Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Global Collaborative Robot Market Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global collaborative robot market is poised for significant expansion, projected to climb from USD 1.2 billion in 2023 to USD 6.8 billion by 2029, boasting a robust CAGR of 34.3% during the period from 2023 to 2029.
This research report categorizes the collaborative robot market based on payload, component, application, industry, and region. The report describes the major drivers, restraints, challenges, and opportunities about the collaborative robot market and forecasts the same till 2029. The report also consists of leadership mapping and analysis of all the companies in the collaborative robot market ecosystem.
Factors Driving Growth
One of the primary drivers behind this growth is the appealing return on investment (ROI) that collaborative robots offer compared to traditional industrial robotics systems. This ROI attractiveness has been a catalyst for the recent surge in collaborative robot adoption. Additionally, the manifold benefits associated with incorporating cobots across businesses of varying scales contribute to this market's expansion.
Electronics Industry's Influence
The electronics industry is set to be a significant player in the collaborative robot market. This sector is embracing low-payload collaborative robots, particularly those with a capacity of up to 5 kg. These robots, being cost-effective and compact, easily integrate into the production line. Precision is a critical factor in the electronics industry, which aligns well with the capabilities of these cobots. They perform tasks such as managing display screens, connectors, subassemblies, and printed circuit boards (PCBs), which require high accuracy and precision.
5-10 kg Payloads: A Rising Category
The 5-10 kg payload category of collaborative robots is expected to witness notable growth. These cobots can manage heavier parts and have a broader reach for machine tending and palletizing tasks. They are widely used in various factory automation tasks such as material handling, palletizing, and machine tending. Notably, these robots are often employed in the automotive industry for tasks like picking and placing small engine and transmission components during assembly alongside human workers.
Robotic Arm Dominance
Among hardware components, the robotic arm takes the lead in terms of growth rate. This arm, a complex and expensive component, plays a pivotal role in a collaborative robot. It consists of various joints that facilitate motion, and it must adhere to safety standards while interacting with human workers. The design intricacies include accommodating drives, motors, and sensors while ensuring resistance to dust and water.
North American Growth Hub
North America is anticipated to be a significant growth region for the collaborative robot market. Prominent players in the region are expanding their production capacities to meet market demands. The automotive and electronics industries are notably adopting collaborative robots, contributing to the market's growth in the region.
Conclusion: Pioneering Collaborative Robotic Progress
The global collaborative robot market is on a remarkable trajectory of growth, fueled by the promise of impressive ROI, industry-specific adoption, and the advantages of these robots in diverse applications. The electronics industry and the 5-10 kg payload category are emerging as key growth drivers, while the robotic arm component takes center stage in this transformative journey. North America's growth momentum in this sector underscores the significance of automation in industries like automotive and electronics. Collaborative robots are set to redefine the contours of automation, offering precise, efficient, and adaptable solutions to diverse sectors across the globe.
Premium Insights
- Increased Demand for Cobots in Automotive and Electronics Industries to Fuel Market Growth
- Market for Collaborative Robots with Payload Capacity of More Than 20 kg to Record Highest CAGR During Forecast Period
- Handling Applications to be Largest Market Segment in 2023
- Automotive Industry to Hold Largest Share of Collaborative Robot (Cobot) Market in 2023
- Automotive Segment and China Accounted for Largest Shares of Collaborative Robot (Cobot) Market in 2022
- Collaborative Robot (Cobot) Market in India to Grow at Highest CAGR During Forecast Period
Market Dynamics
- Drivers
- Higher Return on Investment Than Traditional Industrial Robotic Systems
- Increased Demand in e-Commerce and Logistics Sectors
- Significant Benefits in Businesses of All Sizes
- Easy Programming of Cobots
- Restraints
- Higher Preference for Low-Payload-Capacity Robots in Heavy-Duty Industrial Applications
- Opportunities
- Increasing Focus of Automation Experts on Pairing Robotic Arms with Mobile Platforms such as AMRs or AGVs
- Growing Number of Subscriptions for RaaS Model
- Rising Demand for Automation in Healthcare Industry
- Challenges
- Payload and Speed Limitations of Collaborative Robots Owing to Their Inherent Design
- Difficulties in Adapting to New Standards and Cybersecurity Challenges Related to Connected Robots
Key Attributes
| Report Attribute | Details |
| No. of Pages | 330 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $1.2 Billion |
| Forecasted Market Value (USD) by 2028 | $6.8 Billion |
| Compound Annual Growth Rate | 34.3% |
| Regions Covered | Global |
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Collaborative Robot (Cobot) Market, by Payload
7 Collaborative Robot (Cobot) Market, by Component
8 Collaborative (Cobot) Robot Market, by Application
9 Collaborative Robot (Cobot) Market, by Industry
10 Collaborative Robot (Cobot) Market, by Region
11 Human-Robot Collaborative Operational Environment (Qualitative)
12 Integration of Cobots and IoT (Qualitative)
13 Competitive Landscape
14 Company Profiles
15 Appendix
Companies Mentioned
- ABB
- Aubo (Beijing) Robotics Technology Co. Ltd.
- Bosch Rexroth AG
- Comau S.p.A.
- Doosan Robotics Inc.
- Denso Corporation
- Dobot
- Elephant Robotics
- Elite Robots
- Fanuc Corporation
- Franka Emika GmbH
- F&P Robotics AG
- Hanwha Corporation
- Huiling-Tech Robotic Co. Ltd.
- Jaka Robotics
- Kuka AG
- Kassow Robots
- Kawasaki Robotics
- MIP Robotics
- Neura Robotics GmbH
- Omron Adept Technology, Inc.
- Productive Robotics, LLC
- Rethink Robotics GmbH
- Siasun Robot & Automation Co. Ltd.
- Staubli International AG
- Techman Robot
- Universal Robots A/S
- Wyzo
- Yaskawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/o3blm7
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