The collaborative robots market size is projected to reach US$ 14.67 billion by 2031 from US$ 1.52 billion in 2023. The market is expected to register a CAGR of 32.7% during 2023–2031. Mobile collaborative robots are likely to bring in new trends in the market.
Collaborative Robots Market Analysis
Collaborative robots are a segment of service robots used in material handling, manufacturing, and labs. The increasing demand in factories—particularly in the manufacturing sector, where humans and robots have already begun to work in harmony—is resulting in the growth of the collaborative robots market. The advent of collaborative robots has enabled a trustworthy working environment where humans can safely work alongside robots. Key factors driving the market include government support for the development and deployment of robotics and rapid expansion in the manufacturing industry.
Collaborative Robots Market Overview
The governments of several nations worldwide are taking initiatives to support and promote the development and adoption of robotics in their respective countries. Such initiatives and measures taken by governments are expected to propel the market growth for industrial robotics globally, thereby bolstering the demand for collaborative robots as well. In 2022, Europe held the largest revenue share of the global collaborative robots market. In Europe, the robust automobile sector and the presence of major premium car manufacturers are anticipated to drive the collaborative robots market. Further, the growth of electric vehicle manufacturing is anticipated to drive market growth.
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Collaborative Robots Market: Strategic Insights
Market Size Value in US$ 1.52 Billion in 2023 Market Size Value by US$ 14.67 Billion by 2031 Growth rate CAGR of 32.7% from 2023 to 2031 Forecast Period 2024-2031 Historic Period 2021-2022
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Collaborative Robots Market: Strategic Insights
| Market Size Value in | US$ 1.52 Billion in 2023 |
| Market Size Value by | US$ 14.67 Billion by 2031 |
| Growth rate | CAGR of 32.7% from 2023 to 2031 |
| Forecast Period | 2024-2031 |
| Historic Period | 2021-2022 |
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Collaborative Robots Market Drivers and Opportunities
Government Support for Development and Deployment of Robotics
Governments of several nations worldwide are taking initiatives to support and promote the development and adoption of robotics in their respective countries. For instance, the government of Singapore, under its Industry Transformation Program, announced several measures to facilitate innovation, automation, and expansion of the companies and obtain financing. The Government of India has taken various measures to boost smart manufacturing in India, including the Production Linked Incentive (PLI) scheme. As a major government initiative to promote manufacturing in India, the PLI scheme was launched in 2020 and covered 14 sectors, including automotive, pharmaceuticals, textiles, food processing, and white goods. Further, the government of China has taken several measures for the deployment of industrial robotics in the country's manufacturing sector. This includes the "Made in China 2025" plan for the development of high-tech industries. In addition, the government also announced a five-year "Robotics Industry Development Plan" for the expansion of China's industrial robotics sector. The government is offering considerable subsidies and tax breaks for industrial automation. Moreover, Germany's Industry 4.0 initiative includes the development and deployment of industrial robots. The government announced offering non-refundable cash grants of ~US$ 78 million each year to support research institutes, companies, and academics during 2016–2020 for human-technology interaction research. Currently, ~300 study programs related to automation and robotics have been made available by the government.
The South Korean government announced a US$ 2.7 million investment plan, Second Basic Plan for Intelligent Robot Development, 2014–2018. After the end of the Second Basic Plan (2014–2018), the government formulated and carried out the third Intelligent Robot Basic Plan (2019–2023).
Widespread Adoption of Industrial Automation in Diverse Industries
The penetration of industrial automation is increasing in various industries other than automotive, such as logistics, food & beverages, electrical & electronics, and rubber & plastics. In the recent past, the nonautomotive industries were underpenetrated compared to the automotive industry. With the increasing functionality of equipment such as collaborative robots, it is anticipated that the nonautomotive industries will further accelerate the adoption of collaborative robots. The penetration of industrial automation is also increasing among countries. Developed markets, including China, the US, and Japan, have high penetration; however, there is still a lot of opportunity for the industrial market to grow further, even in the developed markets. The prospective for further robot installations is remarkable in many of these countries, particularly in the automotive industry. This growth is attributed to the necessary modernization and transformation required in these markets. These statistics are promising for collaborative robot manufacturers as they signify the huge scope for further increase in adoption. It is expected that the low penetration will propel considerable growth during the forecast period as long as there is considerable support from the government to the manufacturers.
