The collaborative robot market has witnessed robust growth in the last few years on account of increasing deployment of industrial robots across automotive, electronics, healthcare and food & beverages industries. Collaborative robots, also known as cobots, are designed to interact safely and directly with humans within a shared workspace. Cobots are equipped with advanced safety features like lightweight designs, sensors to detect nearby movements and ability to easily stop motion if it encounters any obstruction. Their key advantage over traditional industrial robots lies in their ability to work collaboratively in close quarters with workers without the need for safety fences.
The collaborative robot market is estimated to be valued at US$ 1332.59 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Collaborative Robot Market Size are Cardinal Health, Inc., Stryker Corporation, Karl Storz GmbH & Co. Kg, Zimmer Biomet Holdings, Inc., Baxter International Inc., Becton, Angiodynamics, Inc., Hologic, Inc., Ecolab Inc., Olympus Corporation, Medtronic PLC, Fresenius Medical Care AG & Co. KGaA, B. Braun Melsungen AG, Johnson & Johnson, and Smiths Group PLC. Growing focus on factory automation across industries coupled with rising labor costs is fueling the demand for collaborative robots. Technological advancements like artificial intelligence, machine learning and advanced vision systems have enhanced the cognitive abilities of cobots, enabling them to perform complex tasks collaboratively with human workers.
Market Trends
Increasing deployment in SMEs - With technological advancements and declining costs, collaborative robots are increasingly being adopted by small and medium enterprises across industries for tasks like material handling, machine tending, quality testing etc.
Artificial intelligence integration - Major cobots manufacturers are integrating AI, machine learning and predictive capabilities to enhance autonomy, decision making and task performance of collaborative robots. This is further expanding their application scope.
Market Opportunities
Industry 4.0 implementation - Wide adoption of Industry 4.0 technologies like IoT, cloud computing, big data analytics etc. is driving increased automation even in small production lines through collaborative robots.
Healthcare - Growing geriatric population globally is propelling the demand for medical devices and equipment. This has opened new growth avenues for collaborative robots in tasks like sample collection, minor surgeries, dispensing and handling medical equipment.
Impact of COVID-19 on Collaborative Robot Market
The COVID-19 pandemic has significantly impacted the growth of the collaborative robot market. During the initial lockdown phase, production across various industries reduced substantially, thereby decreasing the demand and supply of collaborative robots. This had a negative impact on the market growth during 2020 and 2021. However, with nations gradually lifting restrictions and industries restarting operations with certain safety protocols, the demand is recovering.
The pre-COVID scenario saw strong growth in the adoption of collaborative robots across industries like automotive, electronics, metal and machinery, plastics and polymers, food & beverages, and healthcare sectors due to benefits like increased productivity, reduced labor costs, better efficiency, and reduced errors. However, during the pandemic, end-use industries faced challenges related to disrupted supply chains and reduced cash flows. This affected new investments and deployments of collaborative robots.
In the post-COVID era, collaborative robot sales are projected to surge again driven by increased automation and digital transformation across industries. Social distancing norms have accelerated the shift towards robot-based solutions. Moreover, labor constraints and need to improve productivity are compelling companies to implement collaborative robot-based automation at a faster pace. Advanced technologies like artificial intelligence, machine learning, and edge computing are further enhancing the capabilities of collaborative robots. Governments across regions are also supporting manufacturing sector revitalization through initiatives like "Make in India" that will create opportunities for collaborative robot adoption.
Europe remains the largest regional market for collaborative robots in terms of value. Countries like Germany, Italy, France, and the UK contribute significantly to the European collaborative robot market. This is attributed to strong manufacturing sector presence and increased focus on industrial automation by companies. The Asia Pacific region is expected to emerge as the fastest-growing collaborative robot market during the forecast period driven by industry 4.0 initiatives in emerging countries like China, India, and South Korea with supportive government policies. Growing electronics, automotive and machinery production in the region along with availability of low-cost collaborative robots will propel the collaborative robot market growth in Asia Pacific.
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