Collaborative Robots Market Size, Share, Industry Analysis, Trends, Growth, Forecasts, 2032

Collaborative Robots Industry Prospective:

The global collaborative robots market size was worth around USD 987.46 million in 2023 and is predicted to grow to around USD 4,549.72 million by 2032 with a compound annual growth rate (CAGR) of roughly 18.50% between 2024 and 2032.

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Collaborative Robots Market: Overview

Collaborative robots are also known as cobots. They are advanced industrial-scale robots built to operate alongside humans in a collaborative environment without posing any danger to the humans around them. They are significantly different from autonomous robots that are hard-coded to work in an independent setting and follow sedentary procedures. Collaborative robots have become a possibility due to the increasing investments and advancements in modern technologies such as artificial intelligence (AI) and machine learning (ML). In most cases, collaborative robots are used for conducting manufacturing-oriented tasks including material handling, assembly, machine tending, packaging, and other manual work.

One of the leading factors for higher demand for cobots is the growing labor cost and increasing need for fast-paced workers who can conduct repetitive tasks with ease. Collaborative robots are easy to operate. Moreover, they are considered highly cost-effective, especially in the long run. Additionally, they are highly versatile as cobots can be used for conducting several types of tasks. The growing adoption of collaborative robots in the manufacturing sector is likely to fuel higher market growth in the coming years. However, the cost of cobot development along with the implication of cobot usage on human labor may act as crucial challenges for the industry players to overcome.

Key Insights:

• As per the analysis shared by our research analyst, the global collaborative robots market is estimated to grow annually at a CAGR of around 18.50% over the forecast period (2024-2032)
• In terms of revenue, the global collaborative robots market size was valued at around USD 987.46 million in 2023 and is projected to reach USD 4,549.72 million, by 2032.
• The market is projected to grow at a significant rate due to the growing investments in the manufacturing industry
• Based on the application, the material handling segment is growing at a high rate and will continue to dominate the global market as per industry projection
• Based on the vertical, the automotive segment is anticipated to command the largest market share
• Based on region, Asia-Pacific is projected to dominate the global market during the forecast period

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Collaborative Robots Market: Growth Drivers

Growing investments in the manufacturing industry may fuel the market growth rate

The global collaborative robots market is projected to grow due to the increasing investments in the manufacturing sector across the globe. The industry that converts raw materials into finished consumables or goods is called the manufacturing sector. It is one of the most prominent economic drivers for nations across the globe. Manufacturing is not limited to specific industrial segments as almost all goods currently used worldwide undergo some form of manufacturing process. The leading goods that enjoy considerable investments in terms of manufacturing are textiles, pharmaceuticals, industrial machinery, and electronics.

In addition to this, almost all economies globally are investing in the domestic manufacturing sector to fuel regional growth. In December 2023, Gavi, the Vaccine Alliance, an international organization working toward improving access to medicines among children in poor countries, announced an investment of USD 1 billion in the next 10 years for the development of Africa’s emerging vaccine manufacturing industry. In addition to this, governments are offering lucrative tax subsidies to new entrants as a means to attract foreign investments while also encouraging domestic players to step up. The growing use of collaborative robots in the manufacturing sector will further drive the demand for cobots.

Rising investments in electric vehicle (EV) production will lead to higher demand for cobots

Global consumers are becoming increasingly aware of the impact their choices make on the environment. The automotive industry is one of the leading environmental polluters due to the excessive dependence of the industry on non-renewable energy. In addition to this, governments and environmental bodies are demanding reasonable solutions that can reduce the overuse of fossil fuels. They are actively encouraging companies to achieve net zero emissions in the coming years. These factors among others have been pivotal to the growing demand for electric vehicles across the globe. As per official reports, over 21% of new car registrations in 2022 in Europe were electric vehicles. The global collaborative robots market can gain from the growing production of electric vehicles.

Collaborative Robots Market: Restraints

High costs of production, operation, and maintenance may restrict the market expansion rate

The global industry for collaborative robots is expected to be restricted due to the high expenses associated with the production of the robots. These are advanced automation tools and are built using state-of-the-art technologies. The cost of a collaborative robot can range over USD 30,000 depending on the total offerings to the cobot. In addition to this, collaborative robots can be difficult to maintain as replacing faulty parts can be expensive. In some cases, users may be unable to locate service centers further leading to additional challenges.

