With 41.5% CAGR, Collaborative Robot (Cobot) Market Growth to Surpass USD 9.2 billion

The global collaborative robot (cobot) market is projected to grow from USD 1.1 Billion in 2022 to USD 9.2 Billion by 2028, at a CAGR of 41.5% during the forecast period from 2022 to 2028. The growth of this market is driven by factors such as increasing demand in the e-commerce and logistics industries due to contingency of COVID-19, high return on investment as compared to the traditional industrial robotic system, increased ease of programming of collaborative robots, and collaborative robots to benefit businesses of all sizes.

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The assembling & disassembling application is projected to have the second largest market size and second fastest growth rate for the collaborative robot (cobot) market during the forecast period. Assembling & disassembling applications are predominantly undertaken by SMEs and large-scale companies in their manufacturing plants. Given the fact that the SMEs have a faster growth rate compared to the large-scale industries, the adoption of collaborative robots for automating the assembling & disassembling applications by such enterprises would also expect a rise during the forecast period. The electronics industry is driving demand for robotic screwdriving, a sub-type of the assembling & disassembling application, mainly due to the low weight of electronic items such as smartphones and hard drives. As far as nut-fastening application is concerned, collaborative robots are widely adopted for this application in automotive industries for fastening the nuts of medium and large sized workpieces such as fluid carrying components and transmission components during vehicle assembly. As a result, the electronics and automotive industries majorly deploy the collaborative robots for undertaking the assembling & disassembling applications Hence the existing players and new entrants from the collaborative robot space can target the SMEs as well as large-scale manufacturing companies mainly in the automotive and electronics sector wherein assembling & disassembling application is undertaken significantly as a part of the manufacturing processes, in order to increase their revenue.

The collaborative robots market for furniture & equipment industry, is expected to grow with the second fastest growth rate. Collaborative robots offers significant benefits to the furniture & equipment industry along the production process to improve the quality of fabricated products. A collaborative robot arm delivers striking levels of precision and consistency while reducing the margin of error. Material handling of heavy furniture is one of the main applications to avoid physical burdens of industrial workers.

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Asia Pacific is projected to be the fastest-growing market for collaborative robots. Asia Pacific is considered as a major manufacturing hub in the world, which is expected to provide ample growth opportunities to the collaborative robot market. The collaborative robot market is estimated to exhibit considerably high growth in emerging economies like Thailand, India, Taiwan, China, and Japan. Automotive and electronics companies in the Asia Pacific region are expected to be the largest contributors to the growth of collaborative robot market. Factors such as low production costs, easy availability of economical labor, lenient emission and safety norms, and government initiatives for foreign direct investments (FDIs), booming electronics sector in the Asia Pacific region are conducive for the growth of the collaborative robot market. The rise in the geriatric population of the Asian countries and the shortage of skilled labor has further contributed to the growth in this region. Thus, there is immense scope for automation in the Asia Pacific countries owing to their regional demographics which have been instrumental in pushing the indigenous industries towards automation, the collaborative robot manufacturers can benefit by targeting Asia Pacific countries such as India, China, Japan, and Taiwan which can be major revenue-generators for them.

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This release was published on openPR.