/r/k7op0c
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