Future Market Insights (FMI) states that the sales in the collaborative robots market are expected to surpass US$ 8.65 Bn by 2029, expanding at a staggering CAGR of 26% over the forecast period 2022-2029.
By the end of 2022, the market for collaborative robots is anticipated to reach US$1.71 billion. The demand for collaborative robots is being fueled by the introduction of sophisticated robots capable of cooperating with humans in fields like smart part assembly and electronics component production and assembly.
Up to 5kg collaborative robots are anticipated to continue dominating the global market through 2029 based on payload capacity. By 2022, FMI projects that East Asia will account for over 64.2% of sales of collaborative robots, dominating the global market.
Sales in the global market for collaborative robots experienced phenomenal growth during the most recent assessment period, growing at a CAGR of 50.4% between 2014 and 2021.
Sales have, however, decreased compared to the previous forecast period as a result of the manufacturing sector’s recession brought on by the implementation of lockdown in response to the global COVID-19 outbreak. Collaborative robot sales are anticipated to grow at a 26% CAGR from 2022 to 2029, according to FMI.
Cobots also referred to as collaborative robots, are sophisticated robots designed for direct human-robot interaction in confined spaces. Owing to the attribute, these robots are extensively gaining traction for numerous industrial applications such as assembly/ disassembly, material handling, inspection, and others across diverse industries.
Cobots also referred to as collaborative robots, are sophisticated robots designed for direct human-robot interaction in confined spaces. Due to this characteristic, these robots are rapidly gaining popularity for a wide range of industrial applications, including assembly and disassembly, material handling, inspection, and others across various industries.
As per FMI, the U.S. is projected to exhibit the fastest growth in the Americas market, assisting the region to account for around 15.2% of the total collaborative robot sales by the end of 2022.
Integration of collaborative robots enhances the speed and flexibility of production as supply chain processes. Attributed to these benefits, these robots are increasingly being adopted across healthcare, electronics, and aerospace sectors, where high precision automation is required.
Collaborative Robots Market by Category
By Payload Capacity:
- Up to 5kg
- Above 10kg
- Material Handling
- Quality Testing/Inspection
- General Assembly
- Others (Surgery, Cleaners, Institutional)
By End Use:
- Automotive & Transportation
- Electronics & Semiconductors
- Food & Beverage
- Chemical & Pharmaceutical
- Others (Plastic, Metal & Machinery, Furniture & Equipment
- South Asia & Pacific
- East Asia