Collaborative Robots Market to Be Worth $2.9 Billion by 2031 - Exclusive Report by Meticulous Research®

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Aug 08, 2024, 10:01 ET

REDDING, Calif., Aug. 8, 2024 /PRNewswire/ -- According to a new market research report titled, 'Collaborative Robots Market by Type, Component (Hardware, Software), Payload, Application (Material handling, Welding & Soldering, Assembling and Disassembling), and End-use Industry (Oil & Gas, Automotive, Food & Beverage, Others) - Forecast to 2031, the collaborative robots market is projected to reach $2.9 billion by 2031, at a CAGR of 8.7% during the forecast period.

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The growth of this market is driven by innovations in human-machine interface, government programs to promote industrial automation, and easy and cost-effective programming. Furthermore, the rising need for collaborative robots in the e-commerce and logistics sectors, expansion into different non-manufacturing applications of collaborative robots, and decreasing prices are expected to create market growth opportunities during the forecast period.

However, the lack of proper training and skill and lack of capabilities related to faster cycle time and repeatability restrains the growth of this market. Also, the need for fine dexterity in collaborative robots and safety and security issues are major challenges for the players in this market. Furthermore, the advancements in artificial intelligence and industry 4.0 systems and collaborative robots with integrated vision systems are key trends in the collaborative robots market.

The collaborative robots market is segmented based on type {power and force limiting collaborative robots, safety monitored stop collaborative robots, speed and separation collaborative robots, and hand guiding collaborative robots}, component {hardware (robotic arm, end of arm tooling (EOAT) devices [welding torches, grippers, vacuum cups, clamps, tool changers, vision systems, feeder systems, and other EOAT devices], drives, controllers, and sensors) and software}, payload {up to 5 Kg payload, 5 Kg to 10 Kg payload, and more than 10 Kg payload} application {material handling (palletizing & depalletizing, stacker, grain elevating, and bucket elevating), welding & soldering (resistance spot welding, arc welding, laser welding, plasma welding, ultrasonic welding, and other welding applications), assembling and disassembling, machine tending (grinding, drilling, milling and turning, injection molding, and other applications), dispensing, processing, inspection (laser inspection, dimensional checks, vision systems, flow tests, and leak tests), and other applications}, end-use industry {automotive and transportation, electrical & electronics, metal & machinery, plastic & chemicals, oil & gas, food & beverage, aerospace & defense, biotechnology, healthcare, and other end-use industries}, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Based on type, the collaborative robots market is segmented into power and force limiting collaborative robots, safety monitored stop collaborative robots, speed and separation collaborative robots, and hand guiding collaborative robots. The speed and separation collaborative robots segment is expected to account for the largest share of the market in 2024. This large market share is mainly attributed to its main functions, such as advanced vision systems, safeguarding the operator in collaborative robot applications by maintaining a certain minimum separation distance during operation, and utilizing a traditional industrial robot combined with various safety sensors to detect when a human enters the robot's work envelope.

Based on component, the collaborative robots market is segmented into hardware and software. The hardware segment is sub-segmented into robotic arms, end of arm tooling (EOAT) devices, drives, controllers, and sensors. The hardware segment is expected to account for the largest share of around 62.0% of the market in 2024. This large market share is attributed to the increasing demand for collaborative robots for various applications, and advancements in the hardware components such as EOAT, tool changers, vision systems, motors, controllers, and power supply have led to improved accuracy, efficiency, and payload capacity of collaborative robots.

Based on payload, the collaborative robots market is segmented into up to 5 Kg payload, 5 Kg to 10 Kg payload, and more than 10 Kg payload. The 5 Kg to 10 Kg payload segment is expected to account for the largest share of the market in 2024. The large market share is mainly attributed to the fact that these payload collaborative robots are equipped with a built-in force-torque sensor to ensure the safety of the workers and are designed to perform medium-duty applications with ultimate flexibility.

