Collaborative Robot Market Anticipated to Garner $27.4 Billion, Globally, By 2032 at 36.3% CAGR: Allied Market Research
The rising demand for automation in various industries is anticipated to drive the growth of the global collaborative robot market during the forecast period from 2023 to 2032. The Europe region is projected to grow at a tremendous CAGR by 2032.
Portland, OR, July 04, 2023 (GLOBE NEWSWIRE) — Allied Market Research has recently published a report, titled, “Collaborative Robot Market By Component (Hardware, and Software), Application (Handling, Assembling and Disassembling, Welding and Soldering, Dispensing, Processing, and Others), End-user (Automotive, Electronics, Metals and Machining, Plastics and Polymers, Furniture and Equipment, Healthcare, and Others), and Payload Capacity (Up to 5Kg, Up to 10Kg, and Above 10Kg): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global collaborative robot market generated $1.4 billion in 2022, and is anticipated to generate $27.4 billion by 2032, witnessing a CAGR of 36.3% from 2023 to 2032.
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Prime Determinants of Growth
In the last few years, there has been a steady increase in the demand for automation in various industries. This has led to a growth in adoption of collaborative robots which is predicted to be one of the important factors driving the growth of the global collaborative robot market in the forecast timeframe. However, the high initial cost of collaborative robots may hamper the collaborative robot market growth in the coming period. On the contrary, the user-friendly and easily programmable nature of collaborative robots is expected to offer growth opportunities for expansion of the collaborative robot market in the 2023-2032 forecast period.
Report Coverage and Details:
|Market Size in 2022||$1.4 billion|
|Market Size in 2032||$27.4 billion|
|No. of Pages in Report||309|
|Segments covered||Component, Application, End-User, Payload Capacity, and Region|
|Drivers||Steady increase in demand for automation in various industries|
|Flexible and cost-effective automation solution for small and medium-sized industries|
|Opportunities||The user-friendly and easily programmable nature of collaborative robots|
|Streamlined production lines due to flexible approach of collaborative robots|
|Restraints||High initial cost of collaborative robots|
- The outbreak of the COVID-19 pandemic has had a positive impact on the growth of the global collaborative robot market. The travel restrictions and lockdowns led to the increase in demand for collaborative robots, especially in industries like pharmaceuticals, food processing, and logistics.
- Also, the flexibility and adaptability offered by collaborative robots led to a growth in adoption of these robots in different industries and sectors.
- The collaborative robot market is further projected to show steady growth in the future due to the user-friendly nature of collaborative robots.
Component: Hardware Sub-segment Projected to Gather a Huge Revenue During the Forecast Period
The hardware sub-segment accounted for the highest collaborative robot market share in 2022 and is expected to grow at a high CAGR during the forecast period. The continuous technological advancements in different hardware components like sensors, actuators, grippers, and control systems, etc., have led to an increase in their utility. This growing utility of hardware components is predicted to boost the sub-segment’s growth by 2032.
Application: Assembling & Disassembling Sub-segment Projected to be the Most Profitable by 2032
The assembling & disassembling sub-segment accounted for the highest collaborative robot market share in 2022 and is expected to grow at a stunning CAGR in the forecast period. Several industries are facing labor shortages, thus making it difficult to find a skilled workforce for repetitive and labor-intensive tasks like assembling and disassembling. As a result, there is a huge demand for collaborative robots for these tasks which is predicted to boost the sub-segment’s growth by 2032.
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End-User: Automotive Sub-segment to be Flourish Immensely by 2032
The automotive sub-segment generated the highest market share in 2022 and is predicted to grow at a fascinating CAGR by 2032. The flexibility, safety features, and ease of use offered by collaborative robots make them ideal for various automotive manufacturing processes. As a result, there is a huge demand for collaborative robots from the automotive industry which is predicted to boost the sub-segment’s growth by 2032.
Payload Capacity: Up to 5kg Sub-segment Projected to be the Most Profitable by 2032
The up to 5kg sub-segment accounted for the highest collaborative robot market share in 2022 and is expected to grow at a stunning CAGR of 36.9% in the forecast period. Collaboration robots with up to 5kg payload capacity are highly flexible and can be easily programmed to perform different tasks. Hence, they are employed in a wide range of applications, including assembly, packaging, machine tending, pick & place operations, and quality inspection which is predicted to boost the sub-segment’s growth by 2032.
Region: Europe Market to be One of the Fastest Growing by 2032
The Europe region accounted for the highest share in the global collaborative robot market in 2022 and is expected to rise at a tremendous CAGR during the forecast period. The expanding manufacturing industry in this region, particularly in sectors such as automotive, electronics, and machinery has led to an increase in demand for collaborative robots which is expected to be the main growth driver of the market in Europe region by 2032.
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Leading Players in the Collaborative Robot Market:
- Universal Robots A/S
- Techman Robot Inc.
- Epson Robors
- Omron Adept Technologies Inc.
- Robert Bosch GmbH
- Fanuc Corporation
- Doosan Robotics
- F&P Robotics AG
- Techman Robot Inc.
The report provides a detailed analysis of the key players of the global collaborative robot market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- The report provides exclusive and comprehensive analysis of the global collaborative robot market trends along with the collaborative robot market forecast.
- The report elucidates the collaborative robot market opportunity along with key drivers, and restraints of the market. It is a compilation of detailed information, inputs from industry participants and industry experts across the value chain, and quantitative and qualitative assessment by industry analysts.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the collaborative robot market for strategy building.
- The report entailing the collaborative robot market analysis maps the qualitative sway of various industry factors on market segments as well as geographies.
- The data in this report aims on market dynamics, trends, and developments affecting the collaborative robot market growth.
Collaborative Robot Market Key Segments:
- Assembling and Disassembling
- Welding and Soldering
- Metals and Machining
- Plastics and Polymers
- Furniture and Equipment
By Payload Capacity:
- Up to 5Kg
- Up to 10Kg
- Above 10Kg
- North America (U.S., Canada, and Mexico)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East and Africa)
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