Summary
Major players in the collaborative robots market are ABB Group, DENSO Robotics, Fanuc Corporation, KUKA AG, Precise Automation Inc., Rethink Robotics Inc., Robert Bosch GmbH, Universal Robots A/S, Yaskawa Electric Corporation, Techman Robot Inc., AUBO Robotics Technology Co Ltd., K2 Kinetics, MABI Robotic AG, Franks Emika Gmbh, F&P Robotics AG, NEURA Robotics GmbH, and Stäubli International AG.
The global collaborative robots market is expected to grow from $1.99 billion in 2022 to $2.58 billion in 2023 at a compound annual growth rate (CAGR) of 29.3%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The collaborative robots market is expected to reach $7.11 billion in 2027 at a CAGR of 28.9%.
The collaborative robots market consists of revenues earned by entities by providing hand guiding, safety monitored stop, and speed and separation.The market value includes the value of related goods sold by the service provider or included within the service offering.
The collaborative robots market also includes the sales of grippers, robotic arms, controllers, and sensors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Collaborative robots refer to robotic automation that is built in a collaborative workspace to work safely and assist human workers. These robots are used in an industrial setting to complete repetitive tasks and work hand-in-hand with employees.
Asia-Pacific was the largest region in the collaborative robots market in 2022. The regions covered in collaborative robots report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of collaborative robots are hardware and software.Hardware refers to the physical component that is required for a computer to function.
The various payload capacity includes up to 5kg, up to 10kg, and above 10kg. These are applied in assembly, pick and place, handling, packaging, quality testing, gluing and welding, and others, and are used by various verticals such as automotive, food and beverage, furniture, plastic and polymers, metal and machinery, electronics, pharmaceuticals, and others.
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 labour costs as a significant variable when determining an organization’s direct and indirect labour 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 that 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.
In April 2022, The United Robotics Group, a German-based developer of customized service robotics solutions, acquired SoftBank Robotics Group Corp. for an undisclosed amount. Through this acquisition, combined resources with SoftBank are expected to accelerate URG’s research and development and strengthen the company’s innovative power. This acquisition is expected to enable URG to expand as a leading service robotics company in Europe. SoftBank Robotics Group Corp. is a US-based developer and manufacturer of industrial robotics, including collaborative robots.
The countries covered in the collaborative robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The collaborative robots market research report is one of a series of new reports that provides collaborative robots market statistics, including collaborative robots industry global market size, regional shares, competitors with a collaborative robots market share, detailed collaborative robots market segments, market trends, and opportunities, and any further data you may need to thrive in the collaborative robots industry. This collaborative robots market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