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Based on application, the collaborative robots market is segmented into material handling, welding & soldering, assembling & disassembling, machine tending, dispensing, processing, inspection, and other applications. The material handling segment is expected to account for the largest share of the market in 2024. The large market share is mainly attributed to factors such as increasing production efficiency, high speed and accuracy of operations, low maintenance cost, speed and strength of material handling, and compact design of robots. Furthermore, material handling is a major application in various end-use industries such as automotive, electronics, metals, and machinery.

Based on end-use industry, the collaborative robots market is segmented into automotive and transportation, electrical & electronics, metal & machinery, plastic & chemicals, oil & gas, food & beverage, aerospace & defense, biotechnology, healthcare, and other end-use industries. The automotive and transportation segment is expected to account for the largest share of around 22% of the market in 2024. The large market share is mainly attributed to the benefits offered by collaborative robots in the automotive industry, such as cost-effectiveness, higher efficiency, safety, and speed & precision. Also, using collaborative robots allows car and automotive component makers to accelerate production, reduce costs, improve quality, and ensure workers' safety.

Based on geography, the collaborative robots market is segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of around 54% of the Market, followed by Europe, North America, Latin America, and the Middle East & Africa. The large share of this regional market is attributed to the presence of large-scale manufacturing industries in the region, especially in the automotive, electronics, and metal and machinery sectors. Further, the demand for collaborative robots has significantly increased due to the growing need for automation in diverse industries such as food and beverages and healthcare. Also, the declining cost of collaborative robots and a shortage of skilled labor are contributing to the growth of the region.

Key Players:

The key players operating in the collaborative robots market are Universal Robots A/S (Denmark), Rethink Robots GmbH (Germany), ABB Ltd (Switzerland), Fanuc Corporation (Japan), KUKA AG (Germany), Yaskawa Electric Corporation (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Robert Bosch Manufacturing Solutions GmbH (Germany), Stäubli International AG (Switzerland), F&P Robotics AG (Switzerland), Techman Robot Inc. (Taiwan), Precise Automation Inc. (Taiwan), Doosan Robotics Inc. (South Korea), MABI Robotic AG (Switzerland), Energid Technologies Corporation (U.S.), AUBO Robotics USA (U.S.), and TechMan Robot Inc. (Taiwan).

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Scope of the Report:

Collaborative Robots Market Assessment—by Type

Power and Force Limiting Collaborative Robots
Safety Monitored Stop Collaborative Robots
Speed and Separation Collaborative Robots
Hand Guiding Collaborative Robots

Collaborative Robots Market Assessment—by Component

Hardware
- Robotic Arms
- End of Arm Tooling (EOAT) Devices
  - Welding Torches
  - Grippers
  - Vacuum Cups
  - Clamps
  - Tool Changers
  - Vision Systems
  - Feeder Systems
  - Other EOAT Devices
- Drives
- Controllers
- Sensors
Software

Collaborative Robots Market Assessment—by Payload

Up to 5 Kg Payload
5 Kg to 10 Kg Payload
More than 10 Kg Payload

Collaborative Robots Market Assessment—by Application

Material Handling
- Palletizing & Depalletizing
- Stacking
- Grain Elevating
- Bucket Elevating
Welding & Soldering
- Resistance Spot Welding
- Arc Welding
- Laser Welding
- Plasma Welding
- Ultrasonic Welding
- Other Welding Applications
Assembling and Disassembling
Machine Tending
- Grinding
- Drilling
- Milling and Turning
- Injection Molding
- Other Applications
Dispensing
Processing
Inspection
- Laser Inspection
- Dimensional Checks
- Vision Systems
- Flow Tests
- Leak Tests
Other Applications

Collaborative Robots Market Assessment—by End-use Industry

Automotive and Transportation
Electrical & Electronics
Metal & Machinery
Plastic & Chemicals
Oil & Gas
Food & Beverage
Aerospace & Defense
Biotechnology
Healthcare
Other End-use Industries

Collaborative Robots Market Assessment—by Geography

North America
- U.S.
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
Latin America
Middle East & Africa

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