Collaborative Robot Market is projected to grow at a CAGR of 34.3% during 2023-2029

"The collaborative robot market is projected to grow at a CAGR of 34.3% during 2023-2029."

The collaborative robot market is projected to grow from USD 1.2 billion in 2023 and is projected to reach USD 6.8 billion by 2029; it is expected to grow at a CAGR of 34.3% from 2023 to 2029.

The high return on investment (ROI) for collaborative robots over traditional industrial robotics systems has paved the way for their growth in recent years. In addition, the benefits derived from adopting cobots for businesses of all sizes are the key factors driving the collaborative robot market. However, a higher preference for low payload capacity traditional industrial robots over cobots in heavy-duty industries is limiting the growth of the collaborative robot market.

"Electronics industry segment of the collaborative robot market to hold second largest market share during the forecast period."

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The electronics industry is increasingly adopting low-payload collaborative robots (up to 5 kg), which are cheaper and easily integrated into the production floor due to their smaller size. Speed, accuracy, and precision are the most important factors in the electronics industry compared with other factors, such as high payload capacity. Collaborative robots are built and programmed to manage display screens, connectors, subassemblies, and printed circuit boards (PCBs). Parts such as wafers are small and delicate and need to be managed carefully. The robots need to be very precise in locating, placing, and assembling components because the error tolerances are minimal compared to other macro applications. Although many tasks require tight tolerances, advances in robotic hardware and vision systems enable manufacturers to realize collaborative robots' advantages. Collaborative robots perform soldering, gluing, and dispensing operations in manufacturing. Cobots can be used in simple pick-and-place tasks such as loading wafers into a solar cell panel or to perform precise operations such as screwdriving and finishing using deburring tools. Since collaborative robots can be reprogrammed, they can keep up with the fast-changing consumer demands and short product life cycles.

"5-10 kg payloads segment to witness significant growth for collaborative robot market during the forecast period."

The 5-10 kg payload cobots are expected to witness significant growth for the collaborative robot market during the forecast period. The payload category exhibiting the highest growth during the forecast period is the 5-10 kg category. Cobots in the 5-10 kg payload capacity category can handle heavier parts and have a longer reach for machine tending and palletizing tasks. According to the ISO 10218 safety standard, grippers that are rated for handling payloads up to 10 kg or lower are collaborative, which also means that robots with a payload capacity of 5-10 kg do not require specialized grippers for collaborative operations. Collaborative robots that operate on a 5-10 kg payload capacity are used in most factory automation tasks for applications such as material handling, palletizing, and machine tending. The automotive industry particularly engages cobots belonging to 5-10 kg payload category for picking and placing small engine and transmission components during assembly alongside a human worker. These robots can perform all the collaborative operations that the low payload cobots can do, but with support for a higher payload. These robots differ from low-payload cobots in terms of payload capacity, reach, and other operational parameters. Cobots belonging to this category are also equipped with position and torque sensors that can cease robot operation if an obstacle or collision is detected. Many of these robots also support peripherals such as vision systems and end effectors from third-party manufacturers. The collaborative robots in this payload category typically have an operating speed of 1.2 m/s and a reach of 1,000mm. Thus, due to their wide adaptability, versatility in terms of applications, intrinsic safety, repeatability, and reach being almost at par with traditional industrial robotic systems, the cobots with 5-10 kg payload capacity are anticipated to have the fastest growth.

"Robotic arm is expected to hold the largest share of collaborative robot market for hardware component during the forecast period."

The component-wise growth rate for the collaborative robot market is estimated to be specifically highest for the robot arm. The robot arm is one of a collaborative robot's most expensive hardware components, which can often be time-consuming and complex. The robotic arm consists of different joints, which enable linear and circular motion in collaborative robots. The arm has to be built as per the ISO/TS 15066 standard and certified for the same. Compared to traditional industrial robots, collaborative robots often have curved arm to make them safe for human contact. This feature is crucial as collaborative robots work closely with human workers. Inside its complex design, the arm also has to house the drives, motors, and sensors while providing maximum dust and water resistance, which can often be challenging. Thus, due to its higher overall cost, compared to other hardware components, the robotic arm is expected to dominate the collaborative robot market in terms of value, during the forecast period.

Collaborative robots, or cobots, have emerged as a game-changing technology in recent years, and their future promises even greater advancements in various industries. These robots are designed to work alongside humans, enhancing efficiency, safety, and productivity. As we look ahead, it's evident that the future of collaborative robots is exceptionally bright.

One of the most significant trends in cobot development is enhanced AI and machine learning capabilities. Future cobots will become more adaptable and intelligent, allowing them to handle complex tasks with minimal human intervention. They will quickly learn and adapt to new processes, making them invaluable in dynamic manufacturing environments.

Moreover, cobots are set to expand their reach beyond manufacturing. Industries like healthcare, logistics, and agriculture are increasingly adopting these robots to automate repetitive tasks, such as patient care, order picking, and crop harvesting. The potential for cobots to transform these sectors is enormous, as they can alleviate labor shortages, reduce costs, and improve the quality of services.

Another aspect of the future of cobots is their increased connectivity and collaboration with other robots and systems. This will lead to more integrated and synchronized production processes, making industries more efficient and responsive to market demands.

Furthermore, advancements in sensors and safety technology will continue to improve human-robot collaboration, making cobots safer to work with. As regulations and standards evolve, cobots will become more accessible to small and medium-sized businesses, driving further adoption.

In conclusion, the future of collaborative robots holds great promise for revolutionizing industries across the board. With enhanced intelligence, expanded applications, and improved safety features, cobots are poised to drive innovation, efficiency, and growth in the global economy. As technology continues to evolve, we can expect collaborative robots to play an increasingly pivotal role in shaping the future of work and industry.

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