Collaborative Robots Market

Collaborative Robots- By components, application, payload, and industry

Market Synopsys

The market size of the global Collaborative Robots market in the year 2022 is valued at USD 1676.98 Million and is predicted to reach USD 28673.91 Million by the year 2030 at an 42.60% CAGR during the forecast period. The growing adoption of robotics in small and Medium Enterprises (SMEs) and investments in automation of manufacturing processes are the key factors driving the growth of the Collaborative Robots’s market during the forecast period. The evolution of robots working with humans in the sectors such as electronics product assembly and smart parts assembly further fuels the demand for Collaborative Robots in years to come. Moreover, the ability of robots to work efficiently with humans in an enlarged atmosphere has led to increasing the installation of robots in industry. The co-robots are manufactured and designed with advanced software, sensors, and End of Arm Tooling (EOATs) that further help to prevent human injuries. Industrial robots are projecting a heavy demand across different industries owing to their beneficial and attractive ROI earned from the development of industrial robots. Moreover, the robots are expected to experience the fastest growth across several sectors such as electronics, automotive, logistics, packaging and assembling, and machine tooling applications. The adaptation of robots in industrial sector practices has indicated a decreased number of accidents and injuries at the workplace. The introduction of robots in the industrial sector practices has displayed a decreased number of accidents and injuries that occurred at the workplace. Furthermore, the Collaborative Robots have upraised the product quality and increased profits for various types of businesses and drive the growth of theCollaborative Robots market in upcoming years.

Market Segmentation:

The Collaborative Robots market is segmented on the basis of component, payload, application, and industry. Based on type of component, the market is segmented as Hardware and Software. By payload type, the market is segmented as up to 5kg, 5-10kg, and above 10 kg. By application type, the market is segmented as handling, welding, soldering, assembling and disassembling, dispensing, processing, and others (inspection and quality testing, and die-casting and molding). Based on industry type, the market is segmented as automotive, electronics, metals and machining, plastic and polymers, food and beverages, furniture and equipment, healthcare, and others (scientific research, logistics, education, foundry, die cast, and consumer goods).

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Material handling application dominates the Collaborative Robots market

In 2021, the material handling sector is estimated to acquire the largest market share of the Collaborative Robots market during the forecast period. The largest share of this segment is primarily assigned to the factors like high speed and accuracy of operations, increasing production efficiency, speed and strength of material handling, low maintenance cost, and compact designs of robots. Furthermore, material handling and logistics is a prime application in various industrial sections such as automotive, metals, electronics, and machinery. Moreover, these industrial sectors contribute a major share of the Collaborative Robots market all over the world. Besides, the assembly line segment is also projected to grow at a fast-growing CAGR during the forecast period.

The software segment is projected to grow at a considerable CAGR during the forecast period

The software segment is projected to grow at a fast-growing CAGR in the upcoming years. Moreover, the rapid growth in the software segment is due to the factors like growth in the demand for computer vision to improve Collaborative Robots’ efficiency, increasing adoption of AI and industry 4.0, and increasing requirement of processing the data of sensors that are generated from Collaborative Robots in the real-time to handle any complicated task efficiently without any disturbance.

Asia-Pacific region is the largest and fastest-growing region during the forecast period

In 2021, the Asia-Pacific region is projected to hold the largest market share of the Collaborative Robots market during the forecast period. The growing presence of the major robot manufacturers in the Asia-Pacific region with innovation, government initiatives, and investments in robotics is projected to enhance the growth of the Collaborative Robots market in the Asia-Pacific region. The adoption of robotics and automation in various regions such as China, Japan, and South Korea is responsible for the growth of the Collaborative Robots’s market in the Asia-Pacific region. Moreover, the electronica and automotive industry are the important drivers in the Asia-Pacific region as they are major demand generators for the Collaborative Robots market. Furthermore, growth in industrialization and increasing wages are the other factors that are driving the growth of the Asia-Pacific region during the forecast period.