Navigating The Collaborative Robots Market: Key Drivers And Predictions

Collaborative Robots Industry Overview

The global collaborative robots market size was valued at USD 1.23 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 32.0%, from 2023 to 2030. The growth can be ascribed to the increasing adoption of collaborative robots, or cobots, in Small and Medium Enterprises (SMEs). These companies are increasingly investing in cobots to interact with humans in a shared workspace and automate manufacturing processes. The growth is further proliferated by technological advancements in the industry.

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The integration of artificial intelligence and machine learning technologies in industrial robots is positively influencing the business space. Besides, the advent of 5G technology is also expected to stimulate the adoption of cobots in the manufacturing sector. The release of an industrial grade 5G wireless network by Nokia Corporation to meet the requirements of Industry 4.0 is a prominent example of such developments. The low-latency connectivity offered by 5G wireless solutions will help OEMs enhance robotic automation and increase the productivity, quality, and efficiency of the manufacturing processes.

The deployment of robots in industrial processes has also reduced the number of accident cases at workplaces. Moreover, they also significantly improve product quality, which is instigating their demand across various companies and enterprises. The increasing adoption of cobots in electronics, automotive, logistics, machine tooling, packaging, and assembling applications is expected to transform the outlook of the collaborative robots market over the foreseeable future.

Various retailers and e-commerce giants have started investing in robotic technologies as they play a prominent role in managing their logistics and supply chain activities. These companies are actively adopting robotics to assist their workforce in warehouses. The elevating demand for cobots in the logistics sector will provide lucrative growth prospects for the market over the forecast timeline.

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Key Companies profiled:

• ABB Group

• DENSO Robotics

• Epson Robots

• Energid Technologies Corporation

• F&P Robotics AG

• Fanuc Corporation

• KUKA AG

• MRK-Systeme GmbH

• Precise Automation, Inc

• Rethink Robotics, Inc

• Robert Bosch GmbH

• Universal Robots A/S

• Yaskawa Electric Corporation

• MABI Robotic AG

• Techman Robot Inc.

• Franks Emika Gmbh

• AUBO Robotics

• Comau S.p.A.