Collaborative Robots(Cobots) Market - Forecast(2024 - 2030)

Report Code: ESR 0423 Report Format: PDF + Excel

Collaborative Robots(Cobots) Market Overview

The cobots market in 2020 was around $785 million and is estimated to grow at a CAGR of 25.6% during the forecast period to reach $2.31 billion by 2026. The entire robotics industry is witnessing the effects of Covid-19 pandemic, with strain felt on the supply chain restricting parts imports and equipment exports in H1 especially. The overall economic uncertainty also pushed majority of customers to defer purchases in order to conserve capital. In 2020, the majority market share was held by Automotive sector with 23% share, followed by Healthcare industry with 16% revenue share. Collaborative robots (cobots) represent a variant of industrial robots and is currently considered to be one of the fastest growing segments in industrial automation. A cobot is a type of robot that is designed to operate alongside humans in shared workspaces. These machines are easy to program and deploy, can increase productivity manifold, and offer high returns on investment.

Report Coverage

The report: “Cobot Market Report– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Cobot market
By Type: Power and Force Limiting, Safety monitored stop, Speed and Separation, Hand Guiding
By End User:   Automotive, Electronics, Semiconductor, Plastics and   Polymer, Food and Beverage, Healthcare, Metals and   Machining and others
By Application: Handling, Assembling/Disassembling, Welding and Soldering, Dispensing, Packaging and Others
By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa)

Key Takeaways

  • Monitors allow the cobot to detect possible collisions and stop immediately should the cobot come into contact with a human. 
  • Power and force limiting cobots are currently limited to smaller applications. The limitations on power and force require a special robot that has power or force feedback built in. This system lets the cobot detect contact with a person and It requires an extensive risk assessment because the operator can remain within reach of the cobot.
  • China is witnessing huge growth in the manufacturing sector and is expected to grow immensely in the coming years owing to changing government policies.

Global Cobot Market, By End Users, 2020

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Collaborative Robots(Cobots) Market Segment Analysis - By Type

Power and Force Limiting robots will reach $1bn market size by 2026. Almost all the companies have a competing robot for the same payload category with similar performances, thus giving power to customers to choose from any integrator suiting their budget and application requirements. These prices of cobots can vary depending upon manufacturer and payload categories. The selection of cobots is mainly dependent upon the end use cases that differ for various applications. Power and Force Limiting cobots are what most people will likely visualize of when they hear the term collaborative robots. These cobots are specifically designed to allow for direct interaction with human workers without the need for additional safety barriers, vision systems, or external scanners. Further enhancing human safety, power and force limiting cobots are designed without sharp corners, exposed motors, or pinch points. For power and force limiting cobots to safely work alongside human workers, the cobots have sensitive collision monitors built-in. 

Collaborative Robots(Cobots) Market Segment Analysis - By Vertical 

Automotive industry is one of the foremost industries to adopt cobots to conduct various operations in the production plants and will reach $477m by 2026. The key applications of these robots are: Robotic Vision, production optimization, assembly tasks, advanced assembling, car painting and so on. To achieve more productivity and to conduct high load operations with extra speed, the cobots have always been beneficial and cost effective for the automotive manufacturers. The ever-growing automotive market in countries such as the U.S., China, India and Germany brings in constant demand for industrial robots and cobots. In 2019, China produced 25 million vehicles and is one of the largest markets for automobiles. This is estimated to grow at 5% through 2025 requiring significant process optimization and create ample demand for industrial robots. With automotive production regulations becoming stringent day by day and changing consumer trends, the cobots market is forecast to showcase good growth in the next five years. Group PSA’s Sochaux plant in France has chosen Universal Robots UR10 for its "Plant of the Future" Project. Two UR10 cobots have been implemented at the Sochaux plant in screw driving applications on body-in-white assembly lines to increase performance and reduce production costs at the factory. In 2019, Walmart has planned to invest $2.7 billion to add new robots totalling almost 4,000 robots in its stores and facilities in order to shift human workforce to customer service roles. The robots are majorly used for scanning, sorting goods from delivery trucks. This is set to create opportunities for cobots in retail sector.

