Explosive Growth in Collaborative Robot Market: Key Trends and Projections

The Collaborative Robot market is projected to grow from USD 1.9 billion in 2024 and is projected to reach USD 11.8 billion by 2030; it is expected to grow at a CAGR of 35.2% from 2024 to 2030. The growth of the Collaborative Robot market is driven by higher return on investment than traditional industrial robotic systems; increased demand in e-commerce and logistics sectors; significant benefits in businesses of all sizes; easy programming of cobots.

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Collaborative robots (cobots) and embedded vision are a powerful combination revolutionizing various industries. Companies are taking numerous initiatives to integrate these technologies, enhancing cobot capabilities and expanding their application possibilities. For instance, in October 2023, OMRON Corporation (Japan) unveiled the TM S Series collaborative robots, featuring advanced hardware, enhanced safety features, and improved configuration capabilities. With models ranging from 5 kg to 14 kg payload, these cobots, equipped with built-in 1.2M/5M pixel color cameras, offered swift inspection operations with Joint J6's industry-leading speed. In September 2023, at the FABTECH trade show, Neuromeka (South Korea) showcased its collaborative robot for welding, specifically designed for block-welding processes in ship construction. The cobot, named "Indy," featured arc sensor-based welding seam tracking and real-time detection of irregularities using 3D cameras. The system provided instant results on a smart touch pendant, facilitating easy process program creation.

The automotive segment hold the largest market share in terms of value in 2024, and this trend is expected to continue until 2029. The automotive industry is experiencing transformative shift with the increasing integration of Collaborative Robots (Cobots). In contrast to traditional industrial robots, Cobots are designed to work seamlessly alongside humans, eliminating the need for physical barriers. Their versatility shines in various automotive applications, including precise assembly tasks, machine tending, welding, painting, and inspection. Cobots contribute to heightened efficiency and productivity, ensuring consistent task execution. Their precision minimizes errors, elevating product quality, and their safety features enhance worker safety by enabling close collaboration with humans. With easy programming and adaptability, Cobots are driving innovation, offering a flexible automation approach that is set to significantly impact the future of automotive manufacturing.

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Asia Pacific accounts for major share in global Collaborative Robot revolution, driven by key factors propelling its rapid growth and dominant market share. Low production costs, easy availability of labor, lenient emission and safety norms, and government initiatives for foreign direct investments (FDIs) are some of the major factors accelerating the growth of the market in Asia Pacific. The Asia Pacific region has been actively embracing automation technologies to address labor shortages, improve production quality, and increase operational efficiency. Collaborative robots, with their ability to work safely alongside human workers, have gained traction in various industries such as automotive, electronics, semiconductors, and logistics.

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