Collaborative Robot Market By Payload (Upto 5 Kg, Upto 5-10 Kg, Upto 10-20 Kg, above 20 Kg), Component (Hardware and Software), Application (Quality Testing, Material Handling, Pick and Place, Assembly, Palletizing, De-palletizing, Others), End-user (Electronics & Electrical, Automotive, Manufacturing, Food & Beverage, Chemicals, Pharmaceutical, Others), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023 – 2032

Market Perspective

The global Collaborative Robot (Cobots) Market size was worth around USD 1.1 billion in 2022 and is anticipated to grow to around USD 11.7 billion by 2032 at a CAGR of around 26.6% between 2023 and 2032.

Collaborative robots (Cobots) are designed to work with humans in performing specific tasks, providing assistance and guidance. With easy programming and quick installation, they offer numerous benefits, including improved robot-human interaction, faster payback in the robotics industry, and safe handling. Cobots are equipped with safety features, such as integrated sensors and passive compatibility, and use AI and ML to navigate dynamic environments and make real-time decisions.

The automotive industry is leveraging cobots for their efficiency and cost-effectiveness, thanks to advancements in ML, AI, and improved software systems. Cobots are becoming more accessible and less complex to use, offering new opportunities to organizations. The growing demand for cobots in non-manufacturing sectors and the declining cost of these robots are also driving market growth. The increasing development of a human-machine interface to enhance production, advanced software to enhance human safety, and ease of programming are the key factors driving the collaborative robots market share.

Key Insights

• Based on the payload, the up to 5-10 Kg segment held the largest market share
• Based on component, the software segment generated the highest revenue
• By application, the assembly segment has dominated the market share in 2021
• By end-user, automotive segments are expected to dominate over the forecast period
• On the basis of region, North America accounted for the largest market share

High Cost-Benefit Ratio and Rising Productivity due to Adoption of Collaborative Robots Fuels the Market Growth Rate

In addition to providing a favorable cost-to-benefit ratio, collaborative robots offer additional advantages, such as eliminating the need for human supervision for maintenance tasks, thereby boosting the organizations' productivity and profitability. The average cost of a conventional industrial robot ranges between USD 50,000 and USD 80,000. In contrast, the price of a cobot ranges from USD 25,000 to USD 50,000. Thus, traditional robot systems are quite expensive for small-scale industries with low production volumes which makes them more affordable for small businesses.

Moreover, in the case of other machines, maintenance requires workers to stand by them for extended periods, which hinders their productivity. In addition to being utilized by the manufacturing sector, cobots are being widely adopted by other industries, such as the banking and NBFC sectors, to perform monotonous cashier tasks. These factors are anticipated to fuel the business expansion.

Increasing Demand for Automation in Various Industrial Processes is Driving the Market Growth

Collaborative robots are gaining popularity among businesses of all sizes due to the many benefits they offer, such as lower operational costs, increased work productivity, and efficient use of human intelligence. For precise work, these robots can be equipped with machine vision. Industrial automation, which connects all factory equipment to improve process control system reliability and efficiency, results in cost savings, greater flexibility, and reduced environmental impact.

Automakers are using collaborative robots to improve productivity and vehicle quality, and they have the advantage of being able to self-service without requiring human maintenance. These are some of the key factors driving the collaborative robot market growth. The leading players in the industry are developing cobots with advanced vision capabilities, fueling demand for these robots.

Speed Limitations of Collaborative Robots Owing to their Inherent Design Pose as a Challenge for the Market Growth

Collaborative robots are becoming increasingly popular in the industry for their ability to enhance work efficiency and improve safety in factories. Although the market for collaborative robots is expected to grow in the coming years, there are several factors that may limit this growth. However, safety is a primary concern for cobots, and this means that high speeds cannot be combined with them, especially if additional safety measures are in place. Cobots typically move at a speed of 250 millimeters per second, which is four times slower than traditional industrial robots. When humans interact with cobots, their speed is reduced for safety reasons, but this can come at the cost of longer cycle times. As a result, cobots may not be ideal for applications that require immediate results.

In addition, cobots are designed to be slower than traditional automation. Their average speed of 250 mm per second is four times slower than an industrial robot. This slow speed is necessary for safety, but it can affect the work pace. Cobots also have a smaller structure and cannot lift as much weight as larger robots. For this reason, they may not be suitable for heavy-duty applications like lifting extremely heavy objects.

