Global Collaborative Robot (Cobot) Market

MARKET SCOPE:

The global Collaborative Robot (Cobot) market is projected to grow significantly, registering a CAGR of 12.6% during the forecast period (2024 – 2032).

A collaborative robot, often referred to as a cobot, is a specific type of robot engineered to collaborate with humans in close proximity. Unlike traditional industrial robots, which are typically enclosed or kept separate from humans for safety reasons, collaborative robots are specifically designed to operate alongside humans without posing any harm. Their primary feature is their capacity to interact and work cooperatively with human workers. Equipped with a range of sensors including force sensors and vision systems, collaborative robots can perceive and react to their surroundings. Collaborative robots are commonly programmed to undertake tasks involving physical interaction, such as object handling, assembly, or machine tending. Emphasizing safety, these robots are engineered with features aimed at minimizing the risk of injury to humans. They incorporate built-in security mechanisms including force and torque limiting, speed reduction, and collision detection, enabling them to detect human presence and adjust their behavior automatically to prevent accidents.

MARKET OVERVIEW:

Driver: Increase in government support for the development and deployment of robotics driving the market growth.

Governments around the world are implementing initiatives to encourage and support the development and adoption of robotics within their respective nations. For instance, Singapore's government, as part of its Industry Transformation Program, has introduced several measures aimed at promoting innovation, automation, and the expansion of companies. Similarly, the Indian government has implemented various measures to enhance smart manufacturing, including the launch of the Production Linked Incentive (PLI) scheme in 2020, which encompasses 14 sectors such as automotive, pharmaceuticals, textiles, food processing, and white goods.

Likewise, the Chinese government has introduced multiple initiatives to promote the integration of collaborative robots within the manufacturing sector, including the ""Made in China 2025"" plan, which focuses on developing high-tech industries. Additionally, a five-year ""Robotics Industry Development Plan"" has been announced to foster growth in the country's industrial robotics sector, along with substantial subsidies and tax incentives for industrial automation.

In Germany, the government's ""Industry 4.0"" strategy includes efforts to develop and deploy industrial robots. The government has allocated non-refundable cash grants of approximately US$ 78 million annually from 2016 to 2020 to support research institutes, companies, and academics in human-technology interaction research. Moreover, the government has made around 300 study programs related to automation and robotics available.

Furthermore, the South Korean government has committed to investing US$ 2.7 million as part of the ""Second Basic Plan for Intelligent Robot Development (2014–2018)"" and subsequently launched the ""Third Intelligent Robot Basic Plan (2019–2023)."" These initiatives and measures implemented by governments worldwide are anticipated to drive global market growth for industrial robotics, consequently boosting demand for collaborative robots worldwide.

Opportunities: High demand for automation in the healthcare industry is expected to pave the way for market growth in the upcoming years.

The adoption of robots for automation within the medical sector is on the rise, with robotics increasingly integrated into healthcare settings. Collaborative robots' ability to work alongside healthcare professionals safely and effectively has ushered in new opportunities for enhancing patient care, optimizing operational efficiency, and addressing workforce challenges. These robots can serve as telepresence devices, facilitating remote consultations and care. Outfitted with cameras, screens, and speakers, they enable healthcare providers to engage with patients in real-time, regardless of geographical distances. This technology proves particularly valuable in delivering care to patients in remote areas or those with limited mobility.

Furthermore, cobots play a crucial role in assisting surgeons during various surgical procedures. They can hold and position instruments, furnish a stable platform for precise surgical maneuvers, and execute repetitive tasks with exceptional accuracy. Additionally, cobots can be equipped with imaging technologies such as ultrasound or endoscopic cameras, aiding visualization during minimally invasive surgeries.

COVID IMPACT:

The COVID-19 pandemic has yielded both positive and negative outcomes for the collaborative robot market landscape. It underscored the imperative for automation across diverse sectors like manufacturing, logistics, and healthcare. However, the cobot market heavily relies on global supply chains for various components and parts, which were disrupted by the pandemic, leading to manufacturing and delivery delays for cobots. Consequently, this affected the availability and deployment of cobots in certain instances.

Numerous industries confronted labor shortages due to travel restrictions, quarantines, and social distancing mandates. Cobots emerged as a solution, stepping in to perform tasks typically handled by human workers, thereby ensuring continuity in production processes. Nonetheless, the global economic downturn stemming from the pandemic strained businesses' financial capacities, resulting in budget constraints and reduced investments in automation technologies, including cobots. Some companies deferred or canceled plans to implement cobot systems due to financial uncertainties.

Collaborative robots present a remedy for upholding social distancing measures in workplaces. By leveraging cobots, companies can minimize the number of human workers in close proximity, thereby mitigating the risk of virus transmission and fostering a safer work environment. In certain sectors severely impacted by the pandemic, such as hospitality and aviation, the focus shifted from long-term automation investments to immediate cost-cutting measures and survival tactics, leading to decreased demand for cobots in these industries. Nevertheless, the heightened awareness of automation benefits and the imperative for social distancing measures have spawned fresh opportunities for key market players. As the global economy rebounds and businesses adapt to the post-pandemic milieu, the demand for collaborative robots is anticipated to sustain long-term growth.

