Collaborative Robot Market Size, Share, Growth Analysis, By Payload, By Application(Handling ), By End-user, By Component, By Region - Industry Forecast 2024-2031

Collaborative Robot size was valued at USD 815.40 million in 2022 and is poised to grow from USD 914.88 million in 2023 to USD 2297.77 million by 2031, growing at a CAGR of 12.20% during the forecast period (2024-2031).

Collaborative robots (cobots) are projected to witness significant growth rates in the coming years, as robotic systems increasingly integrate into human societies. It's crucial for these intelligent systems to recognize human behaviors and adapt their actions accordingly. Expectations are high for the development of robotic systems capable of identifying simple human activities and formulating appropriate responses for complex tasks in the near future. This progress will be driven by advanced technologies such as digital twinning, virtual reality, augmented reality, and enhancements in offline programming and simulation software solutions. These innovations enable the optimization of robot performance and customization of various components to meet specific company requirements. Furthermore, the adoption of edge computing systems is reshaping the way robotic systems operate and execute tasks, moving away from conventional cloud-networked systems. Edge computing is set to revolutionize the collaborative robot market by facilitating the development of self-driven robots and medical sensors for diverse environments, enhancing precision and efficiency in task execution. Artificial intelligence (AI) plays a pivotal role in the collaborative robot market, with AI-integrated cobots assisting manufacturers in various applications to streamline operations and boost productivity. These AI-driven cobots possess the ability to recognize material orientation, conduct testing and inspection, perform dynamic pick-and-place tasks, interpret inspection results, and make decisions accordingly. The increasing demand for automation driven by workforce shortages, time-consuming training and onboarding processes, and the need for higher benefits and remuneration is expected to drive the adoption of collaborative robots in warehouses, distribution, and fulfillment centers. Consequently, the collaborative robot market is poised for robust demand across regions as technology advances and adapts to a broader range of manufacturing applications. However, the utilization of advanced technologies in collaborative robots entails higher costs compared to conventional robotic systems, including expenses related to purchasing and installing robust hardware, efficient software, and substantial capital investments in automation equipment. Nonetheless, the expanded capabilities offered by collaborative robots for enhancing productivity, efficiency, and safety are anticipated to continue positively influencing the market in the future.

Top-down and bottom-up approaches were used to estimate and validate the size of the Collaborative Robot market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Collaborative Robot Market Segmental Analysis

Collaborative Robots market is segmented by payload, component, application, end-user, and region. Based on payload, the market is segmented into up to 5 kg, 5-10 kg, 10-25 kg, and more than 25 kg. Based on component, the market is segmented into hardware and software. Based on application, the market is segmented into Handling (pick-and-place, material handling, packaging & palletizing, machine tending), assembling & dissembling (nut fastening, and screwdriving), welding & soldering, pick & place, positioning, Processing (grinding, milling, and cutting) and others. Based on end-user, the market is segmented into automotive, electronics & semiconductors, metals & machining, plastics & polymers, food & beverages, healthcare, logistics, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Collaborative Robot Market

The upward trend of urbanization is expected to drive market growth in the forthcoming years. For instance, data from the World Bank in 2021 revealed that nearly 55% of the global population, amounting to 4.2 billion individuals, reside in urban areas. Estimates indicate that approximately 2 billion people currently inhabit urban regions. Presently, half of the world's population resides in cities, with projections suggesting that within the next 50 years, seven out of ten individuals will be urban dwellers. Factors such as the population surge in urban locales and the growing demand for affordable housing options are anticipated to fuel market expansion. This surge in urban activity necessitates construction, particularly in the housing sector, and the heightened demand for homes is expected to foster a burgeoning market for collaborative robots in the future.

Restraints in the Collaborative Robot Market

The significant expense associated with setting up and maintaining equipment poses challenges for the adoption of technologies such as collaborative robots. Procuring collaborative robots and the necessary tools incurs substantial costs, leading to overall increased expenses. Consequently, only companies and firms with high turnovers and strong competitiveness in the market can afford to integrate these collaborative robots. This situation is expected to dampen the growth of the global collaborative robot market throughout the forecast period.

Market Trends of the Collaborative Robot Market

The increasing need for automation across various industries, including healthcare, automotive, food and beverage, metalworking, plastics, retail, and more, is anticipated to drive growth in the global collaborative robot market. These industries utilize collaborative robots in various processes such as manufacturing assembly, packaging, labeling, pumping, welding, painting, spraying, and material handling. For example, in the food and beverage industry, collaborative robots are employed to swiftly pack large quantities of food within minutes. Similarly, in manufacturing industries, collaborative robots are utilized for assembling product parts.