Collaborative Robots Market: Opportunities

Rising expansion of existing portfolio and entry into new markets may generate high growth opportunities

The global collaborative robots market will generate high growth opportunities due to the growing investments in the expansion of existing portfolios of cobots by offering more advanced versions. In December 2023, Universal Robots, a Danish producer of advanced technology announced the launch of a 30 kg payload collaborative robot thus effectively expanding its product offering. The UR30 is the successor of the previously launched UR20 and boasts compact sizing. Additionally, it also offers higher motion control systems thus making UR30 ideal for several applications including material handling and machine tending. Furthermore, the industry for cobots can benefit as the market players expand to new territories, especially countries that are registering a shift in industrial production processes and are seeking supporting solutions. In February 2024, OMRON Automation announced the launch of its M S Series Collaborative Robots in the Indian market. The new offerings will deliver expanded safety characteristics and faster joints.

E-commerce industry can trigger an extensive market growth rate during the forecast period

The e-commerce industry is causing a sharp rise in the logistics and transportation sectors. Collaborative robots are widely used across expansive warehouses and other units used by the logistics industry. The strong proliferation of the e-commerce sector will fuel the demand for cobots in the coming years. The growing consumer base of used products shopping through online mediums will further promote the workload of the logistics sector. By 2023, the European pre-owned goods market reached a valuation of over USD 1 billion. Such factors are likely to help the global collaborative robots market grow.

Collaborative Robots Market: Challenges

Managing the risk of job displacement and work-related insecurity could be challenging for the industry players

The global workforce has been resistant to automation since it brings along fear of job loss and displacement. It is one of the key challenges for the global collaborative robots industry players to manage as they must create an environment that allows the human workforce to thrive by leveraging the offerings of cobots. This will require extensive investments in filling the existing skill gap.

Collaborative Robots Market: Segmentation

The global collaborative robots market is segmented based on application, capacity, vertical, and region.

Based on the application, the global market segments are pick & place, assembly, quality testing, packaging, handling, gluing & welding, machine tending, and others. In 2023, the highest demand was observed in the material handling segment. During the projection period, the segment may register a CAGR of over 15% driven by growing applications across end-user industries. The high demand for highly efficient cobots in the semiconductor and electronics manufacturing sectors will fuel the segmental demand. The pick & place sector may emerge as the second highest market revenue generator as the use of collaborative robots in warehousing is prominent.

Based on capacity, the global collaborative robots market is divided into above 10 kg, up to 10 kg, and up to 5 kg.

Based on the vertical, the global market divisions are food & beverages, automotive, electronics, furniture & equipment, metal & machinery, pharma, and others. In 2023, the automotive vertical was the leading revenue generator. It is expected to grow at a CAGR of around 19%. The growing demand for EVs and traditional vehicles across passenger and commercial groups will be crucial for the segment to achieve new heights. Cobots are highly efficient in handling heavy payloads. They can be used across the assembly lines.

Collaborative Robots Market Report Scope

Collaborative Robots Market: Regional Analysis

Asia-Pacific to enjoy the lead during the forecast period

The global collaborative robots market will be led by Asia-Pacific during the forecast period. The region is projected to grow at a CAGR of more than 21% during the forecast period. Asia-Pacific has a large manufacturing sector spread across countries such as India, China, Japan, South Korea, and others. In addition to this, China and Japan are some of the leading developers of cobots with extensive demand in the international market. China, for instance, is known for its mass production of tools belonging to the automation sector. The country is supporting extensive funds that will be directed toward further industrial automation. By the end of the decade, China’s industrial automation sector is projected to cross USD 16 billion.

In addition to this, the regional government of India and private companies are investing in helping the domestic manufacturing market flourish. As per official reports, India’s automotive industry is expected to reach USD 7 billion by 2028. In November 2023, Craftsman Automation Ltd, an Indian diversified engineering company, announced an investment of INR 209 crore for setting up a new manufacturing facility. North America may register significant growth during the forecast period. The presence of key cobot developers in the US will fuel the regional market along with their growing expansion strategies.

Collaborative Robots Market: Competitive Analysis

The global collaborative robots market is led by players like:

• Doosan Robotics
• Kawasaki Robotics
• Productive Robotics
• ABB Robotics
• KUKA Robotics
• AUBO Robotics
• Hanwha Robotics
• Precise Automation
• Rethink Robotics (acquired by HAHN Group)
• Universal Robots
• Franka Emika
• MABI AG
• Techman Robot
• FANUC Corporation
• Yaskawa Motoman

The global collaborative robots market is segmented as follows:

By Application

• Pick & Place
• Assembly
• Quality Testing
• Packaging
• Handling
• Gluing & Welding
• Machine Tending

By Capacity

• Above 10 Kg
• Up to 10 Kg
• Up to 5 Kg

By Vertical

• Food & Beverages
• Automotive
• Electronics
• Furniture & Equipment
• Metal & Machinery
• Pharma

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa