By the end of 2023, the market for collaborative robots is anticipated to reach US$ 2.2 billion. The demand for collaborative robots is being fueled by the introduction of sophisticated robots that can collaborate with people in industries like the production and assembly of electronic components and smart parts.
According to the FMI analyst, the market is expected to grow at an impressive CAGR of 21.1% between 2023 and 2033 as a result of the expanding automotive and semiconductor industries, ongoing technological advancements, and a wider range of collaborative robot applications.
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The East Asia Market Creating Significant Growth Opportunities
East Asia region is projected to boost the growth of the collaborative robots market, owing to the significant rate of automation across industries. South Korea is the leading country in robots per 10,000-person ratio, whereas China has currently registered the highest growth rate in the same ratio. The inclination of these countries toward collaborative robots fueled by significant innovations in technology is magnifying the market. Japan holds a major share of the market in the East Asia region. To that end, East Asia is expected to generate substantial growth opportunities in the forecast years.
Collaborative Robots Market Key Segment
By Payload Capacity
- Up to 5kg
- 5-10kg
- Above 10kg
By Application
- Welding
- Material Handling
- Quality Testing/Inspection
- General Assembly
- Painting/Spraying
- Others (Surgery, Cleaners, Institutional)
By End-Use
- Automotive & Transportation
- Electronics & Semiconductors
- Food & Beverage
- Chemical & Pharmaceutical
- Logistics
- Healthcare
- Others (Plastic, Metal & Machinery, Furniture & Equipment
By Region
- Americas
- EMEA
- South Asia & Pacific
- East Asia
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Affordable Price and Multitude of Applications of Collaborative Robots Contributing to the Market Growth
The global collaborative robots market has been segmented based on the different types of payload capacities, their multiple applications, end-use industry and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.
- Collaborative robots with payload capacity up to 5kg are projected to have the dominant share of growth in the upcoming years. Lightweight collaborative robots with payload capacity up to 5kg are being widely used for a range of applications. The segmental growth is followed by 5-10kg payload capacity collaborative robots.
- Based on application, material handling is expected to hold a majority share of the global collaborative robots market which is implemented in several end-use industries. The general assembly is another segment that is projected to have a fair share in the market growth.
- The electronics and Semiconductors industry is projected to have a significant share in the global collaborative robots market. Demand for high speed and precision work fulfilled by collaborative robots is benefitting the industry on a large scale.
Collaborative Robots Market: Vendor Insights
The report highlights some of the prominent market players, who have established themselves as leaders in the global collaborative robots market. A few examples of key players in the market are Universal Robots A/S, AUBO Robotics, Denso Wave Incorporated, Fanuc Corporation, Stäubli International AG, Robert Bosch GmbH, KUKA AG, Precise Automation, Inc., ABB Group, Yaskawa Electric Corporation and K2 Kinetics among others. The global collaborative robots market is significantly dominated by some players holding prominent shares of the market. These players are indulging in strategic alliances, collaborations, mergers and acquisitions. For instance, ABB Group announced a collaboration with Kawasaki Heavy Industries Ltd. to share knowledge and are working on joint technical and awareness opportunities.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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