Collaborative Robots Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The Collaborative Robots Market, valued at USD 809.75 million in the previous year, is anticipated to exhibit a robust growth at a CAGR of 20.5%, reaching USD 2412.8 million in the next five years. As robots increasingly collaborate with humans, there is a growing emphasis on their ability to respond to users and adapt their behaviors. Researchers are expected to identify and incorporate basic human behaviors, leading to the development of advanced programs capable of adapting to complex tasks.

The proliferation of advanced technologies like digital twins, virtual reality (VR), augmented reality (AR), and advancements in offline programming and simulation software is enabling companies to optimize robot performance. This facilitates the development and testing of different configurations to find optimal solutions for diverse requirements.

Edge computing, an innovative network architecture, is breaking beyond the limitations of traditional cloud-based networks. As autonomous robots and medical sensors become more prevalent, edge computing is poised to significantly impact society. Artificial intelligence (AI) integrated into collaborative robots plays a crucial role in executing tasks accurately in dynamic environments, including orientation recognition, testing and inspection, dynamic pick-and-place tasks, post-inspection result analysis, and decision-making.

Factors such as longer training and onboarding, increasing benefit and compensation rates, and labor shortages are driving the deployment of collaborative robots. Warehousing, distribution, and fulfillment facilities are increasingly investing in automated solutions, with robotics adoption expanding across regions due to technological advancements and enhanced flexibility.

The integration of advanced technologies into robots results in higher costs compared to traditional robots, attributed to robust hardware and efficient software. Automation equipment requiring high capital investment may cost millions of dollars for design, fabrication, and installation.

In the post-COVID-19 scenario, collaborative robots have experienced significant demand across industries. Fast-food chains, hospitals, groceries, food services, and restaurants have deployed robots for tasks such as temperature tests, sanitizer distribution, food preparation, and takeaway deliveries. The warehousing and logistics industry is also embracing collaborative robots for improved sorting, packaging, and shipping efficacy as companies prioritize workplace automation to comply with pandemic measures and safeguard staff health.

Collaborative Robots Market Trends:

Automotive End-User Segment is Expected to Hold Significant Market Share*

The automotive sector is witnessing substantial growth in daily production units, necessitating proper maintenance to shorten production cycles and increase output. Collaborative robots (cobots) prove effective in achieving lower direct unit production costs and higher throughput in certain assembly processes compared to traditional robotic systems. Cobots find applications in auto part manufacturing and finished vehicle assembly.

Collaborative robotics in automotive applications have seen a surge, particularly in prominent Asian nations like China, India, and Vietnam. Major automakers such as BMW, Mercedes Benz, and Ford deploy cobots for welding, car painting, and assembly line activities. The automotive industry, already highly automated, continues to explore the use of robotics in additional processes due to the accuracy, flexibility, efficiency, and dependability of cobots on production lines.

In April 2022, Fiat, a subsidiary of Stellantis NV, invested EUR 700 million (USD 750 million) in its Mirafiori factory for the production of 500 electric vehicles. The investment includes the deployment of collaborative robots from Universal Robots A/S to automate complex assembly line operations and quality controls. According to IFR, global industrial robot shipments are projected to reach approximately 518,000 in 2024.
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