Collaborative Robot Market Size, Witness Highest Growth in near future by 2030

The Collaborative Robot Market size was valued at USD 1.47 billion in 2019 and is predicted to reach USD 15.23 billion by 2030 with a CAGR of 23.2% from 2021-2030.

Collaborative robots or cobots are human scaled machines, capable of performing jobs in tough or difficult environments. They work closely with humans and provide good level of productivity, mobility and output. Cobots are gaining traction in wide range of applications specially in the manufacturing industry due to their excellent performance in handling small and delicate objects. They are designed to share the same work area with humans and bring automation in the production environment. The sharing of the task is done in such a way that the robot handles manual, dirty, physically demanding, and repetitive jobs, while the human employee can focus on other things better suited their intellect. They are usually small in size and can be deployed in a new work location after a short training period.

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Top Companies: ABB, Yaskawa, Nachi robot system, Universal robot, KUKA AG, MRK- systeme Gmbh, FANUC and AUBO robotics. and others.

The collaborative robot market share is categorized on the basis of payload, component, application, industry and geography. On the basis of product type, the collaborative robot market is categorized into payloads of 5kg, 6-10kg, and 11kg and above. On the basis of by component, the market is divided into hardware and software. Hardware is further subdivided into robotic arm, end effectors, drives, controllers, sensors, power supply, motors, and others. Based on application, the market is divided into handling, assembling and disassembling, welding and soldering, processing and dispensing. Based on industry type, the market is categorized into electronics, automotive, food and beverages, furniture and equipment, metals and machining and others. Based on geography, the market is segmented into North America, Europe, Asia-Pacific and RoW.

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North America denotes higher adoption of collaborative robots and is anticipated to hold the highest market share during the forecast period. There is a significant increase in robotic surgeries is the U.S. in the past two decades. Moreover, increased investments by the National Science Foundation (NSF) which is an independent agency of the U.S. government to support novel technologies like robotics has also contributed towards the growth of collaborative robot market in this region. The government has also taken measures to support the development of modern technology in the robotics market and promote the adoption of robotics technology in this region. For instance, in February, 2020, NRI2.0 accepted applications for Fiscal Year 2020 .NRI 2.0 plans to support basic research to accelerate the development and use of collaborative robots.

However, the Asia-Pacific region is expected to show rapid and consistent growth in market share within the forecast period. Asia Pacific collaborative robot market is primarily driven by the demand for automation across diverse sectors such as automotive, manufacturing and medical. Countries in this region are also witnessing the demand for robots because of the factors such as the growing demand for automation, and the significant investment by the Chinese government to develop technologically advanced robots.

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