COLLABORATIVE ROBOT MARKET ANALYSIS

Global collaborative robot market size was valued at US$ 791.0 million in 2022, exhibiting a compound annual growth rate (CAGR) of 46.24% from 2022 to 2030.

Increasing demand for automation in different industries such as healthcare, automotive, food and beverages, metal and machining, plastic and polymers, retail, and others is expected to drive the global collaborative robot market growth.

Global Collaborative Robot Market- Regional Insights

Global collaborative robot market is regionally segmented into North America, Latin America, Asia Pacific, Europe, Middle East, and Africa.

Among region, Asia Pacific held the dominant position in the global collaborative robot (cobot) market in 2022, accounting for highest share 33.4% in terms of value, followed by Europe and North America. Asia Pacific held a dominant position in the global collaborative robot market in 2022, owing to the presence of leading market players such as Techman Robot, Han’s Robot, Siasun, Doosan Robotics, and others in the region. Europe collaborative robot market is expected to surpass the Asia Pacific collaborative robot market dominance during the forecast period. Growing automotive sector in different countries in Asia Pacific is expected to drive growth of the Asia Pacific collaborative robot market. For instance, In 2020 according to data provided by the Automotive Component Manufactures Association (ACMA), the Indian auto component industry’s turnover accounted for US$ 40,000 million in 2012-13, and is estimated to reach US$ 1,15,000 million by 2020-21.

Figure 1. Global Collaborative Robot Market Share (%), By Region, 2022

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Global Collaborative Robot Market- Drivers

Rising urbanization

Rising urbanization all over the world is expected to drive the market growth. For instance, in 2021 according to data published by World Bank data, nearly 55% of the global population, or 4.2 billion individuals live in cities. Urban population globally is likely to double with 7 out of 10 people around the globe living in the cities. Rising urbanization, increasing demand for affordable housing are expected to drive the market growth. Rising demand for housing leads to construction activities, and this is expected to boost demand for collaborative robot in the near future.

Stringent Regulations by Government Regarding Worker’s Safety

Construction industry due stringent regulations by government regarding worker’s safety is driving the growth of global collaborative robot market. For instance, in 2021 as per Occupational Safety and Health Administration (OSHA) one in five deaths among workers in the U.S. is in the construction industry of the country. According to the same source, total 1,061 construction labors died in the U.S. on the job site. Thus, governments around the world are implementing regulations for equipment vendors, in order to make construction site and workplace safe. This is expected to drive growth of the global collaborative robot market over the forecast period.

Global Collaborative Robot Market- Opportunities

Rising adoption of robots in metals and machining industry

Rising adoption of robots in metals and machining industry and construction industry around the world is expected to offer growth opportunities in the global collaborative robot market over the forecast period. In construction industry collaborative robots are used in construction site for supplying material and helping in construction work.

Global Collaborative Robot Market- Trends

Rising demand for automation in different industries

Rising demand for automation in different industries such as healthcare, automotive, food and beverages, metal and machining, plastic and polymers, retail, and others is expected to fuel growth of the global collaborative robot market. Collaborative robots are used to automate processes such as product assembling, packaging, labeling, pumping, welding, painting, spraying, material handling, and others in the companies. For instance, in food and beverages industry collaborative robot are used to fill large number of food packages in few minutes. In manufacturing industry, collaborative robot are used to assemble parts of the product.

Rising Demand for Heavy Construction Equipment Automation

Rising demand for automation of heavy equipment in construction industry along with demand for drilling, driverless demolition, and earth-moving equipment is expected to drive the market growth. For instance, Built Robotics Software, received US$ 33 million funding from Next47, the global venture fund in 2020.

Global Collaborative Robot Market- Restraints

High Cost of Setting up and Equipment

High cost is associated with maintenance and acquiring technologies such as collaborative robot, and this create challenges in implementing these robots. The purchase of collaborative robots along with the performance of the tools increases overall cost. Thus, firms and companies that has good turnover and market competition can afford these collaborative robot. This, is expected to hamper growth of the global collaborative robot market over the forecast period.

Lack of Skilled Workforce for Collaborative Robot Operations

Lack of skilled workforce for collaborative robot operations and limited acceptance of collaborative robot technology are the factors that are expected to hamper growth of the global collaborative robot market during the forecast period.

Global Collaborative Robot Market- Covid-19 impact analysis

Coronavirus (COVID-19) pandemic has impacted almost all the industries globally including robotics, industrial automation and machinery. To combat COVID-19 pandemic, most of the countries had implemented lockdown and are now easing it phase-wise and industry wise. This has significantly impacted manufacturing sector as the facilities across the globe were temporarily shut down, such as in China Italy, and India, among others. As industrial manufacturing companies are the largest consumer of conveyers, labelling machines, packaging machines, and automated storage systems, the demand for these products has declined due to cease in the activities of production units.

Figure 2. Global Collaborative Robot Market Share (%), By Application, 2022

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Global Collaborative Robot Market- Segmentation

Global collaborative robot market report is segmented into payload, component, application, end use industry, and region.

Based on payload, the market is segmented into up to 5 kg, 6-10 kg, 11 kg, and above 11 kg.

Based on component, the market is segmented into hardware and software. Based on application, the market is segmented into welding and soldering, material handling, assembling and disassembling, processing, dispensing/ painting / spraying, and others (molding, quality testing, etc.), Based on end use industry, the market is segmented into healthcare, automotive, food and beverages, metals and machining, plastic and polymers, and others (retail, electronics, furniture and equipment, etc.).

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

 Owing to increasing adoption of collaborative robots in manufacturing industries for assembling and disassembling of small and large devices or parts of product, assembling and disassembling segment is expected to exhibit highest share 32% during forecast period.

Global E-Bike Charging Station Market: Key Developments

In January 2022, ABB, Swedish-Swiss multinational corporation and a China-based automotive parts supplier, HASCO, are entered into strategic partnership. Through this partnership, the companies want to make AI and smart technologies more common in the automotive industry.

In March 2020 ABB Ltd. Swedish-Swiss multinational corporation launched a Wizard Easy Programming a block-based programming interface. Through this interface collaborative robots easier to install for those without programming expertise.

In March 2020 Universal Robots, Denmark-based industrial robots provider company launched UR+ application kits for collaborative robot installation process

Global Collaborative Robot Market- Key Companies Insights

Global collaborative robot market is highly competitive, owing to continuous launch of new technologies due to ongoing Research and development and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the global collaborative robot market are ABB, Universal Robots, FANUC Corporation, Techman Robot, AUBO Robotics, KUKA, Kawada Robotics, Productive Robotics, Kawasaki Robotics, Precise Automation, yaskawa, F&P Robotics, Rethink Robotics, Robert Bosch, MABI Robotic, Siasun, Franka Emika, Hanwha Precision Machinery, Carbon Robotics, Han’s Robot, ST Robotics, and Others

*Definition: Collaborative robots robots are automated machines that complete tasks on construction sites. Some of these tasks are incredibly repetitive and difficult for humans to do.These reduce cost, improve efficiency, and help projects to meet schedules without compromising quality.