Collaborative Robots Market Report Segmentation Analysis
Key segments that contributed to the derivation of the collaborative robots market analysis are payload, application, type, end-user industry, and functionality.
- Based on payload, the market is segmented into 5–10 Kgs, up to 5 Kgs, and above 10 Kgs. The 5–10 Kgs segment held the largest market share in 2023.
- Based on application, the market is categorized into assembly, pick and place, material handling, quality testing, machine tending, welding, packaging, and others. The assembly segment held the largest market share in 2023.
- By type, the market is divided into robotic arm, welding guns, grippers, and others. The robotic arm segment held the largest market share in 2023.
- By end-user industry, the market is segmented into automotive, electronics, metal and machinery, food and beverage, logistics, pharmaceuticals, and others. The automotive segment dominated the market in 2023.
- By functionality, the market is divided into static robot and mobile robot. The static robot segment dominated the market in 2023.
Collaborative Robots Market Share Analysis by Geography
The geographic scope of the collaborative robots market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific held a significant market share in 2023. Asia Pacific consists of many developing countries witnessing significant growth in their manufacturing sector. The region has become a global manufacturing hub with the presence of diverse manufacturing industries. Among China's evolution into a high-skilled manufacturing hub, other developing countries such as India, South Korea, Taiwan, and Vietnam are attracting several businesses with an aim to relocate their low to medium-skilled manufacturing facilities to neighboring countries, offering low labor costs. Further, governments of these countries are encouraging investment initiatives to promote manufacturing activities. However, the lack of skilled labor, low productivity, and developed infrastructure scarcity are a few of the restraints that are required to be addressed to strengthen their position as a key manufacturing hub in the region.
Governments of developing economies in Asia Pacific are offering tax rebates, funds, subsidies, and other such support to attract manufacturing companies to set up their plants in the respective countries. Further, several governments have taken initiatives such as Made in China 2025 and Make in India. However, China, the largest manufacturing hub, is experiencing a rise in the country's labor cost owing to the aging population of the country. This has resulted in manufacturing companies seeking investments in countries in Southeast Asia. The improving infrastructure, rising domestic consumption, and lower costs are a few of the factors attracting manufacturing companies in these countries.
China is the largest producer of passenger cars worldwide. Japan, India, and South Korea are a few of the other major vehicle manufacturing countries in Asia Pacific. Apart from the automotive industry, several other industries in China are deploying collaborative robots; for instance, at Xiamen Runner Industrial Corporation—one of the largest bathroom accessories manufacturers in China—64 robots from Universal Robots were deployed on the production line for varied tasks, ranging from tending and injecting-molding machines to the product assembly.
Collaborative Robots Market Report Scope
Collaborative Robots Market News and Recent Developments
The collaborative robots market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the collaborative robots market are listed below:
- OMRON has announced the availability of the OMRON TM S Series collaborative robots, designed for diverse applications across multiple industries. These cobots introduce advanced hardware, more safety features and certifications, and next-generation configuration capabilities, making them easier to use than ever before. (Source: OMRON, Press Release, September 2023)
- TÜV Rheinland Group, an internationally leading independent third-party testing, inspection, and certification organization, issued the CE Machinery Directive and Functional Safety Compliance Certificate for ESS (ESTUN Safety Solution) products to ESTUN Automation Co., Ltd. This marks that ESTUN has made rapid progress in building a comprehensive robot functional safety product system. This certification not only demonstrates ESTUN's innovative strength and professional level in the field of robotics technology but also reflects its strict control and commitment to product safety and quality and will further enhance ESTUN's service quality and efficiency in the global market. (Source: ESTUN Robotics, Press Release, April 2024)
Collaborative Robots Market Report Coverage and Deliverables
The "Collaborative Robots Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Collaborative robots market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Collaborative robots market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Collaborative robots market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the collaborative robots market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Teradyne Inc., Kuka AG, Yaskawa America Inc., Fanuc Corp, and ABB Ltd. are major players in the market.
The market is expected to reach a value of US$ 14.7 billion by 2031.
The market is anticipated to expand at a CAGR of 32.7% during 2023-2031.
Government support for the development & deployment of robotics and rapid expansion in the manufacturing industry are driving the market growth.
Advancements in the robotics industry and mobile collaborative robots are major trends in the market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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