Collaborative Robot Market Size Expected to Reach USD 35.55 Bn by 2033 | Industries Seeking Agile Automation Solutions

The global collaborative robot market is anticipated to grow from USD 1.75 billion to USD 35.55 billion in 10 years. The expansion of the collaborative robot market can be attributed to the rising uptake of collaborative robots, commonly known as cobots, among small and medium enterprises (SMEs). Additionally, the increasing demand for collaborative robots (cobots) in the logistics sector is expected to offer favourable growth opportunities for market expansion over the forecast years.

Newark, May 08, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 1.75 billion in 2023 global collaborative robot market will reach USD 35.55 billion by 2033. Innovations in sensor technologies and AI (artificial intelligence) are opening up new possibilities for cobot applications. Cobots equipped with advanced AI algorithms and sensors can learn from human interactions, adapt to changing environments, and perform more complex tasks autonomously. Integrating these technologies into cobots presents opportunities to enhance their capabilities and address broader industry applications. Furthermore, the adoption of edge computing technologies and the rollout of 5G networks are expected to revolutionize industrial automation. Cobots integrated with 5G connectivity and edge computing capabilities can enable real-time data processing, remote monitoring, and autonomous decision-making, opening up opportunities for more advanced and interconnected cobot applications in smart factories and industrial IoT environments.

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In addition, the concept of collaborative manufacturing networks, where multiple manufacturers collaborate to share resources, expertise, and production capacity, is gaining traction. Cobots can play a key role in these networks by providing flexible and scalable automation solutions that enable efficient collaboration and resource utilization among network participants, creating opportunities for cobot manufacturers to offer integrated solutions tailored to collaborative manufacturing environments. Besides, collaborative efforts between cobot manufacturers, industry stakeholders, and technology providers drive innovation and foster cross-industry collaboration. By leveraging insights and expertise from diverse industries, cobot manufacturers can develop innovative solutions that address common challenges and unlock new opportunities for cobot adoption across various sectors.

Key Insight of the global Collaborative Robot market

Asia Pacific is expected to witness the highest market growth over the forecast period.

The Asia Pacific region is experiencing rapid industrialization, particularly in China, Japan, South Korea, and India. As industries expand and modernize their manufacturing operations, there is a rising need for automation solutions, including cobots, to improve efficiency, productivity, and competitiveness. Additionally, many Asian countries face rising labour costs due to wage inflation, demographic shifts, and tightening labour markets. As labour becomes more expensive, companies seek alternative solutions to reduce reliance on manual labour and increase automation, driving demand for cobots. Most importantly, Asia Pacific has a large and diverse manufacturing sector encompassing the automotive, electronics, consumer goods, and logistics industries. The region’s manufacturing prowess, coupled with the need to meet domestic and global demand, is fueling the adoption of cobots to enhance production processes and meet evolving customer expectations. Also, governments across the Asia Pacific are implementing initiatives to promote automation and advanced manufacturing technologies as part of their economic development strategies. These initiatives include funding programs, tax incentives, and regulatory reforms to encourage investment in automation solutions, including cobots.

In 2023, the hardware segment dominated the market with the largest share of 62.03% and revenue of 1.08 billion.

The component segment is divided into hardware and software. In 2023, the hardware segment dominated the market with the largest share of 62.03% and revenue of 1.08 billion.

In 2023, the up to 5 kg segment dominated the market with the largest share of 45.38% and revenue of 0.79 billion.

The payload segment is classified into up to 5 kg, 5-10 kg and above 10 kg. In 2023, the up to 5 kg segment dominated the market with the largest share of 45.38% and revenue of 0.79 billion.

In 2023, the assembly segment dominated the market with the largest share of 24.48% and revenue of 0.42 billion.

The application segment includes assembly, gluing & welding, handling, machine tending, pick & place, packaging, quality, testing and others. In 2023, the assembly segment dominated the market with the largest share of 24.48% and revenue of 0.42 billion.

In 2023, the automotive segment dominated the market with the largest share of 26.19% and revenue of 0.46 billion.

The end use industry segment is divided into automotive, electronics, food & beverage, furniture & equipment, metal & machinery, plastic & polymers, pharma and others. In 2023, the automotive segment dominated the market with the largest share of 26.19% and revenue of 0.46 billion.

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Advancement in market

In August 2023: Doosan Robotics has forged a strategic partnership with Microsoft and Doosan Digital Innovation to collaborate on developing a robot control system harnessing GPT technology powered by Microsoft’s Azure OpenAI service. Azure OpenAI offers a suite of cloud services incorporating advanced open AI systems, including GPT. Doosan Robotics aims to integrate GPT into its collaborative robots, empowering them to rectify errors and execute tasks autonomously. This innovative application of GPT technology promises to significantly reduce programming time, enhancing the robots’ operational efficiency and overall utility. Through this collaboration, Doosan Robotics anticipates delivering a solution that not only advances the capabilities of its robots but also brings tangible benefits to its users, enabling smoother and more intuitive interactions with automated systems.

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Market Dynamics

Driver: Quality and consistency.

