CHICAGO, July 18, 2023 /PRNewswire/ -- The collaborative robot market is projected to grow from USD 1.2 billion in 2023 to reach USD 6.8 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 34.3% from 2023 to 2029 according to a new report by MarketsandMarkets™. The growth of the collaborative robot market is driven by a high return on investment compared to traditional industrial robotic systems and increased demand in e-commerce and logistics industries.
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Collaborative Robot Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $1.2 billion |
Estimated Value by 2029 | $6.8 billion |
Growth Rate | Poised to grow at a CAGR of 34.3% |
Market Size Available for | 2019–2029 |
Forecast Period | 2023–2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Payload, Component, Application, Industry and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Payload and speed limitations of collaborative robots owing to their inherent design |
Key Market Opportunities | Growing demand for automation in the healthcare industry |
Key Market Drivers | Increased demand in the e-commerce and logistics industries |
By type, the collaborative robots with up to 5 kg payloads are projected to hold the largest share of the collaborative robot market during the forecast period.
The cobots with up to 5 kg payloads segment held the larger market share in 2022 and are expected to exhibit higher growth during the forecast period. First-time users prefer cost-effective payload capacity cobots, which take up less space than robots with higher payload capacity. These cobots are often already fitted with grippers, reducing the hassle of integration and programming for the end user. Another benefit of these cobots is that they are easily re-deployable and take up minimal space compared to higher payload cobots.
By component, the software segment is projected to exhibit higher CAGR for the collaborative robot market during the forecast period.
The software segment held the largest share of the collaborative robot market in 2022 and is estimated to grow at the highest CAGR during the forecast period. Many collaborative robot manufacturers are now investing in the development of intuitive programming software and application-specific software. For instance, Universal Robots A/S (Denmark) offers the URCaps programming environment for its collaborative robots, and Techman Robot Inc. (Taiwan) provides the TM Palletizing Operator and TM Manager Software. Low-cost cobot manufacturer Franka Emika GmbH (Germany) offers various software packages through their Franka World online platform. The Sawyer robots from Rethink Robotics (US) are equipped with the company's proprietary software suite, Intera. Third-party software companies are also developing software packages and application-specific plug-ins for collaborative robots. Application-specific software is expected to be vital in facilitating the easier and faster deployment of cobots for the first time and existing users.
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Europe is expected to hold the significant share in the collaborative robot market by 2029.
The European region is expected to hold the second-largest share of the collaborative robot industry during the forecast period. Europe is one of the most significant contributors to the collaborative robot market due to the presence of collaborative robot providers, including KUKA (Germany), Universal Robots (Denmark) ABB (Switzerland), and Franka Emika GmbH (Germany). KUKA AG was one of the first manufacturers to offer cobots, while Universal Robots has been the market leader for cobots for several years. The growth of the automotive, healthcare, and electronics industries in Europe will lead to the growth of the collaborative robot (cobot) market in the region. Recently, Europe signed free trade agreements with South Korea and Singapore. This increase in industrialization is expected to boost the demand for collaborative robots.
The report profiles key players in the collaborative robot companies with their respective market ranking analysis. Prominent players profiled in this report include Universal Robots A/S (Denmark), FANUC Corporation (Japan), ABB (Switzerland), Techman Robot Inc (Taiwan), KUKA AG (Germany), Doosan Robotics Inc. (South Korea), Denso Corporation (Japan), Yaskawa Electric Corporation (Japan), AUBO (Beijing) Robotics Technology Co., Ltd (China), and Rethink Robotics GmbH (US). Other players include Omron Adept Technologies, Inc. (US).
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