Home Bots & Business Cobot market to reach $ 2.2 billon

Cobot market to reach $ 2.2 billon

by Pieter Werner

The global Collaborative Robots Market, valued at USD 815.40 million in 2022, is projected to grow to USD 2297.77 million by 2031, with a compound annual growth rate (CAGR) of 12.20% from 2024 to 2031, according to SkyQuest Technology. This growth is driven by the integration of robots into human environments, advancements in robotics technology, and the increasing use of robots across various industry verticals. Enhanced human-machine interaction, facilitated by artificial intelligence and machine learning, is expected to further boost the market.

The market is segmented by payload, component, application, end-user, and region. Payload categories include robots with capacities of up to 5 kg, 5-10 kg, 10-25 kg, and over 25 kg. Applications encompass handling (including pick-and-place, material handling, packaging, palletizing, and machine tending), assembling and disassembling (nut fastening and screwdriving), welding and soldering, positioning, and processing (such as grinding, milling, and cutting). End-users span industries such as automotive, electronics and semiconductors, metals and machining, plastics and polymers, food and beverages, healthcare, and logistics. The market components include hardware and software.

The automotive industry, with its high demand for welding, painting, coatings, and assembly robots, remains a significant segment for collaborative robot manufacturers. The electronics industry is also expected to see substantial growth due to rising demand for electronic products and innovative collaborative robots tailored for electronics operations. Other industries like healthcare, logistics, metals and machining, and food and beverage are anticipated to experience notable increases in collaborative robot adoption.

Collaborative robots with up to 5 kg payload capacity are currently the most sought after, offering low costs and high productivity, which makes them attractive for maximizing efficiency. The hardware component, crucial for robot efficiency and productivity, remains a key focus area. Advanced hardware such as sensors and controllers are vital for enhancing robotic operations, and partnerships with hardware manufacturers may expand business opportunities for collaborative robot companies.

The overall demand for improved human-machine interaction is expected to create significant growth opportunities for collaborative robots. The automotive sector is likely to be the most lucrative end-user market, with companies focusing on developing specialized products for this industry. New market entrants could benefit by targeting the hardware segment and introducing innovative robotic hardware. Innovation and the integration of novel technologies will be essential strategies for companies aiming to establish a strong presence in the global collaborative robots market.

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