Cobots, or collaborative robots, represent a transformative advancement in industrial automation. By leveraging advanced sensors, AI algorithms, and precise programming, cobots can execute tasks with accuracy that surpasses human capabilities. This precision is crucial in maintaining product quality standards and minimizing defects. Whether assembling components, conducting inspections, or handling delicate materials, cobots maintain consistent performance, elevating overall product quality. Moreover, the reliability of cobots in executing repetitive tasks without errors significantly diminishes the likelihood of defects or inconsistencies in the final products. This reduction in variability enhances quality and minimizes waste, as fewer defective products are produced during manufacturing processes. Moreover, cobots are invaluable assets in modern manufacturing environments, elevating product quality and consistency to unprecedented levels. Their capability to execute tasks with exceptional precision and repeatability ensures higher-quality outputs and facilitates a more efficient and sustainable production process.

Restraint: Perception and resistance to automation.

One of the primary reasons for resistance is the fear that automation, including cobots, will replace human workers rather than complementing or augmenting their capabilities. This apprehension stems from the belief that introducing cobots could lead to job losses, reduced employment opportunities, or even devaluation of human labour within certain sectors. Additionally, there may be worries about the possible consequence of automation on job quality and satisfaction. Workers may worry that implementing cobots could lead to monotonous, repetitive tasks being delegated to machines while more fulfilling or complex roles are reserved for human workers. This fear of deskilling or losing meaningful work can contribute to resistance towards cobot adoption. Furthermore, within labour unions, there may be a desire to protect the interests of workers and ensure job security. As a result, there might be a reluctance to embrace automation technologies like cobots if they are perceived as a threat to employment stability or bargaining power.

Opportunity: Customized solutions for specific applications.

This trend reflects a shift towards more targeted and efficient automation solutions tailored to the unique requirements of different industries and applications. Rather than adopting one-size-fits-all cobots, businesses are increasingly seeking specialized solutions that offer optimized performance, reliability, and flexibility for specific tasks. For example, in industries such as automotive manufacturing, there is a growing need for cobots capable of precise welding tasks. These cobots must exhibit high levels of accuracy, repeatability, and speed to meet the stringent quality standards of the automotive sector. Similarly, cobots must be equipped with advanced inspection capabilities in aerospace and electronics manufacturing industries to assure product quality and compliance with industry regulations. These cobots may utilize vision systems, sensors, and AI algorithms to detect defects, anomalies, or deviations in components or assemblies. In sectors like painting and finishing, specialized cobots are sought to streamline and automate repetitive tasks while maintaining consistent coating quality and minimizing waste. These cobots may feature precision control systems, optimized spraying mechanisms, and integrated safety features to ensure efficient and reliable operation in paint booths or production lines. Moreover, in material handling and logistics applications, there is a need for cobots capable of safely and efficiently moving, lifting, and transporting heavy or delicate objects in warehouse and distribution environments. These cobots may incorporate advanced gripping technologies, navigation systems, and collaborative features to interact safely with human operators and other equipment.

Challenge: Educational and training gaps.

Many businesses today need to be fully aware of the capabilities and benefits that cobots can offer, leading to a significant gap in understanding the potential advantages of this technology. Additionally, there is a need for more skilled personnel who possess the expertise needed to program, integrate, and maintain cobot systems. This shortage of skilled workers presents a significant barrier to the widespread adoption of cobot technology. The lack of awareness surrounding cobots can stem from various factors, including limited exposure to the technology, misconceptions about its capabilities, and a general lack of information within certain industries. As a result, many businesses may need to realize the potential productivity gains, efficiency improvements, and cost savings that cobots can provide. Furthermore, even for businesses that recognize the potential benefits of cobots, the shortage of skilled personnel capable of effectively implementing and maintaining these systems poses a significant challenge. Cobots require specialized programming and integration skills and a deep understanding of automation principles and safety protocols. Access to individuals with these skills is necessary for businesses to deploy cobot technology successfully.

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Some of the major players operating in the global Collaborative Robot market are:

• ABB Ltd.
• AUBO (Beijing) Robotics Technology Co. Ltd.
• Comau S.p.A.
• Denso
• Doosan
• Epson Robots
• Energid Technologies Corporation
• Festo Group
• F&P Robotics AG
• Franks Emika Gmbh
• Fanuc Corporation
• Kawasaki Heavy Industries Ltd.
• MRK-Systeme GmbH
• MABI Robotic AG
• Omron Corporation
• Precise Automation Inc.
• Rethink Robotics GmbH
• Robert Bosch GmbH
• Staubli International AG
• Siasun Robot & Automation co. Ltd.
• TechMan Robot Inc.
• Universal Robots
• Yaskawa Electric Corporation

Key Segments cover in the market:

By Component

• Hardware
• Software

By Payload

• Up to 5 Kg
• 5-10 Kg
• Above 10 Kg

By Application

• Assembly
• Gluing & Welding
• Handling
• Machine Tending
• Pick & Place
• Packaging
• Quality Testing
• Others

By End Use Industry

• Automotive
• Electronics
• Food & Beverage
• Furniture & Equipment
• Metal & Machinery
• Plastic & Polymers
• Pharma
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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