The global collaborative robot (Cobot) market was valued at US$ 573.12 million in 2020. The market is expected to reach US$ 4925 million by 2030, by registering a compound annual growth rate (CAGR) of 24% during the forecast period from 2021-2030.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Factors Influencing
The beneficial applications of cobot or collaborative robots are expected to raise their adoption during the forecast period. The collaborative robots provide excellent industrial automation solutions and help establish a safe working environment. With these features, the global collaborative robot (Cobot) market is expected to gain traction during the forecast period.
Due to strong government funding to promote automotive solutions, the global collaborative robot (Cobot) market is projected to offer beneficial opportunities to the market players in the future.
In 2017, Japan invested $30 million in a robot revolution after determining the country’s future. Furthermore, the South Korean ministry intends to promote robot demand by employing more service robots in the public sector. As a result, the future collaborative robot (Cobot) market is expected to grow in the coming years.
The reasonable price of the collaborative robots is expected to enhance their adoption during the analysis period.
The efficient working capability of collaborative robots enhances the productivity of the work. As a result, it would propel the growth of the market in the coming years. According to Universal Robot Company, collaborative robots can automate anything, from assembly to painting, screw-driving to labeling, etc. These applications of these robots have proven beneficial in various industries, including food and agriculture, pharmaceutical & medical, electronic & technology, and automotive & subcontractors.
Collaborative robots require regular software up-gradation and reprogramming. As a result, it would slow down the growth of the global collaborative robot market.
Geographic Analysis
Regionally, the Asia Pacific region is observed as the highest contributor to the expansion of the global collaborative robot (Cobot) market. The industrial growth in China, India, Japan, and other South-East Asian countries has positively influenced the robotics integration for various tasks. Furthermore, government and private companies are highly investing in the sector. As a result, it would accelerate the growth of the overall collaborative robot market.
In addition, North America and Europe hold the second and third largest share in the collaborative robot market, owing to the expansion of the industrial sector in the region.
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COVID-19 Impact Analysis
The use of collaborative robots suddenly declined during the COVID-19 pandemic. It is due to the stringent regulations that are lockdown imposed by various countries. Most of the industrial sector had to stop their activities for a short period. As a result, it affected trade activities.
Market Segmentation
By Payload Capacity
- Up to 5kg
- Up to 10kg
- above 10kg
By Application
- Assembly
- Pick & Place
- Handling
- Packaging
- Quality Testing
- Machine Tending
- Gluing & Welding
- Others
By Industry
- Automotive
- Food & Beverage
- Furniture & Equipment
- Plastic & Polymers
- Metal & Machinery
- Electronics
- Pharmaceutical
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Competitors in the Market
- ABB Ltd.
- Universal Robots.
- Rethink Robotics.
- Kuka AG.
- Fanuc Corporation.
- Yaskawa Electric Corporation.
- Mrk-Systeme GmbH.
- Precise Automation.
- F&P Robotics AG.
- Franka Emika GmbH.
- Other prominent players
What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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