Collaborative Robot Hardware Market Size, Share, Growth, and Industry Analysis by Type (Material Handling, Machine Tending, Packaging, Small Parts Assembly, Testing and Sorting and Others) By Application (Electrical and Electronics Industry, The Automotive Industry, The Aerospace Industry, Life Science Industry, Food & Beverage Industry, Plastics and Polymer Industry and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Collaborative Robot Hardware Market Report Overview

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The global collaborative robot hardware market size is expected to be USD 778.8 million in 2022 and is projected to touch USD 2108.06 million by 2031, exhibiting a CAGR of 11.7% during the forecast period.

The term "collaborative robot" refers to a class of human-scale robots that operate alongside human agents in demanding environments while still being agile and effective on the factory floor. The built-in sensors also pick up on these external forces, and if the force is too severe, the robot stops moving. Additionally, these robots are able to navigate in complex real-world surroundings and make judgments in real time because to a mix of sensor data and basic technologies like artificial intelligence & machine learning.

COVID-19 Impact: Impact on Supply Chain Ecosystem Led to Market’s Decline

The global COVID-19 pandemic has been unprecedented and staggering, with collaborative robot hardware experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 outbreak stalled and hampered the implementation of collaborative robot hardware in a number of important industries, including metals and machining, electrical and electronics, and automotive. Additionally, a series of lockdowns has had an impact on the whole supply chain ecosystems across all industries. A sharp reduction is also being observed in fields like general manufacturing and the car industry, where robotics solutions are essential.

However, focusing on the positive effects, as more people move to remote working and home learning, robotics and automation are becoming a more vital part of helping to safeguard people and handle the supplies they need. Cobots are also aiding in the sanitization of hospitals. Additionally, as consumers accept social distance, they are already obtaining their goods via autonomous robot delivery. Automated workstations are also helping pharmaceutical companies do their tasks more quickly. As a result, it is anticipated that the state of this market in 2021 will improve over 2020 and return to normal.

LATEST TRENDS

"Technological Development to Boost the Market Demand"

The cost of delivery may often be drastically decreased with these Automation solutions. Modern robot improvements make it possible for enterprises across a range of sectors to operate autonomously with increased human aptitude and capacity, which helps to achieve this. Longer training and onboarding times, higher benefits and pay rates, and a lack of labor are other key factors that are influencing the adoption of robots. Distribution, fulfillment centers, and warehouses are increasingly embracing these automated systems. In addition, as technology develops and applications become wider and more flexible, a rising number of manufacturing businesses in the region are adopting robots.

Collaborative Robot Hardware Market Segmentation

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• By Type Analysis

By type, market is segmented into material handling, machine tending, packaging, small parts assembly, testing and sorting and others. The material handling segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into electrical and electronics industry, the automotive industry, the aerospace industry, life science industry, food & beverage industry, plastics and polymer industry and others. The electrical and electronic industry segment will lead the global share through 2028.

DRIVING FACTORS

"Training Purposes Will Lead to Higher Market Demands"

Comparatively speaking to other conventional industrial robots, cobots offer a good return on investment. Small and medium enterprises are drawn to them because of their high return on investment and the prospective expansion of robot installation throughout several countries. Additionally, installing the additional hardware for collaborative robots is more expensive than the cost of this sort of robot, in contrast to deploying the additional collaborative robot hardware for ordinary industrial robots, which is more expensive than the cost of the robot itself. Because of this, compared to cobots, the entire cost of typical industrial bots, including the extra hardware and components, is greater. Because cobots just need a controller, an indicator, and a vision system, they offer a higher return on investment than typical industrial robots.

"High Return on Investment Will Propel the Demand"

The use of collaborative robots has a high return on investment (ROI) and benefits for enterprises of all sizes in terms of improved product quality, general competitiveness, and greater productivity. Additionally, compared to programming other robots, programming cobots is a little simpler. A number of important variables, including some of them, is driving the cobot market as a whole.

RESTRAINING FACTORS

"High Cost of Programming and Maintenance to Hamper the Demands"

During the projected period, the worldwide market is anticipated to see significant expansion. However, a few things might have an effect on growth. For example, the initial high costs associated with procurement, integration, programming, accessories, maintenance, etc. may be a growth inhibitor. The lack of a skilled labor force in emerging and undeveloped areas is yet another element that has a substantial impact on progress. A significant issue impeding the expansion of the worldwide industry may also be attributed to the strict governmental restrictions.

Collaborative Robot Hardware Market Regional Insights

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"Asia Pacific to Hold the Largest Global Collaborative Robot Hardware Market Share"

Asia Pacific, where there is an increasing focus on the accuracy and quality of cobots, which has led to the adoption of high standards. The region's need for cobots is being fueled by their capacity to make goods of a high level, cut down on waste, boost productivity, and standardize goods. Additionally, the region has a tremendous opportunity for growth due to consumer trends that are moving toward automation, artificial intelligence, and other necessary technology.

The collaborative robot hardware market is well-paying in Europe, where it has dominated the market share. This is largely attributable to the widespread use of collaborative robot hardware in a variety of industries, including inspection, electronics, and logistics. The market is also anticipated to grow as a result of a number of benefits, including effective industrial optimization solutions and enhanced workplace cooperation.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

•  ABB (Switzerland)
• Adept Technologies Inc. (U.S.)
• Denso Group (Japan)
• Fanuc Corporation (Japan)
• KUKA AG (Germany)
• Nachi Fujikoshi Corporation (Japan)
• Rethink Robotics (Germany)
• Seiko Epson Corporation (Japan)
• Universal Robots (Denmark)
• Yaskawa Group (Japan)  

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.