Collaborative Robots(Cobots) Market Segment Analysis - By Geography 

Geographically, APAC held major share of 41% of cobots market share in 2020, owing to high adoption of automation technologies in industrial and automotive warehouses and increasing investments and funding. North America is the next largest market with 29% revenue share in 2020.  South America is witnessing the fastest growth rate with a CAGR of around 32.3% during the forecast period 2021 – 2026 owing to high investments and growing deployment of automation technology mainly in the countries such as Brazil, Argentina and Colombia. It is estimated that the cobot sale and installations are expected to reach 76,000 units per year in 2025 from around 22,000 in 2019. Portuguese company MOV.AI has announced in October, 2020 that it has raised $4m in funding. The company has designed its ROS for manufacturers of cobots, as well as academics and automation integrators. It also contributes to the ROS community.

Collaborative Robots(Cobots) Market Drivers 

Rise in demand for Automation

There has been significant growth in collaborative robotics market owing to the increased demand for automation, high competition in the e-commerce industry, and the advancement in technologies such as Internet of Things (IoT) and Artificial Intelligence (AI). The use of robots reduces the risk of injury to workforce has also witnessed growth. Integration of robots with artificial intelligence (AI) and machine vision technology has been assisting companies in obstacle detection, navigation, movement of the goods. This has been attracting vendors in automating the warehouses and installing the robots in warehouse, thereby driving the collaborative robotics market.  In 2019, Geek Plus Robotics, an intelligent logistics robot solution provider had launched the world’s first interweaving sorting robot, which could be an alternative to conveyor systems. Mobile Industrial Robots (MiR), a leading manufacturer of collaborative mobile robots launched a new warehouse robot to automate the transportation of pallets and heavy goods across warehouses. Development of new robots for various applications of warehouses set to boost the demand of collaborative robotics market.

Rising Labour Costs amidst the Aging Workforce to Boost the Collaborative Robots Demand

The labour cost is highly significant in the total industrial operating cost, making generally 62%-65% of the total cost. In majority of the cases, manual jobs typically consist of two categories of staff: direct and indirect where industries cover an area of more than 200,000 square feet. Direct staff is responsible for executing the process while indirect staff is for the back-end support for direct staff. As average hourly earnings will hike further amidst the rising global inflation with weekly hours to remain constant or decline in the coming years, the operating costs are bound to advance. Apart from this, the developing nations have seen a constant growth in the ageing workforce resulting in issues related to safety, quality control and productivity. Thus, the automation of industries has become a notable means to tackle the rising wages and workforce age. This has resulted in the industrial operators to rely upon the robotics to provide a convenient and efficient way of reducing the operational costs while simultaneously maintaining the productivity at optimum levels. Companies are turning to technology to compete in response to shrinking labor pools as Baby Boomers retire, and labor costs increase. Cobots manufactured by companies such as Rethink Robotics, Kuka, and Universal Robots hope to provide solutions to these labor and cost concerns.

Collaborative Robots(Cobots) Market Challenges

High Initial Investment

The initial cost of collaborative robots that are used in factories are high as the cost of automation is much higher in comparison with labor costs. This prevents most companies from completely automating their operations with robots. The average selling prices of cobots vary from $25,000 to $50,000 and does not include the installation costs. In addition to this, there is a training cost associated with the robots that further restricts the operators’ likeability for integrating robots into their operating lines. Slow deployment of collaborative robotic systems by smaller and medium enterprises hampers the robotics market. However, high labor costs are set to drive the collaborative robot market during forecast period.

Collaborative Robots(Cobots) Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Cobot market. Cobot top 10 companies include Univeral Robots, Fanuc, Kuka, Rethink Robotics, Techman, AUBO, ABB, Kawasaki, Yaskawa and Sataubli among others.

Acquisitions/Product Launches

  • In May 2019, the government of Saudi Arabia announced an investment of $30 billion to upgrade warehousing facilities by adoption of the advanced autonomous robots in the newly built warehouses across Saudi Arabia, thereby contributing towards the growth of the cobots market during forecast period in this region.
  • In October 2019, the South Korean government announced an investment $150 million to develop the intelligent robots for various industrial application which includes warehousing and logistics, thereby enhancing the growth of the cobots market.

