Collaborative Robots Market Size to Reach $16.3 Billion by 2028 | Witnessing a CAGR of 42.7%

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Discover the Collaborative Robots Market’s Expansion: Get Insights into Size, Share, and COVID-19 Impact Analysis. Delve into the Rising Popularity of Cobots Due to their Competitiveness, Latest Technologies, and Automated Programming.

Pune, India, Dec. 20, 2023 (GLOBE NEWSWIRE) — The global collaborative robots market size was USD 979.6 million in 2020. The market is projected to grow from USD 1,358.2 million in 2021 to USD 16,387.3 million in 2028 at a CAGR of 42.7% in the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Collaborative Robots Market, 2021-2028.”

According to our researchers, collaborative robots are human-scale robots that accomplish tasks alongside human agents in a challenging atmosphere while being movable and prolific on the work location. These robots are built with protection aspects comprising incorporated sensors, passive obedience, and overcurrent identification to function with humans

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Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 42.7%
2028 Value Projection USD 16,387.3 million
Base Year 2020
Collaborative Robots Market Share in 2020 USD 979.6 million
Historical Data for 2017 to 2019
No. of Pages 140
Segments covered By Payload Capacity, Application, Industry, Region
Collaborative Robots Market Growth Drivers Significant Return on Investment on Cobots Utilization to Boost Market Development
Rise in Demand for Automation in Numerous Industrial Processes to Drive Market Growth

Report Coverage

The report includes an in-depth evaluation of various growth drivers and restraints, opportunities & challenges, and latest trends that the market will witness during the forecast period. In addition, the report offers detailed insights into the regional developments of the market. It includes information sourced from industry professionals using several methodologies. Furthermore, the competitive landscape offers comprehensive coverage of strategies adopted by the companies such as partnerships, mergers & acquisitions, and product launches to expand their market presence.

Segmentation

In terms of payload capacity, the market is divided into 5 kg, 6-10 kg, and 11kg & above. The 6-10 kg and up to 5 kg sub-segment is projected to inflate at a substantial rate owing to its capability to perform several and monotonous operations at a rapid pace.

Based on the application, the market is classified into material handling, welding, painting/spraying, quality testing, assembling and others.

On the basis of industry, the market is categorized into automotive, electronics & electrical, food & beverages, retails, metals & machining, rubber & plastic and others.

Geographically, the global market is segregated into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Industry Development

May 2020: Universal Robots launched America’s greatest virtual collaborative robot session, where the implementation of supple automation solutions through cobots would be emphasised for producers and other visitors.   

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List of Key Players Covered in the Market Report

  • Universal Robots (Odense, Denmark)
  • Rethink Robotics GmbH (Massachusetts, U.S.)
  • Denso Wave Incorporated (Aichi Prefecture, Japan)
  • Fanuc Corporation (Yamanashi, Japan)
  • Bosch Rexroth AG (Lohr a. Main, Germany)
  • ABB (Zürich, Switzerland)
  • Yaskawa America, Inc.- Motoman Robotics Div. (Fukuoka, Japan)
  • AUBO Robotics (Tennessee, U.S.)
  • Stäubli International AG. (Freienbach, Switzerland)
  • K2 Kinetics (Pennsylvania, U.S.)
  • Rethink Robotics (U.S.)
  • MABI Robotic (Switzerland)
  • FrankaEmika (Germany)
  • F&P Robotics (Switzerland)
  • Neura Robotics (Germany)

Drivers and Restraints

High Return on Investment (ROI) on Cobot Usage to Bolster Market Growth

Collaborative robots offer an elevated profit on investment in comparison with various other conservative industrial robots. The cheaper price of collaborative robots & substantial yield on investment are alluring the small as well as medium businesses, along with latent development of robot installation in several countries.

Additionally, the price of positioning collaborative robot-additional hardware is greater than the price of the collaborative robot, while the charge of arranging standard industrial robots’ additional hardware is greater than the price of the robot itself. This is expected to bolster the collaborative robots market growth.

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Regional Insights

Asia Pacific to Record Notable Growth over 2021-2028

Asia Pacific held maximum collaborative robots market share and is estimated to develop promptly in the future years owing to the existence of Chinese permitted and unsanctioned companies functioning in this industry area, extending industrial productivity, increasing small and medium enterprises, and other aspects.

North America is projected to develop promptly throughout the estimation period with rising production sectors, government involvement to aid SMEs, the advent of smart workshops and industry 4.0, as well as other influences.

Additionally, Europe is anticipated to control the global collaborative robots market during the forecast period.

Competitive Landscape

Acquisitions by Key Players to Bolster Market Growth

Prominent players in the market often come up with efficient strategies that include partnerships, acquisitions and mergers, product launches, etc. These strategies bolster their position as leading players and also benefit the other involved companies as well.

Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
    • Global Market Share Analysis and Matrix, 2019
  • Key Market Insights and Analysis, By Segments
  • Profiles of Key Players (Would be provided for 10 players only)
  • 6.1. Overview
  • Primary Interview Responses
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
      • Business Segment Share
    • Recent Developments
      • Key Management
      • Headquarters etc.
  • Annexure / Appendix

To be Continue…

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