SEGMENTATION ANALYSIS:

The hardware segment is anticipated to grow significantly during the forecast period.

Continuous technological advancements are propelling the growth of the hardware segment in the collaborative robot market. As technology evolves, hardware components such as sensors, actuators, grippers, and control systems become increasingly sophisticated, enabling collaborative robots (cobots) to execute complex tasks with greater precision and efficiency. Over time, the hardware segment has experienced cost reductions, rendering cobots more accessible to small and medium-sized enterprises (SMEs). Decreased hardware costs, coupled with the potential for heightened productivity and return on investment, have spurred greater adoption of cobots among companies. Hardware components play a crucial role in ensuring the safety of cobots, with features such as force-torque sensors, collision detection systems, and advanced control algorithms contributing to their safe operation. Emphasis on safety regulations and standards further drives the development and adoption of advanced hardware components in cobots. These factors are anticipated to be key influencers of the collaborative robot market size during the forecast period.

The assembling and disassembling segment is anticipated to grow significantly during the forecast period.

Tasks involving assembly and disassembly often demand flexibility due to evolving product designs, variations, or customization requirements. Collaborative robots (cobots) offer swift adaptability to diverse tasks, minimizing the time and effort needed for reprogramming or retooling conventional automation systems. Additionally, numerous industries grapple with labor shortages, making it difficult to secure skilled workers for repetitive and labor-intensive assembly and disassembly tasks. Cobots can address this challenge by automating such tasks, thereby decreasing reliance on human labor.

Moreover, cobots can operate continuously, 24/7, enhancing productivity and contributing to long-term reductions in labor costs. Furthermore, assembly and disassembly tasks may involve handling heavy or hazardous components, raising safety concerns and the potential for workplace injuries. Cobots are engineered with built-in safety features such as force sensing, collision detection, and speed reduction, enabling them to work safely alongside human operators. By integrating cobots into assembly and disassembly processes, companies can enhance worker safety and mitigate the risk of accidents.

REGIONAL ANALYSIS:

The Europe region is set to witness significant growth during the forecast period.

In 2022, Europe emerged as the dominant force in the global collaborative robot market and is anticipated to maintain its position as the fastest-growing region throughout the forecast period. The burgeoning manufacturing industry, particularly in sectors like automotive, electronics, and machinery, has been a key driver of growth in the European collaborative robot market. European nations have actively embraced and promoted industrial automation technologies to bolster their manufacturing competitiveness. Collaborative robots play a pivotal role in this automation endeavor by seamlessly integrating with human workers, thereby enhancing productivity and efficiency.

Europe's stringent workplace safety regulations and standards have further propelled the adoption of collaborative robots. These robots are engineered with built-in safety features such as force sensing, collision avoidance, and power and speed limitations, aligning with the region's focus on ensuring worker safety. Additionally, governments across Europe have instituted various initiatives and funding programs to encourage the adoption of robotics and automation technologies. These initiatives are aimed at boosting industrial productivity, fostering innovation, and creating new employment opportunities. Such governmental support incentivizes the deployment of collaborative robots across diverse industries in the region.

COMPETITIVE ANALYSIS

The global Collaborative Robot (Cobot) market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market.

KUKA AG

• In March 2022, KUKA Assembly & Test GmbH and Wiksfors Technology AB have unveiled a strategic partnership aimed at collaboration within the modular home construction sector. Their objective is to facilitate the construction of large housing-related components off-site and streamline assembly processes for ""next-generation factories.""

Yaskawa Electric Corporation

• In January 2022, Yaskawa has bolstered its HC-series line with the introduction of the six-axis HC10DTP and HC20DTP collaborative robots. These robots enable a plug-and-play approach for straightforward deployment of robot systems, facilitated by an ISO standard tool flange and electrical connections. Additionally, hand-guided programming allows users to instruct points directly without the need for a pendant, enhancing ease of use.

ABB Group

DENSO Robotics

Epson Robots

Energid Technologies Corporation

F&P Robotics AG

Fanuc Corporation

MRK-Systeme GmbH

Precise Automation, Inc

Rethink Robotics, Inc

Robert Bosch GmbH

Universal Robots A/S

MABI Robotic AG

Techman Robot Inc.

Franks Emika Gmbh

AUBO Robotics

Comau S.p.A.

Scope of the Report

By Component

• Hardware
• Software

By Payload Capacity

• Up to 5Kg
• Up to 10Kg
• Above 10Kg

By Application

• Handling
• Assembling and Disassembling
• Welding and Soldering
• Dispensing
• Processing
• Others

By End Users

• Automotive
• Electronics
• Metals and Machining
• Plastics and Polymers
• Furniture and Equipment
• Healthcare
• Others

By Region

• North America (the United States & Canada)
• Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)
• Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, and Latin America)

Key reasons to purchase this report

It provides a technological development map over time to understand the industry’s growth rate and indicates how the Collaborative Robot (Cobot) market is evolving.

The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which Collaborative Robot (Cobot) submarket will be the main driver of the overall market from 2024 to 2032.

It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.

It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2032 and which country will lead the market in 2032.