Collaborative Robots Market Growth, COVID Impact, Trends Analysis from 2022 to 2029

 The global Collaborative Robots Market is expected to exceed $1.71 billion by the end of 2022. According to Future Market Insights (FMI), the collaborative robots market is expected to exceed US$ 8.65 billion by 2029, expanding at a staggering CAGR of 26% between 2022 and 2029. The introduction of advanced robots capable of collaborating with humans in areas such as smart parts assembly and electronics component production and assembly is increasing demand for collaborative robots.

A new market research study by Future Market Insights on the Collaborative Robots Market contains global industry analysis 2014–2021 and opportunity assessment 2022–2029. The report investigates the collaborative robots market and provides critical insights for the forecast period of 2022-2029.

As per the findings of the report, the global collaborative robots market is anticipated to experience substantial growth over the forecast period due to multiple driving factors such as, growing adoption of automation in end-use industry and reduction in labor cost coupled with high precision work and high regional demand for collaborative robots.

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The East Asia Market Creating Significant Growth Opportunities

East Asia region is projected to boost the growth of collaborative robots market, owing to the significant rate of automation across industries. South Korea is the leading country in robots per 10,000-person ratio, whereas China has currently registered the highest growth rate in the same ratio. Inclination of these countries towards collaborative robots fueled with significant innovations in the technology is magnifying the market. Japan holds a major share of the market in the East Asia region. To that end, East Asia is expected to generate substantial growth opportunities in the forecast years.

Affordable Price and Multitude of Applications of Collaborative Robots Contributing to the Market Growth

The global collaborative robots market has been segmented based on the different types of payload capacities, their multiple applications, end use industry and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa.

• Collaborative robots with payload capacity up to 5kg is projected to have the dominant share of growth in the upcoming years. Lightweight collaborative robots with payload capacity up to 5kg are being widely used for a range of applications. The segmental growth is followed by 5-10kg payload capacity collaborative robots.
• On the basis of application, material handling is expected to hold a majority share of the global collaborative robots market which is implemented in a number of end-use industry. General assembly is another segment which is projected to have a fair share in the market growth.
• Electronics and Semiconductors industry is projected to have significant share in the global collaborative robots market. Demand for high speed and precision work fulfilled by collaborative robots is benefitting the industry on a large scale.

How is the Surge in Demand for Automation in Industrial Processes to Favor the Collaborative Robots Market Growth?

As the fourth industrial revolution ‘Industry 4.0’ is set to take the entire manufacturing and supply chain by storm, industrial players are increasingly adopting efforts to increase their productivity, decline production time, and improve resource utilization through the integration of advanced technologies.

Increasing cost of labor even in traditional low-cost carrier (LCC) countries such as China and India is further encouraging manufacturing companies to adopt advanced automated technologies, especially across automotive and electronics sectors.

As collaborative robots enhance the pace of production and decline repetitive labor costs, they are increasingly gaining popularity in applications such as welding, painting, quality testing, and material handling among others, which is in turn, propelling the demand in the market.

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Collaborative Robots Market: Vendor Insights

The report highlights some of the prominent market players, who have established themselves as leaders in the global collaborative robots market. Few examples of key players in the market are Universal Robots A/S, AUBO Robotics, Denso Wave Incorporated, Fanuc Corporation, Stäubli International AG, Robert Bosch GmbH, KUKA AG, Precise Automation, Inc., ABB Group, Yaskawa Electric Corporation and K2 Kinetics among others. The global collaborative robots market is significantly dominated by some players holding prominent shares of the market. These players are indulging into strategic alliances, collaborations, mergers and acquisitions. For instance, ABB Group announced a collaboration with Kawasaki Heavy Industries Ltd. to share knowledge and are working on joint technical and awareness opportunities.

Competitive Landscape

Leading collaborative robots manufacturers are focusing on introducing novel products to strengthen their product portfolio. Besides this, some of the players are also aiming at collaboration, strategic partnership, merger, and acquisition with other companies to expand their global presence. For instance,

In March 2020, Universal Robots, a Danish manufacturer of smaller flexible industrial collaborative robot arms, announced launching New Cobot-powered fulfillment solutions at MODEX 2020 that demonstrate the use of collaborative robots to automate difficult-to-staff operations such as piece-picking and palletizing.