Collaborative Robot Market worth $11.8 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 1, 2024 /PRNewswire/ -- The Collaborative Robot market is projected to grow from USD 1.9 billion in 2024 and is estimated to reach USD 11.8 billion by 2030; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 35.2% from 2024 to 2030 according to a new report by MarketsandMarkets™. The growth of the Collaborative Robot market is driven by higher return on investment than traditional industrial robotic systems; increased demand in e-commerce and logistics sectors; significant benefits in businesses of all sizes; easy programming of cobots.

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Collaborative Robot Market Report Scope:

By payload, more than 25 kg payload are projected to grow at a high CAGR of Collaborative Robot  market during the forecast period.

Collaborative robots with payload capacities of more than 25 kg have been developed to help address ergonomic challenges for applications that are physically demanding for humans, such as heavy lifting. These cobots can assist human workers in tasks that require significant strength or endurance, such as loading and unloading heavy materials, assembly of large components, or transporting bulky items. Collaborative robots with payloads exceeding 25 kg incorporate advanced safety features and technologies to ensure safe human-robot collaboration. These safety measures may include force sensing, collision detection, and dynamic risk assessments to prevent accidents and injury to human workers in close proximity to the cobot. For example, the FANUC CR35ia features a foam exterior for greater collision protection. In November 2023, Universal Robots A/S, a Danish cobot manufacturer, expanded its product line by launching the UR30, a collaborative robot with a 30 kg payload. Despite its compact size, UR30 offered exceptional lift, superior motion control, and versatility for applications like machine tending, material handling, and high torque screw driving. Demonstrated at the iREX trade fair in Tokyo, the UR30 showcased its material handling capabilities.

Electronics in industry segment in Collaborative Robot market will account for the highest CAGR during the forecast period.

Collaborative robots are built and programmed to manage display screens, connectors, subassemblies, and printed circuit boards (PCBs). Parts such as wafers are small and delicate and need to be managed carefully. The robots need to be very precise in locating, placing, and assembling components because the error tolerances are very small compared with other macro applications. Although many tasks require tight tolerances, advances in robotic hardware and vision systems are enabling manufacturers to realize the advantages of collaborative robots. Collaborative robots perform soldering, gluing, and dispensing operations in manufacturing. Cobots can be used in simple pick-and-place tasks such as loading wafers into a solar cell panel or to perform precise operations such as screwdriving and finishing using deburring tools. Since collaborative robots can be reprogrammed, they can keep up with the fast-changing consumer demands and short product life cycles.

Processing segment will account for highest CAGR during the forecast period.

Collaborative robots, or cobots, prove advantageous in various processing tasks such as grinding, milling, and cutting. In grinding applications, cobots excel at securely holding workpieces, maintaining consistent pressure, and removing dust. For milling, they contribute to automated tool changes, handle material loading, and ensure quality control through vision systems. In cutting tasks, cobots offer precise movements, assist with material handling, and monitor safety. Overall, cobots enhance efficiency, safety, and consistency, allowing workers to focus on highly complex activities. Considerations include cobot payload capacity, ease of programming, and safety training for human-robot interaction. Careful implementation of cobots can optimize processing tasks, fostering productivity and workplace safety.

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Asia Pacific will account for the highest CAGR during the forecast period.

The Asia Pacific region is one of the prominent market in the global collaborative robot (cobot) industry. The region's focus on cost-effectiveness aligns with the affordability of cobots compared to traditional industrial robots, making them an attractive choice for players in automation solutions. The diverse application landscape, catering to industries like electronics, automotive, and food and beverage, contributes to the widespread adoption of cobots. According to the International Federation of Robotics (IFR), the robot density in Asia, specifically in the manufacturing industry, is measured at 168 units per 10,000 employees. This metric signifies the prevalence and utilization of robots within manufacturing processes across the region. Collaborative robots are designed to work combined with humans, facilitating a more flexible and interactive approach to automation. Notably, the growing embrace of cobots by small and medium-sized enterprises (SMEs) further propels their integration into the manufacturing sector. Government initiatives, including funding, tax incentives, and skill development programs, actively support cobot development and adoption. While the Asia Pacific region currently leads, the potential for growth in other regions and concerns about job displacement underscore the dynamic landscape of the evolving cobot market.

Key Players

Key companies operating in the Collaborative Robot Companies are Universal Robots A/S (Denmark), FANUC CORPORATION (Japan), ABB (Switzerland), TECHMAN ROBOT INC. (Taiwan), and AUBO (BEIJING) ROBOTICS TECHNOLOGY CO., LTD (China), KUKA AG (Germany), Doosan Robotics Inc. (South Korea), Denso Corporation (South Korea), YASKAWA ELECTRIC CORPORATION (Japan), Rethink Robotics GmBH (Germany) among others.

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