Collaborative Robots Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033 | Teradyne, Fanuc Corporation, KUKA AG, Denso Corporation, ABB Group

The collaborative robots market size has grown exponentially in recent years. It will grow from $2.56 billion in 2023 to $3.3 billion in 2024 at a compound annual growth rate (CAGR) of 29.2%. The growth in the historic period can be attributed to strong economic growth in emerging markets growth, rising labor costs, growth in the industrial sector and rise in demand for automation.

The collaborative robots market size is expected to see exponential growth in the next few years. It will grow to $9.41 billion in 2028 at a compound annual growth rate (CAGR) of 29.9%. The growth in the forecast period can be attributed to automotive industry, rise in e-commerce and logistics and rising urbanization. Major trends in the forecast period include integration of collaborative robots with advanced technologies, product innovations, focus on new product launches, strategic partnerships and collaborations, and rising investments.

Market Overview -
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.

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Rising Labor Costs Fueling Growth In Collaborative Robots Market
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 labor costs as a significant variable when determining an organization's direct and indirect labor 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.

Competitive Landscape -
Major companies operating in the collaborative robots market report are Teradyne, Fanuc Corporation, KUKA AG, Denso Corporation, ABB Group,Mitsubishi Electric, Yaskawa Electric Corporation, Doosan, Kawasaki Heavy Industries, Omron Corporation, HASCO, AUBO, Jaka Robotics, United Robotics Group GmbH, Melior Motion GmbH, Kassow Robots ApS, Schaeffler Technologies AG & Co. KG, Universal Robots, OnRobot, Kinova, CodeNinja, Apollo Solutions Dev, ViaObjects, VR4, Consensus group, ITPS ONE, Optimusrobo FZCO, Unique World Robotics, Seed Robotics, Neo Robotics, GLITZ Robotics, Cobots, Zipline, TIRA ROBOTS, Ryonic Robotics, Arone

Abb Launches Gofa And Swifti
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 who 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.

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Key Segments -
The collaborative robots market covered in this report is segmented -
1) By Component: Hardware, Software
2) By Payload Capacity: Up to 5kg, Up to 10kg, Above 10kg
3) By Application: Assembly, Pick And Place, Handling, Packaging, Quality Testing, Gluing And Welding, Other Applications
4) By Vertical: Automotive, Food And Beverage, Furniture, Plastic And Polymers, Metal And Machinery, Electronics, Pharmaceuticals, Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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