Collaborative Robot Market Size is Anticipated to Grow USD 33.95 Billion at a CAGR of 41.3% by 2031 - Report by Transparency Market Research, Inc.

Wilmington, Delaware, United States, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The global collaborative robot market is projected to flourish at a CAGR of 41.3% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 33.95 billion is anticipated for the market in 2031. As of 2023, the market for collaborative robots is expected to close at US$ 2.8 billion.

The global demand for automation across industries, including manufacturing, logistics, healthcare, and agriculture, has surged the growth of the collaborative robots market as collaborative robot offer cost-effective and flexible automation solutions, making them ideal for addressing this demand.

The demand for collaborative robots is high, particularly in industries like electronics manufacturing and food production as collaborative robots enhance product quality by performing precise and consistent tasks.

Cobots are mostly used in logistics for tasks such as picking, packing, and palletizing goods. They can assist human workers in lifting heavy items and moving them within the facility, reducing the risk of musculoskeletal injuries.

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Market Snapshot:

Key Takeaways from the Market Study

• As of 2022, the collaborative robot market was valued at US$ 2.0 billion
• By pay load, 6 – 10 segments to account for the highest share during the forecast period.
• Based on the end-use industry, the logistics segment accounts for the highest market share as collaborative robots are extensively used for pick & and place activities in logistics.
• Based on application, the material handling segment is expected to generate high revenue during the forecast period, due to the increased automation of the most physically demanding, hazardous, repetitive, and monotonous tasks on a production line.

Collaborative Robot Market: Key Trends and Opportunistic Frontiers

• Growing demand for cobots in non-industrial applications such as healthcare, education, and customer service, contributing to the market's growth.
• Integration of artificial intelligence (AI) and machine learning algorithms enhances cobots' capabilities, enabling them to perform more complex tasks, adapt to changing conditions, and work more intelligently alongside human operators.

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Collaborative Robot Market – Regional Analysis

• North America is expected to account for the highest share of the collaborative robot’s market during the forecast period. The market in the region is driven by a strong manufacturing base. The increasing focus on automation and robust R&D activities contribute to the growth of the collaborative robot market.
• The Asia Pacific collaborative robot market is anticipated to grow at the fastest CAGR during the forecast period. The increasing emphasis on automation, a growing manufacturing sector, and a large labor force shortage are driving market demand in the region.

Competitive Landscape

The collaborative robot market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global collaborative robot market report:

• ABB Ltd.
• Bosch Rexroth AG
• Denso Wave Incorporated
• FANUC America Corporation
• KUKA AG
• Mitsubishi Electric Corporation
• OMRON Corporation
• Rethink Robotics GmbH
• Stäubli International AG
• Techman Robot Inc.
• Universal Robots AS
• Yaskawa America, Inc.

Key Developments in the Collaborative Robot Market

• FANUC has been investing in the development of cobots with higher payloads and increased reach to cater to a broader range of applications.The company is actively working on integrating artificial intelligence (AI) and machine learning capabilities into its cobots to enhance their adaptive and collaborative capabilities.
• ABB has expanded its cobot offerings, including the introduction of the collaborative robot YuMi, designed for precision assembly and small parts handling tasks. ABB has also been focusing on software solutions to improve cobot programming and ease of integration with existing manufacturing systems.
• KUKA has been collaborating with various industrial automation companies to develop specialized cobot applications for industries such as automotive, aerospace, and electronics manufacturing. The company is working on improving cobot safety features and human-robot collaboration capabilities.
• Yaskawa Motoman, a division of Yaskawa Electric, has launched new cobot models designed for tasks like packaging, material handling, and machine tending. Yaskawa is investing in the development of user-friendly programming interfaces and vision systems for its cobots.

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Collaborative Robot Market – Key Segments

Payload

• Up to 5 Kg
• 6 -10 Kg
• Above 10 Kg
  

Application

• Packaging
• Material Handling
• Inspection & Quality Testing
• Assembly
• Machine Tending
• Welding
• Others (Dispensing, Load Transfer, etc.)
  

End-use Industry

• Automotive
• Food & Beverage
• Aerospace
• Plastic and Polymers
• Metals and Machining
• Logistics
• Others (Healthcare, Research & Academia, etc.)
  

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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