Recent Developments

• In September 2022, Novarc Technologies received a Series A investment from Graham Partners Growth. Novarc is a robotics company specializing in the design and marketing of collaborative robots (cobots) and AI-based machine vision systems for robotic welding applications. With this investment, Novarc will be able to expand its product portfolio and drive global growth.
• In June 2022, DOBOT introduced the CR3L Collaborative Robot with an increased reach of 1700mm, making it ideal for applications requiring longer reach in industries such as consumer electronics and semiconductors.
• In February 2022, Yaskawa Motoman launched two new cobots, the HC10DTP and HC20DTP, both with six axes and hand-operated programming for ease of use. These robots also feature an ISO standard tool flange and plug-and-play electrical connections for quick and seamless deployment.

Segmentation Analysis

The market for collaborative robots is segmented based on payload capacity into four categories: up to 5 Kg, 5-10 Kg, 10-20 Kg, and above 20 Kg. The segment with a payload capacity of 5-10 Kg is the largest, accounting for the largest market share, due to its lightweight, flexibility, and ability to optimize various low-weight collaborative processes, such as picking, placing, and testing. Collaborative robots with a payload of 5-10 Kg are expected to grow at the fastest rate in the forecast period.

By components, the market is also divided into hardware and software. The software segment is expected to grow at the highest rate during the forecast period due to the rising demand for computer vision to improve the efficiency of collaborative robots, the increasing adoption of artificial intelligence and Industry 4.0, and the growing need for real-time processing of sensor data gathered from collaborative robots to effectively handle complex tasks.

The applications of collaborative robots are categorized into quality testing, material handling, pick and place, assembly, palletizing, de-palletizing, and others. The assembly segment holds the largest market share, due to its ability to perform both repetitive and simple tasks, as well as more complex tasks involved in overall assembly processes.

North America is Dominating the Market Due to extensive R&D and Robust Adoption of Collaborative Robots in Various Industries, Especially Manufacturing

North America is a key player in the robotics industry, known for its innovation and being a major market for collaborative robot implementation. The medical and healthcare sectors, in particular, are driving growth in the region due to the increasing adoption of robotic surgery, with over 500,000 procedures performed annually.

Manufacturing is another key contributor to the growth of the collaborative robot market in North America, with companies constantly seeking to automate their production processes. The regional government is also supporting the development of modern technology through initiatives like the National Robotics Initiative (NRI) and investment from the National Science Foundation (NSF).

Robotic surgery has been widely adopted in the United States, leading to strong brand recognition and a competitive advantage in the region. An example of this is the launch of CORI, a portable robotic system for knee surgeries, by Smith and Nephew LLC. The manufacturing industry is also moving towards automation, further bolstering the collaborative robot market in North America both domestically and globally.

Asia Pacific is the Fastest Growing Market Owing to the Increased

The Asia Pacific region is leading the collaborative robot market value due to widespread adoption, particularly in the automotive industry. The driving force behind this growth is the increase in labor costs in the region, which has led manufacturers to automate production processes to reduce costs. Additionally, an aging workforce, rising wages, a focus on lightweight solutions in the automotive industry, and the trend toward miniaturization in the electronics sector are driving demand for collaborative robots.

Advancements in artificial intelligence and automation are further fueling the market's potential for growth. Research has shown that over 88% of organizations believe automation can improve human performance when technology and people work together. This bodes well for the future growth of the collaborative robot market.

The automotive industry accounts for a significant share of the market and will continue to grow as costs related to floor space and production downtime is reduced through automation. The need for precision and accuracy in complex production processes is driving the adoption of collaborative robots in the automotive sector for tasks such as loading and unloading machine parts, installing door panels, and assembling small components like engines and pumps.

The healthcare sector is also providing ample growth opportunities for the collaborative robot market. The use of robots for cleaning and disinfecting patient rooms, patient screening, and COVID-19 testing has been on the rise, especially during the pandemic. In the coming years, collaborative robots are expected to perform an increasing number of tasks in the healthcare industry.

Competitive Landscape

• ABB
• DB Cobots, LLC
• DENSO WAVE INCORPORATED
• Doosan Robotics Inc.
• Kawasaki Heavy Industries, Ltd.
• Novark Technologies
• OMRON CORPORATION
• SStäubli International AG
• TECHMAN ROBOT INC.
• YASKAWA ELECTRIC CORPORATION

The global collaborative robots market is segmented as follows:

By Payload

• Upto 5 Kg
• Upto 5-10 Kg
• Upto 10-20 Kg
• above 20 Kg

By Component

• Hardware
• Software

By Application

• Quality Testing
• Material Handling
• Pick & Place
• Assembly
• Palletizing
• De-palletizing
• Others

By End-user

• Electronics & Electrical
• Automotive
• Manufacturing
• Food & Beverage
• Chemicals
• Pharmaceutical
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America