Relevant Report Titles:

Report Code: ESR 55892

Report Code:  AIR 0032

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1.Collaborative Robots(Cobots) Market - Market Overview
    1.1 Definitions and Scope
2. Collaborative Robots(Cobots) Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends by type
    2.3 Key trends segmented by geography
3. Collaborative Robots(Cobots) Market– Industry Landscape
    3.1 Comparative Analysis
        3.1.1 product/Company Benchmarking-Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis                
        3.1.5 Pricing Analysis
4. Collaborative Robots(Cobots) Market - Startup companies Scenario Premium (Premium)
    4.1 Top 10 startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Collaborative Robots(Cobots) Market - Industry Market Entry Scenario Premium (Premium)
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis - Top 10 companies
6. Collaborative Robots(Cobots) Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
7. Collaborative Robots(Cobots) Market - By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Cain Analysis
    7.2 Opportunities Analysis 
    7.3 Product Life Cycle/Market Life Cycle Analysis
    7.4 Supplier/Distributor Analysis
8. Collaborative Robots(Cobots) Market – By Type (Market Size -$Million/Billion)
    8.1 Power and Force Limiting 
    8.2 Safety monitored stop
    8.3 Speed and Separation
    8.4 Hand Guiding
11. Collaborative Robots(Cobots) Market – By Application (Market Size -$Million/Billion)
    11.1 Handling
    11.2 Assembling/Disassembling
    11.3 Welding and Soldering
    11.4 Dispensing
    11.5 Packaging
    11.6 Others
12. Collaborative Robots(Cobots) Market – By End User (Market Size -$Million/Billion)
    12.1 Automotive
    12.2 Electronics 
    12.3 Semiconductor
    12.4 Plastics and Polymer
    12.5 Food and Beverage
    12.6 Healthcare
    12.7 Metals and Machining
    12.8 Others
13. Collaborative Robots(Cobots) Market – By Geography
    13.1 North America
        13.1.1 U.S
        13.1.2 Canada
        13.1.3 Mexico
    13.2 South America
        13.2.1 Brazil
        13.2.2 Argentina
        13.2.3 Chile
        13.2.4 Others
    13.3 Europe
        13.3.1 U.K
        13.3.2 Germany
        13.3.3 France
        13.3.4 Italy
        13.3.5 Netherlands
        13.3.6 Belgium
        13.3.7 Spain
        13.3.8 Russia
        13.3.9 Others
    13.4 APAC
        13.4.1 China
        13.4.2 India
        13.4.3 Japan
        13.4.4 South Korea
        13.4.5 Indonesia
        13.4.6 Malaysia
        13.4.7 Australia & New Zealand
        13.4.8 Others
    13.5 ROW
        13.5.1 Middle East
        13.5.2 Africa
14. Collaborative Robots(Cobots) Market – Entropy
15. Collaborative Robots(Cobots) Market – Industry / Segment Competition landscape Premium (Premium)
    15.1 Market Share Analysis
        15.1.1 Market Share by Region- Top 10 companies
        15.1.2 Market Share by type of Industry vertical – Top 10 companies
        15.1.3 Market Share by type of component- Top 10 companies
        15.1.4 Market Share at global level- Top 10 companies
        15.1.5 Best Practices for companies
16. Collaborative Robots(Cobots) Market – Key Company List by Country Premium (Premium)
17. Collaborative Robots(Cobots) Market -Company Analysis
    17.1 ABB Ltd.
    17.2 AMETEK, Inc.
    17.3 Johnson Induction Holdings Limited
    17.4 Siemens AG
    17.5 Toshiba Corp. 
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10
"*Financials would be provided on a best efforts basis for private companies"
18. Collaborative Robots(Cobots) Market –Appendix (premium)
    18.1 Abbreviations Sources
    18.2 Sources
19. Collaborative Robots(Cobots) Market -Methodology Premium (premium)
    19.1 Research Methodology
        19.1.1 Company Expert Interviews
        19.1.2 Industry Databases
        19.1.3 Associations
        19.1.4 Company News
        19.1.5 Company Annual Reports
        19.1.6 Application Trends
        19.1.7 New Products and Product Database
        19.1.8 Company Transcripts
        19.1.9 R&D Trends
        19.1.10 Key Opinion Leaders Interviews
        19.1.11 Supply and Demand Trends