May 22, 2024
Collaborative Robot Market

Collaborative Robot Market Owing to Rising Use in the Manufacturing Industry

The collaborative robot market has seen considerable growth in recent years owing to rising deployment across manufacturing industries. Collaborative robots or cobots work alongside humans to perform a variety of tasks such as machine tending, materials handling, and testing by using advanced vision and force sensing systems. They offer numerous advantages over traditional industrial robots such as lower costs, ease of programming, and improved safety since they can detect nearby humans and automatically slow down or stop. The demand for cobots has been rising from industries such as automotive, electronics, plastics, metal and machinery to increase efficiency, optimize production processes, and reduce operation costs.

The Global collaborative robot market is estimated to be valued at US$ 1332.59 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Collaborative Robot Market Size are Cardinal Health, Inc., Stryker Corporation, Karl Storz GmbH & Co. Kg, Zimmer Biomet Holdings, Inc., Baxter International Inc., Becton, Dickinson and Company, Angiodynamics, Inc., Hologic, Inc., Ecolab Inc., Olympus Corporation, Medtronic PLC, Fresenius Medical Care AG & Co. KGaA, B. Braun Melsungen AG, Johnson & Johnson, and Smiths Group PLC.

Key opportunities in the collaborative robot market include growing demand from small and medium enterprises due to low cost of cobots compared to traditional industrial robots and ability to easily integrate with existing infrastructure. Collaborative robots improve productivity and help utilize resources efficiently when integrated into flexible production lines.

The collaborative robot market is witnessing increased global expansion as manufacturers focus on penetrating developing nations and improving access to affordable robotic solutions. Growth opportunities exist in regions like Asia Pacific and Latin America due to rising industrialization and rapidly growing economies. Collaborative robots can contribute significantly towards the “Make in India” initiative through enhanced manufacturing capabilities.

Market drivers

The primary driver for the Collaborative Robot Market is the rising labor costs globally which is prompting industries to adopt automation solutions like cobots that can work safely alongside humans. Cobots enable industries to improve production throughput at reduced costs. Strict safety norms regarding deployment of robots in proximity to human workers have increased focus on collaborative robots. Their ability to detect nearby humans and adjust speed accordingly addresses safety compliance issues across industries.

PEST Analysis

Political: Regulations and trade policies governing cross-border deployment of collaborative robots could impact their adoption in certain regions. For example, tariff changes affecting robot imports.

Economic: The collaborative robot market could experience fluctuations in demand depending on the economic cycles. During an economic downturn, some end-use industries may cut back on capital expenditures and defer new robot deployments.

Social: Advancements in collaborative robot design have improved safety features to enable close human-robot collaboration without fear of injury. Such social factors enhance acceptability of robots in industrial workplaces for assisting human operators.

Technological: Continued R&D is driving innovations that expand the range of tasks collaborative robots can perform. Newer models offer advanced sensing, vision, and autonomy capabilities. Technologies like 5G wireless may enable remote monitoring and control of collaborative robot fleets.

The geographical regions where the collaborative robot market is concentrated in terms of value include North America, Western Europe, and East Asia. In the United States and some European countries like Germany, automated solutions including collaborative robots have seen strong adoption across industries like automotive, electronics, and food & beverage for applications involving material handling, assembly, and packaging. Established industrial bases and early technology adoption have propelled collaborative robot sales in these developed markets.

Meanwhile, growth in the collaborative robot market is forecast to be most rapid in emerging economies of Asia Pacific and Latin America through 2031. Countries such as China, India, Brazil, and Mexico present lucrative opportunities as their manufacturing sectors expand and industrialization progresses. The need for flexible automation to boost productivity will support collaborative robot deployment across small and medium enterprises involved in industries like plastics, machinery, and appliances manufacturing. As collaborative robots gain familiarity and use cases increase, deployments could rise sharply in developing Asian and Latin American markets over the coming years.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it