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Collaborative Robots Global Market Report 2024 To 2033 | Teradyne, Fanuc Corporation, KUKA AG, Denso Corporation, ABB Group,Mitsubishi Electric, Yaskawa Electric Corporation
Collaborative Robots Market Share
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According to The Business Research Company's, The collaborative robots market size has grown exponentially in recent years. It will grow from $2.56 billion in 2023 to $3.3 billion in 2024 at a compound annual growth rate (CAGR) of 29.2%. The growth in the historic period can be attributed to strong economic growth in emerging markets growth, rising labor costs, growth in the industrial sector and rise in demand for automation.
The collaborative robots market size is expected to see exponential growth in the next few years. It will grow to $9.41 billion in 2028 at a compound annual growth rate (CAGR) of 29.9%. The growth in the forecast period can be attributed to automotive industry, rise in e-commerce and logistics and rising urbanization. Major trends in the forecast period include integration of collaborative robots with advanced technologies, product innovations, focus on new product launches, strategic partnerships and collaborations, and rising investments.
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Market Drivers and Trends:
Rising labor costs are expected to propel the growth of the collaborative robots market going forward. Labor costs are the sums that a company must spend to cover each employee's salary and benefits, in addition to any associated payroll taxes and benefits. Accounting and finance experts consider labor costs as a significant variable when determining an organization's direct and indirect labor expenses. Rising labor costs would increase the adoption of collaborative robots as they would lower labor costs and solve the growing labor shortages. For instance, in December 2021, according to the European Commission, a Belgium-based executive of the European Union that operates as a cabinet government, the total hourly labor costs in the EU increased from 1.1% in 2021 to 4.1% in 2022. Therefore, the rising labor costs are driving the collaborative robots market.
Product innovations are a key trend gaining popularity in the collaborative robot market. Major companies operating in the collaborative robot market are focused on developing new technological solutions to strengthen their position. For instance, in February 2021, ABB Group, a Switzerland-based technology company operating in electrification and automation, launched two new-generation cobots, GoFa and SWIFTI. It is uniquely designed to allow users to program and re-program the new robots while operating a tablet or smartphone. They are engineered with on-call and online service experts who help to use and configure them and offer higher payloads and speeds to unlock industries that have low levels of automation. They are expected to help businesses accelerate automation by operating within minutes of installation, straight out of the box.
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Major Key Players of the Market:
Lonza Group AG, Thermo Fisher Scientific Inc, Merck KGaA, Terumo Corporation, Danaher Corporation, Fresenius Medical Care AG & Co. KGaA, Fujifilm Holdings Corporation, Sartorius AG, Becton Dickinson and Company, Avantor Inc., Cellular Biomedicine Group, CORESTEM, Astellas Pharma Inc, Anterogen Co. Ltd, Arce Therapeutics, CARsgen Therapeutics, Huadong Medicine, Co.Don AG, AstraZeneca, Neogene Therapeutics, GammaDelta Therapeutics Limited, Nightstar, SOTIO, Accell Clinical Research, Genestack, Novartis AG, Pfizer, Celgene Corporation, Johnson & Johnson, F. Hoffmann-La Roche Ltd, Bayer AG, Gilead Sciences, Juno Therapeutics, Allogene Therapeutics, Bluebird Bio, Amgen, Regen BioPharma, Bellicum, Amgen Brazil, GlaxoSmithKline plc, Biogen Brazil, Takeda Pharmaceutical Company Limited, Pfizer S.R.L, Biotchpharma, BrainStorm Cell Therapeutics, Pluristem, Bayer East Africa Ltd, Adcock Ingram, Next BioSciences, CryoSave, BioHeart, Stem Cell Technologies.
Collaborative Robots Market 2024 Key Insights:
• The collaborative robots market size is expected to see exponential growth in the next few years. It will grow to $9.41 billion in 2028 at a compound annual growth rate (CAGR) of 29.9%.
• Rising Labor Costs Fueling Growth In Collaborative Robots Market
• Abb Launches Gofa And Swifti
• Asia-Pacific was the largest region in the collaborative robots market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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