WESTFORD, Mass., July 9, 2024 -- According to SkyQuest, the global Collaborative Robots Market size was valued at USD 815.40 million in 2022 and is poised to grow from USD 914.88 million in 2023 to USD 2297.77 million by 2031, growing at a CAGR of 12.20% during the forecast period (2024-2031).
Integration of robots into human environments has led to the demand for collaborative robots. Advancements in robotics technology and the growing use of robots in different industry verticals are forecasted to alter the future collaborative robots market growth trajectory. Integration of advanced technologies such as artificial intelligence and machine learning will improve the collaborative nature of robots. The global collaborative robots market is segmented into payload, component, application, end user, and region.
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Collaborative Robots Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | $ 914.88 million |
Estimated Value by 2031 | $ 2297.77 million |
Growth Rate | Poised to grow at a CAGR of 12.20% |
Forecast Period | 2024–2031 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Payload, Component, Application and End-user |
Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | High emphasis on worker safety and productivity |
Key Market Drivers | Rising demand for better human-machine interaction |
Segments covered in Collaborative Robots Market are as follows:
- Payload
- 5 kg, 5-10 kg, 10-25 kg, more than 25 kg
- Application
- Handling (pick-and-place, material handling, packaging & palletizing, machine tending), assembling & dissembling (nut fastening, and screwdriving), welding & soldering, pick & place, positioning, Processing (grinding, milling, and cutting), others
- End-User
- Automotive, electronics & semiconductors, metals & machining, plastics & polymers, food & beverages, healthcare, logistics, Others
- Component
- Hardware, software
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Automotive Industry to Witness Highest Adoption of Collaborative Robots as Manufacturers Focus on Boosting Productivity
The demand for vehicles is increasing rapidly around the world as the disposable income of people increases. Automotive manufacturers are focusing on deploying robots in their facilities to save time and money whilst promoting efficiency. The use of robots for welding, painting, coatings, and assembly of parts is high in the automotive industry and this is why this segment is an unmissable one for all collaborative robot manufacturers.
Demand for collaborative robots in the electronics industry is forecasted to rise at an impressive pace over the coming years as the demand for electronics surges. The growing availability of innovative new collaborative robots designed specifically for electronics operations will also help this segment grow at a good CAGR in the future. Healthcare, logistics, metals & machining, and food & beverage are some other industries where the sales of collaborative robots are projected to shine bright in the long run.
Collaborative Robots of Up to 5 kg Payload Capacity are Most Sought-after
Low costs and high productive output of collaborative robots with up to 5 kg payload capacity are what allow this segment to hold a substantial market share. These robots help companies maximize their productivity at a very low cost and are highly accurate as well. Increasing integration of robotics in industrial applications at all levels will also help this segment bring in more revenue going forward. Demand for collaborative robots with high payload capacities will rise at a notable pace in the future as automation penetrates all aspects of industrial operations.
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Hardware Components to Remain Pivotal in Determining the Efficacy of Collaborative Robots
Hardware plays a special role in determining the efficiency and productivity of a robot and this is also true in the case of collaborative robots. Collaborative robot providers need to focus on development of advanced hardware such as sensors and controllers to improve the effectiveness of robotic operations. Partnering with robotic hardware manufacturers and developers could help collaborative robot companies maximize their business scope in the future.
Demand for better human-machine interaction around the world will create an opportune setting for collaborative robots. The automotive industry is anticipated to be the most lucrative end user for collaborative robots and this is why most companies are focusing on developing products for this segment. New companies can target the hardware component segment and develop novel robotic hardware to successfully penetrate the market and compete with leading market players. Innovation using novel technologies will be a key strategy for any company looking to make a mark in the global collaborative robots market.
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