Collaborative Robots Global Market Report 2023: Sector to Reach $7.1 Billion by 2027 at a 28.9% CAGR

Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "Collaborative Robots Global Market Report 2023" report has been added to's offering.

The global collaborative robots market is expected to grow from $1.99 billion in 2022 to $2.58 billion in 2023 at a compound annual growth rate (CAGR) of 29.3%. The collaborative robots market is expected to reach $7.11 billion in 2027 at a CAGR of 28.9%.

Rising labor costs are expected to propel the growth of the collaborative robots market going forward. Labor costs are the sums that a company must spend to cover each employee's salary and benefits, in addition to any associated payroll taxes and benefits. Accounting and finance experts consider labour costs as a significant variable when determining an organization's direct and indirect labour expenses.

Rising labor costs would increase the adoption of collaborative robots as they would lower labor costs and solve the growing labor shortages. For instance, in December 2021, according to the European Commission, a Belgium-based executive of the European Union that operates as a cabinet government, the total hourly labor costs in the EU increased from 1.1% in 2021 to 4.1% in 2022. Therefore, the rising labor costs are driving the collaborative robots market.

Product innovations are a key trend gaining popularity in the collaborative robot market. Major companies operating in the collaborative robot market are focused on developing new technological solutions to strengthen their position. For instance, in February 2021, ABB Group, a Switzerland-based technology company operating in electrification and automation, launched two new-generation cobots, GoFa and SWIFTI.

It is uniquely designed to allow users to program and re-program the new robots while operating a tablet or smartphone. They are engineered with on-call and online service experts that help to use and configure them and offer higher payloads and speeds to unlock industries that have low levels of automation. They are expected to help businesses accelerate automation by operating within minutes of installation, straight out of the box.

In April 2022, The United Robotics Group, a German-based developer of customized service robotics solutions, acquired SoftBank Robotics Group Corp. for an undisclosed amount. Through this acquisition, combined resources with SoftBank are expected to accelerate URG's research and development and strengthen the company's innovative power. This acquisition is expected to enable URG to expand as a leading service robotics company in Europe. SoftBank Robotics Group Corp. is a US-based developer and manufacturer of industrial robotics, including collaborative robots.

Asia-Pacific was the largest region in the collaborative robots market in 2022. The regions covered in collaborative robots report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the collaborative robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
  • Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market shares.
  • Benchmark performance against key competitors.
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Where is the largest and fastest growing market for collaborative robots? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The collaborative robots market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
  • The forecasts are made after considering the major factors currently impacting the market. These include:
  • The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
  • The impact of higher inflation in many countries and the resulting spike in interest rates.
  • The continued but declining impact of COVID-19 on supply chains and consumption patterns.
  • Market segmentations break down the market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Markets Covered:

1) By Component: Hardware; Software
2) By Payload Capacity: Up to 5kg; Up to 10kg; Above 10kg
3) By Application: Assembly; Pick And Place; Handling; Packaging; Quality Testing; Gluing And Welding; Other Applications
4) By Vertical: Automotive; Food And Beverage; Furniture; Plastic And Polymers; Metal And Machinery; Electronics; Pharmaceuticals; Other Verticals

Key Attributes:

Report AttributeDetails
No. of Pages250
Forecast Period2023 - 2027
Estimated Market Value (USD) in 2023$2.58 billion
Forecasted Market Value (USD) by 2027$7.11 billion
Compound Annual Growth Rate28.8%
Regions CoveredGlobal

Key Topics Covered:

1. Executive Summary

2. Collaborative Robots Market Characteristics

3. Collaborative Robots Market Trends And Strategies

4. Collaborative Robots Market - Macro Economic Scenario

5. Collaborative Robots Market Size And Growth

6. Collaborative Robots Market Segmentation

7. Collaborative Robots Market Regional And Country Analysis

A selection of companies mentioned in this report includes

  • ABB Group
  • DENSO Robotics
  • Fanuc Corporation
  • Precise Automation Inc.
  • Rethink Robotics Inc.
  • Robert Bosch GmbH
  • Universal Robots A/S
  • Yaskawa Electric Corporation
  • Techman Robot Inc.
  • AUBO Robotics Technology Co Ltd.
  • K2 Kinetics
  • MABI Robotic AG
  • Franks Emika Gmbh
  • F&P Robotics AG
  • NEURA Robotics GmbH
  • Staubli International AG

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