Cobot Market is expected to register exponential growth

According to the latest research report published by Market Data Forecast, the global Cobot (collaborative robot) market is predicted to reach USD 1.97 billion in 2024 and USD 11.30 billion by 2029, growing at a CAGR of 41.8% during the forecast period.

Cobots are new-generation robots used for different applications capable of performing complex tasks. In 2013, more than 65,000 units of industrial robots were delivered to the automotive industry. Countries like China, Japan, and Germany have the largest market share of industrial robots. As the expansion of collaborative robots in various sectors rises, many companies are investing in robotic solutions for high productivity and efficiency. The collaborative robot or cobot is designed to interact physically with humans in a shared workspace. Growing adoption in small and medium-sized enterprises (SMEs) and investments in manufacturing process automation are the main growth drivers. The emergence of robots working alongside humans in fields such as the intelligent assembly of parts and the manufacture of electronic products is still fueling demand.

Global Cobot Market Report Scope:
• Market Size (2029): USD 11.30 Billion
• Market Size (2024): USD 1.97 Billion
• CAGR (2024 to 2029): 41.8%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: By Payload Capacity, Application, Vertical and Region
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: ABB Group, Denso Robotics, EPSON Robots, Energy Technologies Corporation, F&P Robotics AG, Fanuc Corporation, KUKA AG, MRK-Systeme GmbH, Precise Automation, Inc., Rethinking Robotics, Inc., Robert Bosch GmbH, Universal A/S robots, Yaskawa Electric Corporation, MABI AG, Robot Techman from Quanta Storage, Inc., Franka Emika GmbH, AUBO Robotics Inc., Comau S.p.A. and other market players.

Market Drivers:

The rapidly growing demand for heavy-lifting collaborative robots is the primary factor propelling the cobot market growth. And, coupled with rising automation in several industries and that too especially in developing countries the market is expanding swiftly. In addition, power, strength and torque-sensing technologies are increasingly incorporated into robots around the world. This is pushing the industry forward together with the increased utilization of collaborative robots for production activities such as assembly and welding lines. Besides this, the rising necessity for convenience, easy-to-understand robots which can perform operations alone without requiring any highly skilled employee.
Furthermore, the evolving requirements of the packaging industry to achieve greater manufacturing rates are fuelling the expansion of the cobot market. Moreover, it is projected that the transportation sector's broad applicability of these collaborative robots to solve problems like management of multiple jobs simultaneously and complicated work processes will accelerate the overall revenue and profit margin in the coming years.
The emergence of cobots has significantly boosted their capacity to compete with large manufacturers. Unlike collaborative robots, those were only suited for large quantities and fixed production procedures which SMEs can't take advantage of.
For example, the UR30 cobot was launched by the Universal Robots in November 2023. The new collaborative robot comes with a load-carrying capacity of 30 kg and also holds a compact design.

Market Restraints:

The growth of the cobot market is restricted by legal and regulatory issues. Different standards are required to be complied with in the building of collaborative robots to ensure human security and improve design characteristics. This involves soft or cushioned arms, rounded bodies and lightweight substance. Moreover, reducing liability and legal expenses for robot manufacturers to make sure that these remain robust and strong anywhere in the world, along with this it should also follow international rules, guidelines and direction. All these are the key hurdles for the cobot suppliers and companies. Apart from this, there are separate industry standards and regulations around the world. For instance, In Europe, vendors must give a guarantee for each and every part of the system or component coming under the Machinery Directive's scope. This comprises protection for the building and engineering of collaborative robots with compliance with safety standards.
Another factor hindering the cobot market growth is its low payload capacity and speed. This is due to their fundamental design. It can typically carry weight up to 20kgs and is not well suited for heavy tasks.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/cobot-market

Key Insights from The Report:
•Based on Payload Capacity, up to 5 kilograms segment led the market and accounted for a large share of the global market in 2023.
•Based on Application, the assembly applications segment captured the largest share of the global market in 2023.
•Based on Vertical, automotive industry is anticipated to dominate the market during the forecast period in 2023.
•Europe dominated the Cobot Market in 2023. Asia-Pacific accounted for the second-highest share of the global market in 2023, and the North American region is estimated to grow over the forecast period.

SEGMENTATION INCLUDED IN THIS REPORT:

By Payload Capacity
•Up to 5 kg
•Up to 10 kg
More than 10 kg

By Application
•Assembly
•Sampling and Placement
•Handling
•Packaging
•Quality Testing
•Machine Maintenance
•Bonding and Welding, etc

By Vertical
•Automotive
•Food and Beverage
•Furniture and Equipment
•Plastics and Polymers
•Metal and Machinery
•Electronics
•Pharmaceuticals
•Others

By Region:
•North America
•Europe
•Asia-Pacific
•Middle East & Africa
•Latin America

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods

2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline

3. Report Overview
3.1 Executive Summary
3.2 Key Inferences

4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market Share Analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquisition Landscape
5.3 Joint Ventures & Collaborations

6. Market Segmentation
6.1 Collaborative Robots Market, By Payload Capacity
6.1.1 Up to 5 Kg
6.1.2 Up To 10 Kg
6.1.3 More Than 10 Kg
6.1.4 Market Size Estimations & Forecasts (2024 to 2029)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Collaborative Robots Market, By Application
6.2.1 Assembly
6.2.2 Handling
6.2.3 Packaging
6.2.4 Quality Testing
6.2.5 Market Size Estimations & Forecasts (2024 to 2029)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Collaborative Robots Market, By Vertical
6.3.1 Automotive
6.3.2 Food And Beverage
6.3.3 Furniture And Equipment
6.3.4 Plastics And Polymers
6.3.5 Metal And Machinery
6.3.6 Electronics
6.3.7 Pharmaceuticals
6.3.8 Market Size Estimations & Forecasts (2024 to 2029)
6.3.9 Y-o-Y Growth Rate Analysis
6.3.10 Market Attractiveness Index

7. Geographical Landscape
7.1 Global Collaborative Robots Market, by Region
7.2 North America - Market Analysis (2024 to 2029)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Payload Capacity
7.2.3 By Application
7.2.4 By Vertical
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Payload Capacity
7.3.3 By Application
7.3.4 By Vertical
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Payload Capacity
7.4.3 By Application
7.4.4 By Vertical
7.5 Latin America
7.5.1 By Country
7.5.1.1 brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Payload Capacity
7.5.3 By Application
7.5.4 By Vertical
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Payload Capacity
7.6.3 By Application
7.6.4 By Vertical

8. Key Player Analysis
8.1 ABB Group
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Denso Robotics
8.3 EPSON Robots
8.4 Energy Technologies Corporation
8.5 F&P Robotics AG
8.6 Fanuc Corporation
8.7 KUKA AG
8.8 MRK-Systeme GmbH
8.9 Precise Automation, Inc
8.10 Rethinking Robotics, Inc

9. Market Outlook & Investment Opportunities

10. Appendix
List of Tables
List of Figures

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