Collaborative Robots Fueling The Growth Of Collaborative Robot Market

Collaborative Robots Fueling The Growth Of Collaborative Robot Market

Market Overview:
Collaborative robots, also known as co-bots, are robotic arms designed to safely work alongside human workers within a shared workspace. They assist with a variety of repetitive and dangerous industrial tasks like material handling, assembly, machine tending, sealing, and more. Advantages of collaborative robots include increased productivity, reduced labor costs, improved workplace safety, and scalable production.

Market key trends:
One of the key trends fueling the growth of the collaborative robot market is their increasing adoption in SMEs. Earlier, collaborative robots were majorly adopted by large enterprises due to high costs. However, with technological advancements, collaborative robots are becoming more affordable for small and medium enterprises. This has boosted their adoption rates as SMEs aim to benefit from increased productivity and flexibility offered by co-bots. Additionally, collaborative robots require minimal automation skills and infrastructure to deploy and program as compared to traditional industrial robots. This makes them a viable option for SMEs to automate semi-skilled and dangerous production tasks.
Segment Analysis
The collaborative robot (cobot) market is segmented by payload capacity, application, industry vertical, and geography. Based on payload capacity, the market is divided into up to 5kg, 5-10 kg, and above 10kg. The 5-10 kg segment dominates the market as these collaborative robots are suitable to perform medium duty tasks and are economical.

Key Takeaways
The Global Collaborative Robot Market Size is expected to witness high growth, exhibiting 46% CAGR over the forecast period, due to increasing demand for automation of repetitive and dangerous tasks across industries.

Regional analysis
North America dominates the cobot market with the highest share, accounting for about 35% of the global market in 2023. This is attributed to growing adoption of robots across industries such as automotive, food and beverages, electronics in the US and Canada. Asia Pacific exhibits the fastest growth due to rising installation of collaborative robots by small and medium enterprises in China, Japan, and India for assembly and material handling operations.

Key players
Key players operating in the collaborative robot market are ABB, Universal Robots, FANUC Corporation, Techman Robot, AUBO Robotics, KUKA, Kawada Robotics, Productive Robotics, Kawasaki Robotics, Precise Automation, Yaskawa, F&P Robotics, Rethink Robotics, Robert Bosch, MABI Robotic, Siasun, Franka Emika, Hanwha Precision Machinery, Carbon Robotics, Han€TMs Robot, ST Robotics, and Others. Universal Robots dominates the collaborative robot market with its high payload, safe, and easy-to-deploy cobots that can handle a range of tasks without safety guards.

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