Market Overview:

Collaborative robots, commonly known as collaborative robots or co-bots, are designed to interact safely and productively with humans in a shared workspace. They detect dangerous or unintended collision actions and react by yielding, adapting or stopping entirely to ensure safety for workers. Collaborative robots are emerging as a flexible, cost-effective solution for industries requiring labor-intensive assembly and packaging operations.

Market key trends:

One of the key trends in collaborative robot market is the development of smarter and more affordable robots. Advancements in sensory capabilities, vision intelligence, force control and other technologies are enabling collaborative robots to work side-by-side with human workers more effectively and efficiently. Additionally, companies are focused on developing low-cost collaborative robots to make robotics accessible for small and medium-sized businesses. For example, in 2021 Danish firm Teradyne introduced the low-cost Universal Robots UR3e cobot to expand collaborative robot capabilities for new applications and smaller businesses.

SWOT Analysis
Strength: Collaborative robots are capable of working safely alongside human workers without any safety enclosures. This enables easy integration into existing manufacturing facilities.
Weakness: The programming and setup of collaborative robots requires more effort compared to traditional industrial robots. They also have limited payloads.
Opportunity: Growing automation needs in SMEs due to increasing labor costs and shortage of labor. Collaborative robots are suitable for SMEs due to their flexible integration.
Threats: Increased competition from domestic players in key markets may lead to pricing pressure. Technological changes can make existing collaborative robot technologies obsolete quickly.

Key Takeaways

The Global Collaborative Robot Market Size is expected to witness high growth, exhibiting CAGR of 46% over the forecast period, due to increasing automation needs across industries.

Regional analysis:
North America dominated the global market and accounted for over 35% of the total market share in 2023 due to large presence of end-use industries. Asia Pacific is expected to grow at the fastest rate during the forecast period due to expansion of manufacturing industry and increasing labor costs in countries such as China and India.

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. Universal Robots dominates the collaborative robot market with over 30% market share owing to its wide product portfolio and global presence.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it