The collaborative robot (cobot) market has witnessed significant growth in recent times owing to the growing demand from the automotive industry. Cobots help in assembling various automotive components with high precision and accuracy. They also enable easier programming compared to traditional industrial robots due to their in-built safety features and flexibility. As automotive manufacturers aim to enhance productivity amid labor constraints, the adoption of collaborative robots has elevated in recent years. The growing need for vehicular electrification and advanced driver assistance systems has further fueled automotive production, driving cobot demand.
Cobots offer various advantages over traditional industrial robots such as ease of programming, flexibility to handle a variety of tasks, and compliance to work alongside human operators safely. Their ability to assist operators without any safety features has increased their adoption across industries including automotive, electronics, plastics and rubber, food and beverages and others. The demand for collaborative robots is anticipated to rise sharply with rapid industrial automation and the need for flexible automation solutions.
Key Takeaways
Key players operating in the Collaborative Robot Market Demand are Cardinal Health, Inc., Stryker Corporation, Karl Storz GmbH & Co. Kg, Zimmer Biomet Holdings, Inc., Baxter International Inc., Becton, Dickinson and Company, Angiodynamics, Inc., Hologic, Inc., Ecolab Inc., Olympus Corporation, Medtronic PLC, Fresenius Medical Care AG & Co. KGaA, B. Braun Melsungen AG, Johnson & Johnson, and Smiths Group PLC.
The collaborative robot market is expected to witness significant growth opportunities due to the rising use of cobots in SMEs. Several start-ups are offering affordable collaborative robots to Small and medium-sized manufacturers to automate routine tasks. The ease of use and flexibility of cobots is enabling their widespread adoption in SMEs across industries.
The major players in the collaborative robot market are focused on global expansion through mergers and acquisitions. Manufacturers are actively looking to strengthen their footprint worldwide, especially in developing countries. Partnerships with regional system integrators and distributors are helping companies to cater to the growing demand. The development of application-specific collaborative robots is another strategy that can help gain a larger share in international markets.
Market drivers: The growing labor costs especially in developed economies is a major driver for the collaborative robot market. Cobots help reduce dependence on human labor and enhance productivity. Manufacturers are able to optimize production capacity with minimum overhead through the adoption of collaborative robots. Efforts to ensure workplace safety amid COVID-19 have also fueled the demand for collaborative robots that can work alongside humans safely.
Market restraints: The high initial investment for collaborative robots and their programming is a major restraint for SMEs to adopt cobots. The lack of skilled workforce to handle collaborative robots can also hamper their adoption in some regions. Strict safety regulations for human-robot collaboration also poses challenges, especially in developing countries with lax enforcement. Technical limitations regarding payload capacity and application range compared to traditional industrial robots also restrict the penetration of cobots.
Segment Analysis
The collaborative robot market can be segmented based on payload, component, application, end user and geography. Based on payload, the market can be categorized into up to 5kg, 5kg to 10 kg and above 10kg segments. The up to 5 kg segment currently dominates the market owing to widespread demand for small and affordable collaborative robots for handling and assembling small components.
Based on components, the market is segmented into hardware and software. The hardware segment which includes robot arms, end effectors, drives and controllers presently accounts for the largest share as these components are essential for robot functioning. The software segment is expected to grow at a higher rate due to rising importance of machine teaching, simulation, and safety software.
Global Analysis
Regionally, Asia Pacific dominated the collaborative robot market in 2024 with over 35% share and is predicted to continue leading over the forecast period. This is owing to extensive adoption of collaborative robots in industries including automotive, electronics and food & beverages across China, Japan and other Asian countries. North America stood as the second largest regional market attributed to high focus on workplace safety and installation of collaborative robots by SMEs in various industry verticals across the US and Canada. Europe currently captures around 30% share of the global market due to presence of major robotic manufacturers and adoption of collaborative robots by automotive OEMs based in Germany, UK, France and Italy.
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