The global Collaborative Robot Market was valued at US$ 791.0 Mn in 2022. Collaborative robot is a robot that has the ability to collaborate with humans, and can enhance the human capabilities. The increasing demand of 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 (cobot) market.
Global Collaborative Robot Market- Drivers
Robotic automation reduces labor costs and enhances safety, and this is expected to drive the global collaborative robot market growth over the forecast period. Increasing construction activities, and rising automation initiatives by construction firms is expected to boost demand for collaborative robot. Increasing funding for modernization of construction activities is also expected to drive the market growth in the near future.
Global Collaborative Robot Market- Opportunities
Rising Global Population
Rising demand for advanced infrastructure is expected to offer several business opportunities in the global collaborative robot market over the forecast period. In various infrastructure projects and construction sites collaborative robots are used. Moreover rising global population expected to create various opportunities in the market.
Global Collaborative Robot Market- Restraints
Lack of Manpower and Supply Of Raw Materials
Several manufacturing facilities were closed down temporarily during the pandemic. Moreover, metals and machining and construction activities across several regions were stopped due to lack of manpower and supply of raw materials throughout the lockdown period. This negatively impacted demand for collaborative robot around the world, and this is expected to hinder the market growth.
Global Collaborative Robot Market- Impact of Coronavirus (Covid-19) Pandemic
COVID-19 disrupted almost all the industries including automotive, medical & healthcare, consumer electronics, clothing & textile, food and beverage, automation, manufacturing, aerospace & defense, oil & gas, construction, semiconductor, agriculture, and others. Liquidity shortfall, cash crunch, and others factors hampered growth of the collaborative robotos market during COVID-19 pandemic.
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.
Furthermore, end use industries of collaborative robot market such as automotive, healthcare, and others were affected due to COVID-19 pandemic. For instance, according to Coherent Market Insights’ analysis, the automotive market witnessed 12-15% decrease in sales in 2020. Manufacturers and automation companies such as ABB and others are reducing the shortage of critical medical supplies needed to combat COVID-19 pandemic.
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Global collaborative robot market was valued at US$ 791 Mn in 2022, and is estimated to reach US$ 16,544 Mn by 2030, exhibiting a CAGR of 46.24% between 2022 and 2030.
Assembling and disassembling segment held the dominant position in the global collaborative robot market in 2020, accounting for 40% share in terms of value, owing to increasing approvals and launches of new products.
Global Collaborative Robot Market- Trends
Increasing number of leasing and finance firms of collaborative robot
Increasing number of leasing and finance firms of collaborative robot is a growing trend in the global collaborative robot market. The robotic solutions are increasing, due to growing leasing and financing firms.. Government regulations for sustainable development is boosting demand for collaborative robot. This trend is expected to continue in the market over the forecast period.
Global Collaborative Robot Market: Competitive Landscape
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.
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