Global Collaborative Robot Market Analysis [2022-2029] | Industry Size, Share worth .5 Billion

Posted by Vikas Gadiya on October 26th, 2022

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The collaborative robot market is driven by the high Return on Investment (ROI) derived from the deployment of collaborative robots and its benefits for businesses of all sizes in terms of general competitiveness, increased production, and enhanced product quality. In addition, the cobots are easier to program. These factors are paving the way for their rapid adoption in SMEs and large-scale businesses alike.

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Key Findings of the Global Collaborative Robot Market:

1. ABB (Switzerland) expanded its collaborative robot (cobot) portfolio with the new GoFa and SWIFTI cobot families, offering higher payloads and speeds, to complement YuMi and Single Arm YuMi in ABB’s cobot line-up. These stronger, faster and more capable cobots will accelerate the company’s expansion in high-growth segments including electronics, healthcare, consumer goods, logistics and food and beverage, amongst others, meeting the growing demand for automation across multiple industries.

2. Techman Robot (Taiwan), a global leader of the collaborative robot opened its first office in Europe, dedicated to providing instant services, training courses, and also as an inventory hub. The new office is located in the Netherlands, which allows Techman Robot to respond effectively to the growing needs of their partners and customers in Europe, and also supports more local businesses that are interested in implementing robotic solutions.

3. Universal Robots (Denmark) and Mobile Industrial Robots (Denmark) together announced expansion into a new cobot hub in Odense, Denmark, with the financial backing of their parent company, Teradyne (US). The new hub will help attract new employees to facilitate the continued growth expected by the two companies in the coming years.

What are the Driving Factors of Evolution of technologies and consolidation of Collaborative Robot Market?

The collaborative robot market is projected to grow from USD 1.2 billion in 2021 and is projected to reach USD 10.5 billion by 2027; it is expected to grow at a CAGR of 43.4% from 2021 to 2027.

“Cobots with payload capacity up to 5 kg expected to hold the largest share of the market during the forecast period”

Cobots with payload capacity up to 5 kg are expected to hold the largest share of the collaborative robot market during the forecast period. First-time users prefer low payload capacity cobots, which are cheaper and take up less space than robots with higher payload capacity. These cobots are often already fitted with grippers, reducing the hassle of integration and programming for the end user. Another benefit of these cobots is that they are easily re-deployable and take up minimal space when compared to higher payload cobots.

Collaborative Robot Market by Top Companies Profiles:
Automotive industry to maintain the largest share of collaborative robot market during the forecast period

The automotive industry is one of the largest users of collaborative robots. In automotive manufacturing, collaborative robots are used for a variety of applications such as handling, welding, assembling and disassembling, welding, dispensing extensively. Amongst these applications, welding has been one of the first and most popular applications of collaborative robots in the automotive industry.

Major players in the collaborative robot market are Universal Robots (Denmark), FANUC (Japan), ABB (Switzerland), Techman Robot (Taiwan), KUKA (Germany), Doosan Robotics (South Korea), Denso (Japan), YASKAWA (Japan), Precise Automation (US), Rethink Robotics (US), MABI Robotic (Switzerland), FrankaEmika (Germany), Comau (Italy), F&P Robotics (Switzerland), Stäubli (Switzerland), Bosch Rexroth (Germany), Productive Robotics (US). Apart from these, Wyzo (Switzerland), Neura Robotics (Germany), Elephant Robotics (China), ELITE ROBOT (China), Kassow Robots (Denmark), MIP Robotics (France) are among a few emerging companies in the market.

Regional Insight by Marketsandmarkets^TM Research:
Asia Pacific to register higher CAGR during the forecast period

These industries are a major demand generator for the adoption of collaborative robots. China is also aiming to become self-sufficient in the manufacture of collaborative robots. Other APAC countries such as Taiwan and Thailand are also not far behind in terms of adopting automation through the integration of cobots to seek a cost advantage, in the wake of rising labour costs. The automotive and electronics industries from the APAC region are the major demand generators for the adoption of collaborative robots.

Regions & Countries Covered:

North America - (U.S., Canada, Mexico)

Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)

Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)

Latin America - (Brazil, Argentina, Rest Of Latin America)

The Middle East & Africa - (GCC Countries, South Africa, Rest Of the Middle East & Africa)

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