The global Collaborative Robot Market is estimated to be valued at US$ 1156.76 Mn in 2023 and is expected to exhibit a CAGR of 46% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Collaborative robots or cobots are robots designed to safely interact with humans within a shared workspace. They are intended to work side by side with human operators in various small-scale production processes. Cobots has safety features that allows easy programming of robots for tasks like packaging, machine tending, quality testing, etc. Cobots offer flexibility and cost effectiveness for small batch production as compared to traditional robots.

Market key trends:
Cobots are gaining adoption in small and medium scale industries as they enables manufacturing operations that are too dangerous, expensive or complicated for human workers. They complements the workforce by handling repetitive, hazardous and strenuous tasks. Safety certified cobots can work alongside humans without risk of injury. Their decreased cost-per-unit and wider capabilities compared to traditional robots has made them viable solution for small businesses. This is one of the major trends positively impacting the collaborative robot market growth over the forecast period.

Porter's Analysis

Threat of new entrants: The collaborative robot market requires high initial investments in R&D which poses barriers for new companies to enter this market. However, the growing market demand has encouraged tech companies to enter this space.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of several options from key market players and alternative technologies like traditional industrial robots.

Bargaining power of suppliers: The suppliers have low bargaining power due to the availability of substitute components. However, technological complexity gives some power to crucial software and hardware suppliers.

Threat of new substitutes: Traditional industrial robots are substitutes but collaborative robots are gaining popularity due to their easier programming and safety around human workers.

Competitive rivalry: Intense as major players compete on the basis of pricing, product functionality and innovation.

SWOT Analysis

Strength: Collaborative robots are safer, flexible and easy to program as compared to traditional robots. They can work safely alongside human workers.

Weakness: High initial costs, limited payload capacity, restricted applications. Dependency on a few global suppliers also affects the supply chain.

Opportunity: Growing adoption in SMEs due to advantages over traditional robots. Expanding applications in healthcare, logistics and electronics industries present opportunities.

Threats: Technology glitches can translate to loss of productivity. Regulation on human-robot collaboration is still evolving. Trade wars and geopolitical tensions impact global supply chains.

Key Takeaways

The Global Collaborative Robot Market Size is expected to witness high growth at a CAGR of 46% over the forecast period due to increasing labor costs and shortage of workforce. The market size is projected to reach US$ 1156.76 Mn by 2023.

Regionally, Asia Pacific dominates currently due to strong robotics infrastructure and supportive government policies in China, Japan and South Korea. Europe is the second largest market driven by high labor costs. North America is expected to witness the highest CAGR during the forecast period with U.S. and Canada emerging as major markets.

Key players operating in the collaborative robot market are ABB, Universal Robots, FANUC Corporation, Techman Robot, AUBO Robotics, KUKA, Kawada Robotics, Productive Robotics, Kawasaki Robotics, Precise Automation, Yaskawa, F&P Robotics, Rethink Robotics, Robert Bosch, MABI Robotic, Siasun, Franka Emika, Hanwha Precision Machinery, Carbon Robotics, Han€TMs Robot, ST Robotics, and Others. Major players are focusing on expanding their product portfolios and geographical presence through collaborations and mergers & acquisitions.

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