Collaborative Robots Market Size, Share & Trends Analysis Report By Payload Capacity, By Application (Assembly, Handling, Packaging, Quality Testing), By Vertical, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global collaborative robots market size was valued at USD 1.23 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 32.0%, from 2023 to 2030. The growth can be ascribed to the increasing adoption of collaborative robots, or cobots, in Small and Medium Enterprises (SMEs). These companies are increasingly investing in cobots to interact with humans in a shared workspace and automate manufacturing processes. The growth is further proliferated by technological advancements in the industry.

The integration of artificial intelligence and machine learning technologies in industrial robots is positively influencing the business space. Besides, the advent of 5G technology is also expected to stimulate the adoption of cobots in the manufacturing sector. The release of an industrial grade 5G wireless network by Nokia Corporation to meet the requirements of Industry 4.0 is a prominent example of such developments. The low-latency connectivity offered by 5G wireless solutions will help OEMs enhance robotic automation and increase the productivity, quality, and efficiency of the manufacturing processes.

The deployment of robots in industrial processes has also reduced the number of accident cases at workplaces. Moreover, they also significantly improve product quality, which is instigating their demand across various companies and enterprises. The increasing adoption of cobots in electronics, automotive, logistics, machine tooling, packaging, and assembling applications is expected to transform the outlook of the collaborative robots market over the foreseeable future.

Various retailers and e-commerce giants have started investing in robotic technologies as they play a prominent role in managing their logistics and supply chain activities. These companies are actively adopting robotics to assist their workforce in warehouses. The elevating demand for cobots in the logistics sector will provide lucrative growth prospects for the market over the forecast timeline.

Application Insights

The gluing & welding segment is expected to witness the highest CAGR over the forecast period, which can be attributed to various benefits offered by cobots such as reduced waste, increased consistency, quality, and output product gaining attention from marketers. The assembly application segment captured a sizeable revenue share of around 23.0% across the collaborative robots market in 2022, owing to the increased usage of cobots for combining easy and repetitive tasks and supporting complex assembly processes.

Furthermore, the increasing demand for assembly activities such as nut driving, bolting, insertion, and part fitting tasks from SMEs and large enterprises to minimize the risks of injuries and improve productivity is expected to fuel further market growth of the assembly segment.

The pick and place segment is expected to record a CAGR of around 31% over the forecast period. This can be attributed to the mounting demand for collaborative robots in pick-and-place applications across various verticals for increasing precision and reducing shrinkage while handling the inventory. Furthermore, cobots are small in size, lightweight, and can be installed in limited space, which, in turn, is augmenting their demand.

Payload Capacity Insights

The up to 5kg payload capacity segment held a revenue share of more than 44% in 2022 and is anticipated to show remarkable growth in the future owing to its wide range of attributes. They are light in weight and offer flexibility while optimizing low-weight collaborative processes such as picking, placing, and testing. The launch of advanced cobots in this payload capacity range is opening new growth opportunities for the market. For instance, in March 2021, Comau S.p.A. launched a cost-effective cobot named Racer-5 suitable for packaging and warehousing. This advanced cobot works at an industrial speed of up to 6 m/s and has a 5kg payload capacity which facilitates seamless operations.

The above 10kg payload capacity segment in the collaborative robots industry is estimated to register a CAGR of around 33.0% over the forecast period, owing to their capability to handle bigger tasks requiring high precision and reliability. They play a vital role in collaborating heavier-weight processes, which is expected to further drive the segment growth over the subsequent years.

Vertical Insights

The automotive segment accounted for a revenue share of more than 24% in 2022 and is expected to grow substantially over the forecast period. The growth can be largely attributed to the increased adoption of collaborative robots owing to their ability to reduce floor space and the cost of production downtime. In addition to this, they find important usage in spot and arc welding, assembling parts, painting, coating, etc. Furthermore, the implementation of collaborative robots helps the automotive industry to increase productivity, resulting in increased demand over the forecast period.

The electronics segment is expected to witness a significant CAGR of more than 32% over the forecast period. The growth is attributed to collaborative robots' ability to perform various tasks, such as dispensing, insertion, labeling, and screw driving, with high repeatability. The increased adoption will be led by innovations coupled with rising research and development efforts by market players to improve productivity, cost-efficiency, and low-manufacturing overheads. The increasing competition in the market with the emergence of various technology disruptors is expected to strengthen the segment outlook over the forecast period.

Regional Insights

Europe is a remunerative hub for collaborative robots and captured a significant revenue share of more than 30.0% in 2022. This can be chiefly credited to the enormous application of collaborative robots across various verticals, including logistics, electronics, and inspection. Moreover, various advantages such as efficient manufacturing optimization solutions and increased collaboration offered by automation at the workplace are also expected to support the market expansion.

Asia Pacific is expected to record a CAGR of over 34.0% from 2023 to 2030, with the growing emphasis on the quality and precision of cobots in the region leading to the implementation of maximum standards. The ability of cobots to produce high-quality products, reduce wastage, increase efficiency, and standardize products is driving their demand in the region. Besides, the growing consumer inclination toward automation, artificial intelligence, and the evolution of other requisite technologies is providing significant growth potential for the regional market.

Key Companies & Market Share Insights

The major companies operating in the collaborative robots industry are inclined to introduce innovative offerings to gain a competitive edge in the market. For instance, in February 2021, ABB Group expanded its collaborative robot portfolio with the introduction of the SWIFTI and GoFa cobot range, delivering higher speeds and payloads. This new range complements ABB’s cobot line-up of YuMi and Single Arm YuMi and is faster, stronger, and more capable.

It has been designed to support high-growth segments such as consumer goods, electronics, healthcare, logistics, food, and beverage, etc. Additionally, in November 2022, Epson America, Inc. announced the expansion of the VT6L-Series through the launch of the VT6L-DC All-in-One 6-Axis Robot. The newly launched product is ideal for mobile solutions and delivers next-level technology that helps to improve operational efficiency. Some prominent players in the global collaborative robots market include:

• ABB Group

• DENSO Robotics

• Epson Robots

• Energid Technologies Corporation

• F&P Robotics AG

• Fanuc Corporation

• KUKA AG

• MRK-Systeme GmbH

• Precise Automation, Inc

• Rethink Robotics, Inc

• Robert Bosch GmbH

• Universal Robots A/S

• Yaskawa Electric Corporation

• MABI Robotic AG

• Techman Robot Inc.

• Franks Emika Gmbh

• AUBO Robotics

• Comau S.p.A.

Collaborative Robots Market Report Scope

Global Collaborative Robots Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global collaborative robots market report based on payload capacity, application, vertical, and region:

• Payload Capacity Outlook (Revenue, USD Million, 2018 - 2030)

  • Up to 5kg

  • Up to 10kg

  • Above 10kg

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Assembly

  • Pick & Place

  • Handling

  • Packaging

  • Quality Testing

  • Machine Tending

  • Gluing & Welding

  • Others

• Vertical Outlook (Revenue, USD Million, 2018 - 2030)

  • Automotive

  • Food & Beverage

  • Furniture & Equipment

  • Plastic & Polymers

  • Metal & Machinery

  • Electronics

  • Pharma

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • South America

    • Brazil

  • Middle East and Africa