New York, NY, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "Collaborative Robot Market Share, Size, Trends, Industry Analysis Report, By Payload Capacity (Up to 5kg, Up to 10kg, Above 10kg); By Industry Vertical; By Application; By Region; Segment Forecast, 2023 - 2032" in its research database.
As per the recent analysis by Polaris Market Research, the global collaborative robot market size and share were valued at USD 1,222.03 million in 2022 and is predicted to reach USD 20,258.74 million by 2032. Also, the study states that the market reveals a robust 32.4% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032.
What is a Collaborative Robot? What is the Expected Size and Share of Collaborative Robot Market?
- Overview
A collaborative robot, also referred to as a cobot, is an industrial robot specifically designed to work alongside humans. Unlike their traditional counterparts, which are typically enclosed in safety enclosures, cobots are engineered to operate safely alongside human workers in a collaborative workspace. In most cases, these robots are responsible for repetitive tasks while the human workers are engaged in more complex and though-intensive tasks. Owing to their compact, lightweight, and mobile nature, collaborative robots can easily be reconfigured to various existing work environments.
Collaborative robots come equipped with various sensors and safety mechanisms to ensure there’s a safe and efficient collaboration between them and humans. They play a crucial role in various sectors, including the healthcare, automotive, pharmaceutical, and metal industries. The growing demand for automation and increasing emphasis on safety in high-risk workplaces are driving the collaborative robot market growth.
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What are the Key Findings of the Report?
- The integration of cobots in workplaces improves product quality and reduces the risk of workplace injuries and accidents.
- Increasing betterment in the human-machine interface boosts product demand.
- The collaborative robot market segmentation is primarily based on payload capacity, industry vertical, application, and region.
- Europe is anticipated to dominate the collaborative robot industry over the forecast period.
Who Makes Collaborative Robots?
- ABB Group
- DENSO Robotics
- Energid Technologies Corporation
- Epson Robots
- F&P Robotics AG
- Fanuc Corporation
- KUKA AG
- MRK-Systeme GmbH
- Precise Automation, Inc
- Rethink Robotics, Inc
- Robert Bosch GmbH
- Universal Robots A/S
- Yaskawa Electric Corporation
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Market Dynamics
- Which Factors are Driving the Market Growth?
Several large-scale industries are looking at automation as a way to enhance production efficiency and reduce operational costs. With more and more firms embracing automation, there has been a surge in the use of cobots in the field of manufacturing technology. Diverse sectors, including automation, healthcare, and electronics, are increasingly incorporating automation for processes like assembly line operations, injection molding, and quality control. This, in turn, is having a positive impact on the collaborative robot market sales.
Increasing betterment in the human-machine interface (HMI) is another factor boosting the market growth. Advancements in touchscreen technology and the advent of larger screens and advanced processors have made it possible for operators to monitor robots remotely. The seamless integration of HMI is fueling the rapid adoption of cobots, resulting in higher efficiency and cost savings across numerous sectors.
- What are the Latest Market Trends and Opportunities?
The collaborative robot market size is anticipated to grow at a healthy rate. Advances in technology have led to significant progress in the field of robotics. With technological breakthroughs, modern robots can now perform sophisticated tasks at reduced costs, which wasn’t possible earlier. This results in improved Return on Investment (ROI) due to reduced overall expenses and enhanced production rates.
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Overview of the Top Segments
- The 5kg Segment Held the Largest Revenue Share
By payload capacity, the 5kg segment accounted for the largest collaborative robot market share. Cobots with a 5kg capacity are known for their versatility and have several applications in automation tasks and the automotive sector. Operating at 1.2 m/s and boasting 1000mm, these robots come with position and torque sensors. Also, they’re compatible with third-party peripherals and provide safety and reliability.
Collaborative robots in this payload capacity have several end uses, including packaging, assembly, and handling small parts. Their applications span numerous sectors where precision and skill are important, including electronics, automotive, and consumer goods. Owing to all these advantages and applications, they’re poised for rapid growth in the industry.
- The Automotive Segment is Anticipated to Dominate the Market
Cobots have a wide range of applications in the automotive sector. They’re used for handling materials, logistics, quality assurance, inspection, and assembly line tasks. Also, they find applications in painting, finishing, testing, and validation. Their widespread usage in the automotive sector fuels the collaborative robot market demand.
Collaborative robots are engineered for diverse functions in the automotive industry, including fastening screws, inserting components, and quality control assessments. They work in conjunction with human workers to provide support for repetitive tasks. That way, they play an instrumental role in improving efficiency, reducing errors, and enhancing worker safety. Furthermore, they’re crucial for tasks such as engine assembly and installation of electrical systems.
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Collaborative Robot Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 20,258.74 Million |
| Market size value in 2023 | USD 1,614.91 Million |
| Expected CAGR Growth | 32.4% from 2023 – 2032 |
| Forecast Year | 2023 – 2032 |
| Segments Covered | By Type, By Solution, By Implementation Model, By Application, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Regional Landscape
Europe: The collaborative robot market in the Asia Pacific region is anticipated to witness the largest market share. The region has seen a notable increase in the integration of cobots across various sectors, including electronics, manufacturing, and healthcare. In addition, Europe is known for having a robust industrial foundation, which provides an apt environment for the deployment of collaborative robots. Furthermore, a commitment to innovation and a high emphasis on safety standards and regulations have significantly fostered the adoption of cobots in Europe.
Asia Pacific: APAC is projected to grow at the fastest rate over the forecast period. Cobots have gained significant traction in the region as more and more firms become aware of their role in boosting industrial growth and enhancing competitiveness. Besides, the efforts of regional governments and the introduction of several schemes and initiatives have encouraged the widespread adoption and deployment of cobots.
Browse the Detail Report “Collaborative Robot Market Share, Size, Trends, Industry Analysis Report, By Payload Capacity (Up to 5kg, Up to 10kg, Above 10kg); By Industry Vertical; By Application; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC at: https://www.polarismarketresearch.com/industry-analysis/collaborative-robot-market
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Current Progresses
Collaborative Robotics, one of the leading collaborative robot market key players, secured $30 million in funding during their Series A round. With the new funding, the firm aims to advance the development and deployment of innovative cobots.
Report Answers to the Following Questions
- What is the current size and forecast value of the market?
- At what CAGR is the market anticipated to grow?
- Which segment is projected to grow at the fastest rate?
- Who are the top players operating in the industry?
- What are the potential opportunities and challenges in the collaborative robot market?
Polaris Market Research has segmented the collaborative robot market report based on payload capacity, industry vertical, application and region:
By Payload Capacity Outlook
- Up to 5kg
- Up to 10kg
- Above 10kg
By Industry Vertical Outlook
- Metal & Machinery
- Automotive Plastic & Polymers
- Furniture & Equipment
- Electronics
- Food & Beverage
- Pharma
- Others
By Application Outlook
- Handling
- Packaging
- Assembly
- Pick & Place
- Quality Testing
- Machine Tending
- Gluing & Welding
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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