Collaborative Robots Market Market to Reach 9979.50 USD Million by 2028

The Global Collaborative Robots Market is expected to reach 9979.50 USD Million by 2028, growing at a CAGR of 42.60% from 2022 to 2028. The increasing demand in the e-commerce and logistics industries coupled with increased ease of programming of collaborative robots is anticipated to augment the growth of the market during the forecast period.

Key Findings:

• The up to 5kg payload capacity segment held a significant share in 2021. This is attributable to the benefits it offers such as flexibility, and lightweight Furthermore, it even has the capacity to optimize low-weight collaborative processes like picking, placing, and testing.
• The assembly application segment held a significant share in 2021. This is attributable to the ability of these robots to combine both repetitive and easy work with more complex assembly processes. The pick and place segment is also expected to grow at a considerable CAGR owing to the rising adoption and applications of pick and place collaborative robots by various end-use industries.
• The automotive industry segment is projected to grow at a significant CAGR during the forecast period. This is owing to its benefit in reducing the cost of production downtime and reduction in the floor space.
• Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China accounted for the largest share of the collaborative robot market in APAC in 2021. This is attributable to the increasing labor costs in emerging economies like India, and China in the region. Furthermore, the presence of automotive and electronic players in the region along with an increasing emphasis on miniaturization and light-weighting is also anticipated to support the regional growth of the market.

Some of key players in Collaborative Robots market include Universal Robots (Denmark), FANUC (Japan), ABB (Switzerland), Techman Robot (Taiwan), KUKA (Germany), Doosan Robotics (South Korea), Denso (Japan), YASKAWA (Japan), Precise Automation (US), Rethink Robotics (US), MABI Robotic (Switzerland), FrankaEmika (Germany), Comau (Italy), F&P Robotics (Switzerland), Stäubli (Switzerland), Bosch Rexroth (Germany), Productive Robotics (US), Wyzo (Switzerland), Neura Robotics (Germany), Elephant Robotics (China), ELITE ROBOT (China), Kassow Robots (Denmark), SIASUN (China), MIP Robotics (France) and Hanwha Corporation (South Korea)..

The growing adoption of collaborative robots in logistics and e-commerce owing to warehouse labor shortages is anticipated to augment the growth of the market during the forecast period. The significant growth of the e-commerce industry has resulted in demand for increased speed and furthermore has led to a shortage of trained workers even for smaller operations. As the capabilities of robots improve and offer flexible solutions at reasonable prices most of the warehouses are considering robotic picking as a solution. Different types of robots are used to perform different operations. For instance, shuttle robots can be used to move orders from one zone to the next which uses a pick-assist device to fulfill orders brought by the robots. Furthermore, retrieval robots can be used to bring items in a bin to a picker where the picker will transfer the items to the order. As the robots simplify the overall process while reducing the required cost at the same time the demand is also expected to grow in the years to come. However, the increased preference for low payload capacity traditional industrial robots over cobots in heavy-duty industries and rising cyber security challenges in connected robots are expected to hamper the growth of the market in the years to come. Moreover, the growing demand for automation in the healthcare industry post-COVID-19 along with the implementation of the Robots-as-a-Service model is expected to create immense opportunities for the growth of the market within the forecast period.

Asia Pacific held the largest shares in 2021. The US holds the largest share in North America for the Collaborative Robots market. This is attributable to the increased foreign investments in the automotive sector in the region. Furthermore, the increasing adoption of these collaborative robots to automate their production processes by various industries is also expected to fuel the regional growth of the market. Additionally, government initiatives to support the development of modern technologies are also expected to support the growth of the Collaborative Robots market in the region.