Overview of regional collaborative market and its growth drivers

Robots created for direct human-robot interaction in a shared environment or proximity to humans and robots are referred to as collaborative robots or cobots. Cobot’s applications are distinct from conventional industrial robot applications, where humans are kept out of the path of the robots. They are primarily employed in various industries, including plastic, food and beverage, automotive, electronics, and retail.

In 2021, the market value of collaborative robots was USD 701.56 million, and by 2030 it will reach USD 2506.90 million, growing at a 15.2% CAGR during the forecast period. 

The main factors propelling the growth of the Collaboration Robots market during the forecast period are investments in the automation of manufacturing processes and the increased acceptance of robotics in small and medium enterprises (SMEs).

Market Dynamics

Drivers

The use of collaborative robots has a high return on investment (ROI) and benefits companies of all sizes in terms of improved product quality, increased overall competitiveness and increased output. Also, compared to programming other robots, programming cobots is slightly simpler. These are a few of the key elements powering the global cobot market.

They can auto-service and don't need human assistance during maintenance-related chores, which is another one of its key advantages. This considerably boosts the company's productivity and profitability.

Restraints

Factors hampering the growth of the market are the high initial cost associated with purchasing, integrating, adding accessories, programming, maintaining, etc. Cobots also have a restricted speed, making them unsuitable for applications requiring high speeds. Most of them are unable to learn on their own and need human guidance. These are a few of the variables that will limit market growth during the forecast period.

Opportunity 

Robotics have been in extremely high demand in the medical sector during the Covid-19 pandemic crisis. Also, the abrupt COVID-19 pandemic breakout has accelerated the expansion of robot usage, particularly for automation needs in the medical sector. These robotic automation systems have been frequently used to sanitize operating and patient rooms throughout the pandemic. So, there will be many future opportunities for using cobots, particularly in the healthcare sector.

Market Segmentation

By Application

The material handling segment was the biggest market contributor in 2021. It is due to the high operational speed and precision, rising production efficiency, quick and robust material handling, low maintenance costs, and small robot designs. Moreover, logistics and material handling have many industrial applications in the equipment, electronics, metals, and automotive industries.

By Payload

Due to its wide range of benefits, the up to 5kg payload capacity sector held the highest revenue share of more than 44% in 2022. They optimize low-weight collaborative activities like picking, positioning, and testing while being flexible and light. The introduction of sophisticated cobots with payloads in this range is creating new market expansion potential. As an illustration, Comau S.p.A. introduced Racer-5, an affordable cobot for packaging and storage, in March 2021. 

By End-User

The automotive segment ruled the market with a revenue share of more than 24% in 2022. The increased adoption of collaborative robots can be attributed to their ability to reduce floor space and the cost of production downtime. Also, they play a significant role in spot and arc welding, part assembly, painting, coating, and other processes. Furthermore, the use of collaborative robots aids the automotive industry in increasing productivity, which leads to increased demand over the forecast period.

Regional Overview

Europe is a lucrative hub for collaborative robots, with a significant revenue share of more than 30.0% expected in 2022. This is mostly due to the widespread use of collaborative robots in a variety of industries, including inspection, electronics, and logistics. Moreover, a number of benefits, including effective production optimization solutions and greater workplace communication, will promote market growth.

The Asia Pacific will expand at a 34.0% CAGR due to the region's increasing emphasis on the precision and quality of cobots. The demand for cobots is being driven by their capacity to produce goods of a high level, minimize waste, boost productivity, and standardize goods. Also, the regional industry has tremendous room to grow due to consumer inclinations toward automation, artificial intelligence, and the development of other necessary technologies.

Key Players 

• KUKA 
• ABB 
• Rethink Robotics 
• Doosan Robotics 
• Techman Robot 
• YASKAWA 
• Precise Automation 
• MIP Robotics 
• FANUC 
• Universal Robots 
• Elite Robot
• Neura Robotics 
• F&P Robotics 
• Denso Corporation 
• Wyzo

In 2021, the market value of collaborative robots was USD 701.56 million, and by 2030 it will reach USD 2506.90 million, growing at a 15.2% CAGR during the forecast period. The growth of the collaborative robots market is primarily driven by factors such as developments in human-machine interface to improve industrial production, rapidly developing advanced software to improve human safety, and increased adoption due to collaborative robots' ease of programming.

Related Reports:

Neurovascular Devices Market Report - The global neurovascular devices market will witness a robust CAGR of 8.6%, valued at $2.82 Billion in 2021, expected to appreciate and reach $5.92 Billion by 2030, confirms Strategic Market Research. Neurovascular devices, also called interventional neurology devices, include neurovascular stents, clips, neurovascular coils, distal filter devices, cerus contour devices and carotid artery stents used to treat neurovascular disorders such as ischemic stroke aneurysm, arteriovenous malformation and fistulas, and stenosis.