Northbrook, IL 60062 -- (SBWIRE) -- 08/25/2023 -- The collaborative robot market was valued at USD 1.2 billion in 2023 and is estimated to reach USD 6.8 billion by 2029, registering a CAGR of 34.3% during the forecast period.
The growth of the collaborative robot market is governed by increased demand in e-commerce and logistics industries and by high return on investment compared to traditional industrial robotic systems.
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Hardware segment to hold larger market share during the forecast period
The hardware component contributed a larger share for the collaborative robot (cobot) market in 2022 and is expected to dominate the market during the forecast period. The hardware system consists of robotic arms, end effectors, controllers, drives, sensors, motors, and power supply, and accounts for a major part of the cost of a collaborative robot. There is a surge in the market for robot accessories, such as end effectors and controllers, in recent years. End effectors are expected to achieve a higher level of technological sophistication in the future as machine learning software and safety features are increasingly being combined within the End of Arm Tooling (EOAT) itself. Following Industrial 4.0, which facilitates flawless communication and superior data optimization and collection, sustainability continues to spread wide in the robotic End of Arm Tooling (EOAT) industry, thereby driving developments in the collaborative robot (cobot) market. Apart from the end effectors, there also has been a rise in the demand for the adoption of vision systems into collaborative robots to facilitate remote monitoring of industrial operations located in remote and hard-to-reach locations. Thus, the individual demand for each of the hardware segments, such as the robotic arm, controllers, and end effectors, contributes to the overall demand for the hardware for collaborative robots (cobots).
Assembling & Disaasembling application to account for the significant share of the collaborative robot market for during the forecast period
The assembling & disassembling application segment held the second-largest share of the collaborative robot market in 2022 and is estimated to grow at the highest CAGR during the forecast period. The assembling and disassembling application includes sub-types such as screwdriving and nut fastening. Due to the fact that collaborative robots provide a greater degree of repeatability (upto as low as 0.1 mm) than traditional handheld screwdriving systems; they provide the right torque and depth, can work alongside workers and can be easily integrated with the vision system, makes them ideal for HRC assembling and disassembling applications. The electronics industry is driving demand for robotic screwdriving, mainly due to the low weight of electronic items such as smartphones and hard drives. Regarding nut-fastening applications, collaborative robots are widely adopted for this application in automotive industries for fastening the nuts of medium and large-sized workpieces such as fluid-carrying components and transmission components during vehicle assembly. As a result, the electronics and automotive industries majorly deploy collaborative robots for undertaking the assembling and disassembling applications.
Logistics industry segment to exhibit significant growth in terms of collaborative robot market during the forecast period
The collaborative robot market for logistics end-user segment is expected to grow significantly during the forecast period.Collaborative robots have gained significant traction in the field of logistics. Collaborative robots used in logistics are most commonly used to pick and place objects. They're often deployed in large warehouses or fulfillment centers where accurate, consistent, and quick movement of goods proves challenging. Collaborative logistics robots used in warehousing and fulfillment processes can significantly increase productivity, reduce wasted motions, generate labor savings, and improve the overall safety of a facility. Cobots are employed in order picking and fulfillment processes. The collaborative robots can navigate through warehouse aisles, locate the required items, and deliver them to human operators for verification and packing. This collaborative approach increases picking accuracy, minimizes errors, and accelerates order processing times. Cobots can assist in inventory management by conducting regular stock-taking activities. Collaborative robots, equipped with sensors and cameras, can scan barcodes, RFID tags, or visual markers to identify and count items on shelves or storage areas, helping maintain accurate inventory records.
Collaborative robot market in Asia Pacific estimated to grow at the fastest rate during the forecast period
The collaborative robot market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. Major countries in the Asia Pacific, such as China, India, Japan, and South Korea, have a huge potential for adopting collaborative robots. Some of the major drivers responsible for spurring the demand for cobots in Asia Pacific include growing industrialization, digitization, shortage of labor, aging population, and rising demand for automation technologies.
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Key Market Players
Major vendors in the collaborative robot companies 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), Franka Emika GmbH (Germany), Comau S.p.A. (Italy), F&P Robotics AG (Switzerland), Stäubli International AG (Switzerland), Bosch Rexroth AG (Germany), Productive Robotics, LLC (US), Wyzo (Switzerland), Neura Robotics GmbH (Germany), Elephant Robotics (China), Elite Robot (China), Kassow Robots (Denmark), Siasun Robot & Automation Co. Ltd. (China), MIP Robotics (France), and Hanwha Corporation (South Korea) are some of the key players in the collaborative robot market.