The latest report by IMARC Group’s report titled “Collaborative Robot Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the global collaborative robot market growth. The global market size reached US$ 2.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 50.8 Billion by 2032, exhibiting a growth rate (CAGR) of 37.98% during 2024-2032.
Factors Affecting the Growth of the Collaborative Robot Industry:
- Labor Shortages and Rising Labor Costs:
In many industries, there is a growing challenge of labor shortages, particularly in tasks that are repetitive, hazardous, or require precision. Collaborative robots offer a solution by augmenting the human workforce, leading to increased productivity and efficiency. The integration of advanced technologies like cobots can also make industries more appealing to the younger, tech-savvy generation. In sectors where skilled labor is scarce, or the work environment is challenging, cobots offer a way to maintain production levels without relying heavily on human labor. This is particularly relevant in industries like manufacturing, where precision and consistency are paramount.
- Increasing Focus on Workplace Safety:
The increasing focus on workplace safety is contributing to the market growth. The adoption of robots is largely influenced by the growing emphasis on enhanced safety standards in industrial settings. Robots are inherently designed to be safe for interaction with human workers. They are equipped with sensors, soft padding, and force-limiting capabilities to prevent accidents and injuries. This makes them ideal for tasks that might pose risks to human workers, such as handling heavy or hazardous materials. Moreover, the rising implementation of stringent regulatory frameworks that mandate higher safety measures in workplaces is propelling the market growth.
- Technological Advancements:
Modern robots are equipped with sophisticated sensing technologies that enable them to perceive their environment in unprecedented detail. These sensors, combined with advanced vision systems, allow robots to perform tasks with a high degree of precision and adapt to changes in their surroundings. This capability is crucial for tasks requiring fine motor skills or working in dynamic environments. Technological advancements are also leading to improved safety features in robots. Modern robots are designed with advanced safety mechanisms, such as force-limited joints, collision detection, and responsive stop functions. These features ensure safe interaction between robots and human workers, making them suitable for a wide range of collaborative tasks.
Leading Companies Operating in the Global Collaborative Robot Industry:
- ABB Ltd.
- AUBO (Beijing) Robotics Technology Co. Ltd.
- DENSO WAVE Incorporated (Denso Corporation)
- Doosan Robotics Inc. (Doosan Group)
- Fanuc Corporation
- Kawasaki Heavy Industries Ltd.
- KUKA AG (Midea Group)
- Omron Corporation
- Precise Automation Inc. (Brooks Automation Inc)
- Rethink Robotics GmbH
- TechMan Robot Inc. (Quanta Storage Inc.)
- Universal Robots (Teradyne Inc)
- Yaskawa Electric Corporation.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/collaborative-robot-market/requestsample
Collaborative Robot Market Report Segmentation:
By Component:
- Hardware
- Software
Hardware represents the largest segment as it comprises the integral components responsible for the proper functioning of robots.
By Payload:
- Upto 5 Kg
- 5-10 Kg
- Above 10 Kg
Upto 5 kg accounted for the biggest market share due to its effectiveness in enhancing operational efficiency.
Breakup by Application:
- Material Handling
- Pick and Place
- Assembly
- Palletizing and De-Palletizing
- Others
Material handling exhibits a clear dominance in the market as it heavily relies on cobots for maintaining productivity and operational efficiency.
Breakup by End Use Industry:
- Automotive
- Electronics
- Manufacturing
- Food and Beverage
- Chemicals and Pharmaceutical
- Others
Automotive accounts for the majority of the market share due to their dependence on cobots for conducting effective manufacturing processes.
By Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Asia Pacific’s dominance in the collaborative robot market is attributed to rising investment in research and development (R&D activities for improving the functionalities of cobots.
Global Collaborative Robot Market Trends:
The relatively lower cost and ease of implementation of cobots are making them accessible to small and medium-sized enterprises (SMEs). Several governments globally are promoting the adoption of industrial automation through subsidies, grants, and favorable policies. Additionally, regulations around worker safety are becoming more stringent, encouraging the adoption of cobots.
One of the defining characteristics of cobots is their ability to collaborate safely with humans. Unlike traditional robots that often require cages or safety zones, cobots can work alongside human workers without the need for extensive safety barriers. This collaboration can lead to more ergonomic work environments where the strengths of both humans and robots are optimized.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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