The global COBOT market size was USD 1.3 billion in 2021. The global COBOT market is forecast to grow to US$ 36.5 billion by 2030, registering a compound annual growth rate (CAGR) of 42 % during the forecast period from 2022 to 2030.
COBOTs are designed to assist humans with specific jobs that are complicated in nature and demand high precision. These robots collaborate with people on a daily basis. These robots are capable of detecting odd behavior in their surroundings. In addition, they also collaborate with humans without leaving their physical space.
Factors Influencing the Market
The increasing adoption of COBOTs is forecast to fuel market growth. Manufacturing companies are employing collaborative robots with the aim to automate the process. In addition, COBOTs increase productivity, which will fuel market growth.
COBOT is user-friendly in nature and reliant in terms of security. Thus, such properties of COBOTs are forecast to fuel the growth of the global COBOTs market.
The increasing number of launches is forecast to boost the growth of the global cobot market. In 2020, Yaskawa introduced the HC20XP Human-Collaborative Robot. The robot has hand-guided education for quick robot system implementation features. The new collaborative robot is designed for applications where robots must securely work alongside or in close proximity to humans.
The demand for COBOTs is forecast to increase for the tasks that require greater efficiency. In addition, the capacity of COBOTs to work productively with humans is forecast to increase their industrial deployments.
High initial investment associated with COBOTs may hamper the growth of the global COBOTs market.
Market vendors are also entering into partnerships, which is forecast to fuel the growth of the global COBOTs market. HAHN Group, an automation company, purchased DAHL Automation, a robotics integrator specialized in collaborative robot arms, in April 2020. The company aims to expand its services by offering intralogistics and autonomous mobile robots.
COVID-19 Impact Analysis
Robotics and automation are playing an increasingly important role in helping to protect people and handle the supplies that they require as people migrate to remote working and home learning. The robots assist in the disinfection of hospitals. People receive groceries via autonomous deliveries from robots as they adopt social separation. Furthermore, pharmaceutical businesses' work is also growing due to automated workstations. Thus, the COVID-19 pandemic had a positive on the market.
Regional Analysis
Europe holds the largest share in the global COBOT market. Regional expansion is credited to the growing use of COBOTs in numerous verticals, such as electronics, logistics, and inspections. Furthermore, an increasing number of launches of productive solutions is forecast to fuel the regional market's growth.
Competitors in the Market
Market Segmentation
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By Application:
On the basis of Region