New York, USA, July 05, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global collaborative robot market is projected to generate a revenue of $27,380.00 million and grow at a stunning CAGR of 36.3% over the analysis timeframe from 2023 to 2032.
As per our analysts, the rising demand for automation across various industries including manufacturing, healthcare, logistics, and many more to perform repetitive tasks with high accuracy and speed is predicted to bolster the growth of the collaborative robot market during the forecast period. Besides, collaborative robots are more flexible and easily reprogrammable which allows them to perform various tasks across industries to increase productivity and efficiency with changing production requirements, which is expected to uplift the growth of the market over the estimated timeframe. Moreover, collaborative robots offer a cost-effective automation solution for SMEs with enhanced flexibility, and improved safety to work alongside humans which is expected to create massive growth opportunities for the collaborative robot market during the analysis period. However, the security and technical limitations of collaborative robots may impede the growth of the market throughout the forecast timeframe.
Segments of the Collaborative Robot Market
The report has divided the market into segments based on component, application, end-user, payload capacity, and region.
Component: Hardware Sub-Segment to be Most Productive
The hardware sub-segment held the highest market share in 2022. This is mainly due to the continuous advancements in robot technology to develop more sophisticated and capable hardware components for collaborative robots. Moreover, collaborative robots offer a cost-effective and flexible solution for various industrial applications which is predicted to propel the growth of the market sub-segment during the analysis period.
Application: Assembling & Disassembling Sub-Segment to be Most Profitable
The assembling & disassembling sub-segment held the largest share of the collaborative robot market in 2022. This is majorly due to the increasing demand for automation solutions in manufacturing and industrial processes. In addition, the increasing demand for collaborative robots in assembling and disassembling tasks as they require frequent changes in product configurations and setups is expected to fuel the growth of the market sub-segment over the forecast period.
End-User: Automotive Sub-Segment to be Most Beneficial
The automotive sub-segment generated the highest revenue in the global collaborative robot market in 2022. This is mainly due to the increasing demand for automation across the automotive industry to enhance productivity, efficiency, and quality control in several manufacturing processes. In addition, collaborative robots offer easy reprogramming and reconfiguration for different tasks and setups cost-effectively, which is expected to augment the growth of the market sub-segment during the estimated period.
Payload Capacity: Up to 5kg Sub-Segment to be Most Beneficial
The up to 5kg sub-segment held the biggest market share in 2022. This is mainly because collaborative robots in the up to 5kg payload range provide enhanced flexibility and adaptability compared to traditional industrial robots. In addition, collaborative robots with up to 5kg payload range are more affordable than larger industrial robots, are engineered with advanced sensors and safety features, and are accessible to various industries and businesses which is expected to magnify the growth of the market sub-segment over the analysis period.
Region: Europe Market Registered the Dominant Revenue in 2022
The Europe region of the collaborative robot market held the highest market share in 2022. This is mainly due to the rising incorporation of advanced sensors, artificial intelligence, and machine learning algorithms to enhance the capabilities of collaborative robots. Furthermore, the increasing collaborative government initiatives to support the adoption of automation technologies including collaborative robots are expected to drive the regional growth of the market over the forecast period.
Ask an Expert Analyst or Schedule a call to Get the Latest Trends on Collaborative Robot Market
Covid-19 Impact on the Collaborative Robot Market
The outbreak of the Covid-19 pandemic has had a mixed impact on the collaborative robot market. The pandemic has disrupted global supply chains and the manufacturing operations of various businesses. This has slowed down the adoption of new technologies such as collaborative robots. Moreover, many businesses faced financial challenges and uncertainty to delay back their automation plans which declined the demand for collaborative robots over that period. However, the increasing demand for collaborative robots across various industries such as pharmaceuticals, food processing, healthcare, and logistics to work alongside humans and perform repetitive or dangerous tasks owing to labor shortages or social distancing requirements has brought numerous growth opportunities for the collaborative robot market over the crisis.
Key Players of the Collaborative Robot Market
The major players of the global market include
- Omron Adept Technologies Inc.
- Techman Robot Inc.
- Doosan Robotics
- Denso Corporation
- Epson Robors
- Fanuc Corporation
- Robert Bosch GmbH
- ABB
- F&P Robotics AG
- Universal Robots A/S
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in June 2026, Universal Robots, a Danish manufacturer of smaller flexible industrial collaborative robot arms announced its partnership with SICK, a global manufacturer of sensors and sensor solutions. With this partnership, the companies came forward to address the need for additional safety measures in certain collaborative human-robot applications.
Further, the report also presents other vital aspects such as SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Collaborative Robot Market:
- How Are Collaborative Robots Different from Traditional Robots?
- Collaborative Robots to Arise As a Game-Changer for Many Manufacturing Sectors
