PUBLISHER: The Business Research Company | PRODUCT CODE: 1429767
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429767
Collaborative robots, or 'cobots,' are automation tools designed to operate safely alongside humans in a shared workspace, aiding in repetitive tasks within industrial settings while working in collaboration with human workers.
The primary components of collaborative robots consist of hardware and software. Hardware comprises the physical elements necessary for a computer's functionality. Cobots vary in payload capacities, including categories such as up to 5kg, up to 10kg, and above 10kg. These robots are utilized across various functions such as assembly, pick-and-place operations, handling, packaging, quality testing, gluing, welding, and more. They find application in diverse industries such as automotive, food and beverage, furniture, plastics and polymers, metal and machinery, electronics, pharmaceuticals, and others.
The collaborative robots market research report is one of a series of new reports from The Business Research Company that provides collaborative robots market statistics, including collaborative robots industry global market size, regional shares, competitors with a collaborative robots market share, detailed collaborative robots market segments, market trends, and opportunities, and any further data you may need to thrive in the collaborative robots industry. This collaborative robots market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The collaborative robots market size has grown exponentially in recent years. It will grow from $2.56 billion in 2023 to $3.3 billion in 2024 at a compound annual growth rate (CAGR) of 29.2%. Historical growth can be attributed to several factors, including robust economic expansion in emerging markets, escalating labor costs, growth within the industrial sector, and an increased demand for automation solutions.
The collaborative robots market size is expected to see exponential growth in the next few years. It will grow to $9.41 billion in 2028 at a compound annual growth rate (CAGR) of 29.9%. Forecasted growth is fueled by the automotive industry, the uptick in e-commerce and logistics, and increasing urbanization. Key trends include integrating collaborative robots with advanced tech, product innovations, new launches, strategic partnerships, and increased investments.
The collaborative robots market is anticipated to experience growth due to the escalating labor costs. Labor costs, encompassing salaries, benefits, payroll taxes, and associated expenses, are pivotal factors in an organization's financial calculations. As labor costs rise, companies are inclined towards adopting collaborative robots to mitigate expenses and address the challenges posed by increasing labor shortages. An example of this trend is evident in the European Union, where total hourly labor costs witnessed a notable increase from 1.1% in 2021 to 4.1% in 2022, as reported by the European Commission. Consequently, the upward trajectory of labor costs is a driving force behind the collaborative robots market.
The collaborative robots market is poised for growth, propelled by the expanding automotive industry. The automotive sector, encompassing various activities from design to maintenance of motor vehicles, has embraced collaborative robots (cobots) in diverse manufacturing and assembly processes. As per the European Automobile Manufacturers' Association (ACEA) report in May 2023, the global production of motor vehicles surged by 5.7% in 2022, reaching 85.4 million units. Similarly, the International Organization of Motor Vehicle Manufacturers reported a rise in the total production of cars and commercial vehicles from 80,145,988 in 2021 to 85,016,728 in 2022. This growth underscores the pivotal role of collaborative robots in meeting the demands of the burgeoning automotive industry, thereby contributing to the collaborative robots market expansion.
The collaborative robot market is experiencing a surge in product innovations, with major companies strategically focusing on technological advancements to enhance their market positions. An example of this trend is evident in ABB Group, a Switzerland-based technology company, which launched two cutting-edge cobots, GoFa and SWIFTI, in February 2021. These robots are uniquely designed to facilitate programming and re-programming through a tablet or smartphone while incorporating features such as on-call and online service experts. With higher payloads and speeds, these cobots aim to unlock automation opportunities in industries with lower automation levels, providing businesses with a quick and user-friendly automation solution.
Strategic partnerships and collaborations are becoming a prominent strategy for companies in the collaborative robot market to harness shared resources and drive market expansion. In February 2023, Rapid Robotics, a US-based robotic solutions manufacturer, partnered with Universal Robots, a Denmark-based producer of smaller, flexible industrial collaborative robots. This collaboration aims to expedite cobot deployments through innovative approaches. Similarly, in May 2023, Universal Robots entered a partnership with Denali Advanced Integration, a US-based technology integrator, offering end-to-end integration and service support. This collaboration aligns with the increasing interest in cobot automation among major enterprises, emphasizing the importance of comprehensive solutions and service support in the collaborative robot market.
In April 2022, The United Robotics Group (URG), a German-based developer specializing in custom service robotics solutions, acquired SoftBank Robotics Group Corp., with the deal amount undisclosed. This acquisition aims to leverage combined resources, accelerating URG's research and development capabilities and enhancing its innovative prowess. The strategic move positions URG to expand its foothold as a premier service robotics company in Europe. SoftBank Robotics Group Corp., based in the US, focuses on developing and manufacturing industrial robotics, including collaborative robots.
Major companies operating in the collaborative robots market report are Teradyne, Fanuc Corporation, KUKA AG, Denso Corporation, ABB Group, Mitsubishi Electric, Yaskawa Electric Corporation, Doosan, Kawasaki Heavy Industries, Omron Corporation, HASCO, AUBO, Jaka Robotics, United Robotics Group GmbH, Melior Motion GmbH, Kassow Robots ApS, Schaeffler Technologies AG & Co. KG, Universal Robots, OnRobot, Kinova, CodeNinja, Apollo Solutions Dev, ViaObjects, VR4, Consensus group, ITPS ONE, Optimusrobo FZCO, Unique World Robotics, Seed Robotics, Neo Robotics, GLITZ Robotics, Cobots, Zipline, TIRA ROBOTS, Ryonic Robotics, Arone
Asia-Pacific was the largest region in the collaborative robots market in 2023. The regions covered in the collaborative robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the collaborative robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The collaborative robots market consists of revenues earned by entities by providing hand guiding, safety monitored stop, and speed and separation. The market value includes the value of related goods sold by the service provider or included within the service offering. The collaborative robots market also includes the sales of grippers, robotic arms, controllers, and sensors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Collaborative Robots Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on collaborative robots market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for collaborative robots? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The collaborative robots market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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