Categories: Industry

Collaborative Robots Market Size, Insights, Outlook, and Overview by 2024-2033

Overview and Scope

Collaborative robots refer to robotic automation that is built in a collaborative workspace to work safely and assist human workers. These robots are used in an industrial setting to complete repetitive tasks and work hand-in-hand with employees.

Sizing and Forecast

The collaborative robots market size has grown exponentially in recent years. It will grow from $2.56 billion in 2023 to $3.3 billion in 2024 at a compound annual growth rate (CAGR) of 29.2%. The growth in the historic period can be attributed to strong economic growth in emerging markets growth, rising labor costs, growth in the industrial sector and rise in demand for automation.

The collaborative robots market size is expected to see exponential growth in the next few years. It will grow to $9.41 billion in 2028 at a compound annual growth rate (CAGR) of 29.9%. The growth in the forecast period can be attributed to automotive industry, rise in e-commerce and logistics and rising urbanization. Major trends in the forecast period include integration of collaborative robots with advanced technologies, product innovations, focus on new product launches, strategic partnerships and collaborations, and rising investments.

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Segmentation & Regional Insights

The collaborative robots market covered in this report is segmented –

1) By Component: Hardware, Software
2) By Payload Capacity: Up to 5kg, Up to 10kg, Above 10kg
3) By Application: Assembly, Pick And Place, Handling, Packaging, Quality Testing, Gluing And Welding, Other Applications
4) By Vertical: Automotive, Food And Beverage, Furniture, Plastic And Polymers, Metal And Machinery, Electronics, Pharmaceuticals, Other Verticals

Asia-Pacific was the largest region in the collaborative robots market in 2023. The regions covered in the collaborative robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

Rising labor costs are expected to propel the growth of the collaborative robots market going forward. Labor costs are the sums that a company must spend to cover each employee’s salary and benefits, in addition to any associated payroll taxes and benefits. Accounting and finance experts consider labor costs as a significant variable when determining an organization’s direct and indirect labor expenses. Rising labor costs would increase the adoption of collaborative robots as they would lower labor costs and solve the growing labor shortages. For instance, in December 2021, according to the European Commission, a Belgium-based executive of the European Union that operates as a cabinet government, the total hourly labor costs in the EU increased from 1.1% in 2021 to 4.1% in 2022. Therefore, the rising labor costs are driving the collaborative robots market.

Key Industry Players

Major companies operating in the collaborative robots market report are Teradyne, Fanuc Corporation, KUKA AG, Denso Corporation, ABB Group,Mitsubishi Electric, Yaskawa Electric Corporation, Doosan, Kawasaki Heavy Industries, Omron Corporation, HASCO, AUBO, Jaka Robotics, United Robotics Group GmbH, Melior Motion GmbH, Kassow Robots ApS, Schaeffler Technologies AG & Co. KG, Universal Robots, OnRobot, Kinova, CodeNinja, Apollo Solutions Dev, ViaObjects, VR4, Consensus group, ITPS ONE, Optimusrobo FZCO, Unique World Robotics, Seed Robotics, Neo Robotics, GLITZ Robotics, Cobots, Zipline, TIRA ROBOTS, Ryonic Robotics, Arone

The collaborative robots market report table of contents includes:

1. Executive Summary

2. Collaborative Robots Market Characteristics

3. Collaborative Robots Market Trends And Strategies

4. Collaborative Robots Market – Macro Economic Scenario

5. Global Collaborative Robots Market Size and Growth

…

32. Global Collaborative Robots Market Competitive Benchmarking

33. Global Collaborative Robots Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Collaborative Robots Market

35. Collaborative Robots Market Future Outlook and Potential Analysis

36. Appendix