Surging Adoption of Collaborative Robots in Various Industries Will Drive the Market to Grow at A Stellar 25.1% CAGR, 2023 to 2033 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
Future Market Insights Global and Consulting Pvt. Ltd.
The United States accounts for 18.5% of total North American sales, making it a significant collaborative robots market. In the United States, the collaborative robotics industry is predicted to reach a high of US$ 1.4 billion.
DUBAI, United Arab Emirates, March 13, 2023 (GLOBE NEWSWIRE) -- The global collaborative robots market is predicted to reach US$ 20.5 billion by 2033 as opposed to an estimated US$ 2.2 billion in 2023. The target market is set to grow at an astounding CAGR of 25.1% from 2023 to 2033.
Increasing adoption of these robots in multiple industrial verticals for functions like material handling, inspection, assembly/ disassembly, and others will drive the growth of the collaborative robots market in the international space over the assessment period. Additionally, increasing investment in assembly automation and the surging adoption in small as well as medium enterprises will further aid the expansion of the collaborative robots market size.
Historically, the market recorded a prolific CAGR of 50.4% from 2014 to 2021 and is projected to present significant growth over the forecast period. The estimated market growth will likely be a result of increasing usage of these robots by small and medium enterprises (SMEs). Small and medium enterprises are seeking automation solutions to achieve more in less time and expand their operations.
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Automation also allows SMEs to avoid repetitive, time-consuming, and manual procedures, enhance product quality, and add on more work without extra labor charges. Manpower shortages, new commercial demands, and disruptive technology also encourages SMEs to adopt these collaborative robots. These considerations foster an environment of growth for the collaborative robots market.
Recent years have also observed the production of medical and cosmetic goods with shorter shelf life. This can be countered with the help of collaborative robots as collaborative automation enhances production agility. Robot arms are used to amplify productivity and maintain consistent quality before being redeployed for new product lines.
Collaborative robots, or cobots, are also used to maintain machines and conveyors, assemble gadgets and goods with precision, and prepare and package goods into blister packs, cartons, or pallets. These factors fuel the global growth of the cobots market. While the market undergoes substantial growth during the projection period, it also faces certain restraints. High initial costs, lack of awareness and slow adoption of these cobots are certain elements that hinder the growth of the collaborative robots market.
Key Takeaways:
Increasing demand for collaborative robots in manufacturing and automotive sectors will strengthen prospects for the market.
Expansion of automotive plants across Asia Pacific will drive the growth of the collaborative robots market in this region.
North America will witness heightened demand for automotive robots during the assessment period.
The US collaborative robot market will hold about 18.5% of the overall market share in North America.
China’s collaborative robot market will dominate the Asia Pacific region with a revenue share of 28.8%.
Competitive Landscape
ABB Ltd., Universal Robots A/S, AUBO Robotics, Robert Bosch GmbH, and KUKA AG, among others, are a few of the significant participants in the collaborative robots market profiled in the full version of the report.
In highly competitive environment, leading market players are focusing on product development, innovation, and release of new products. These business concentrate on securing approvals and engage in mergers, acquisitions, and partnerships to gain an advantage. For instance, in December 2020, ABB Ltd. launched “Wizard Easy Programming”, a block-based programming interface, to make programming its single-arm YuMi cobot easier.
In its latest report, FMI offers an unbiased analysis of the global collaborative robots market, providing historical data from 2014 to 2021 and forecast statistics for 2023 to 2033. The report delivers a detailed ten-year sales forecast with a complete breakdown of market drivers, restraints, opportunities, and trends. For a better understanding of the global market potential, growth, and scope, the market is segmented on the basis of payload capacity, application, end-user, and region.
As per FMI reports, based on segmentation, the application of collaborative robots in the automotive sector will create remunerative opportunities for the market. Based on region, the collaborative robots market in Asia Pacific will present considerable growth. The target market in this region will be driven by the advancing automotive sector in countries like China, India, Vietnam, and South Korea. In Asia Pacific, the collaborative robot market in China will assume the lead with a remunerative share of 28.8%. North America, too, presents notable growth in the collaborative robot market. Thus, increasing adoption in the automotive sector and immense contributions from Asia Pacific and North America will drive the collaborative robot market.
Key Segments Profiled in the Collaborative Robots Market Survey
By Payload Capacity:
Up to 5kg
5 to 10 kg
Above 10 kg
By Application:
Welding
Material Handling
Quality Testing/Inspection
General Assembly
Painting/Spraying
Others
By End Use:
Automotive & Transportation
Electronics & Semiconductors
Food & Beverage
Chemical & Pharmaceutical
Logistics
Healthcare
Others
By Region:
North America
Latin America
Asia Pacific
Middle East & Africa (MEA)
Europe
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