Global Industrial Cobot Market Report and Forecast 2024-2032

Global Industrial Cobot Market Outlook

The global industrial cobot market size reached approximately USD 2.79 billion in 2023. The market is assessed to grow at a CAGR of 36.4% between 2024 and 2032 to attain a value of around USD 45.6 billion by 2032.

Key Trends in the Market

Cobots, variously known as collaborative robots, refer to industrial robots that are developed to collaborate with humans in a shared space. They are equipped with sensors that detect motion, potential collisions, and people to ensure their efficient movement. Cobots are typically used in manufacturing-related tasks, including assembly, machine tending, quality control, and material handling, among others.

• One of the significant industrial cobot market trends includes growing concerns regarding labour shortages. Cobots can address the rising labour shortage as they are less expensive to install than their traditional counterparts and efficiently perform repetitive and manual tasks.

• There is a rising demand for automated solutions based on collaborative robots for use in QC applications owing to their affordability, ease of usage, and return on investment (ROI). Besides, the industrial cobot market demand is being aided by the small carbon footprint, mobility, and flexibility of collaborative robots, boosting their usage in metrology and inspection processes, enhancing the frequency of inspection and quality tasks without the requirement for extra labour, and reducing the lag between quality and manufacturing processes.

• Improvements in embedded vision, safety, and cameras are revolutionising the industrial cobot market growth. Such advancements are increasing the safety, adaptability, versatility, predictive maintenance, precision, visibility, and efficiency of cobots, thus enhancing their functionality in different applications.

• Advancements in artificial intelligence (AI) are expected to aid the industrial cobot market growth in the coming years. The development of AI-based cobots that can automate repetitive tasks, perform complex tasks with accuracy and precision, surge efficiency and productivity, streamline workflow, and reduce the risk of errors is anticipated to further bolster the market in the forecast period.

Market Analysis

Based on application, the market is segmented into machine tending, material handling, value added processing, transport, and test/inspection. On the basis of end use, the industrial cobot market segmentation includes electronics, automotive, food and beverages, healthcare, and manufacturing, among others. The major regional markets for industrial cobot include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global industrial cobot market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Kawasaki Heavy Industries, Ltd. 

• ABB Ltd. 

• Denso Corporation

• Omron Corporation

• Fanuc Corporation

• Yaskawa Electric Corporation

• Universal Robots A/S 

• Teradyne, Inc. 

• Midea Group Co Ltd. (Kuka AG) 

• Staubli International AG 

• Others

Market Share by End Use

As per the industrial cobot market analysis, cobots are widely used in the manufacturing sector as they are easy to deploy, affordable, and small. Manufacturers are increasingly attempting to automate their workflows, intensify output, and enhance effectiveness, hence the adoption of cobots to automate menial tasks is surging.

In the forecast period, the growing adoption of smart manufacturing technologies in different sectors is expected to bolster the usage of industrial cobots. Moreover, advancements in industrial IoT (IIoT) are anticipated to enhance the reliability of cobots and consequently improve the workflow of manufacturing plants in the coming years.

Market Share by Region

The Asia Pacific accounts for a significant portion of the industrial cobot market share due to the growing adoption of Industry 4.0 in countries like Japan, China, and India, among others. Rapid industrialisation, an ageing population, and the increasing deployment of innovative technologies in manufacturing activities are positively impacting the market growth.

In addition to this, the Asia Pacific has emerged as a hub for automotive and electronics production, further surging the adoption of industrial cobots.

Competitive Landscape

Midea Group Co Ltd. (Kuka AG) is a prominent supplier of intelligent robot-based automation solutions. The company is a pioneer in process management, automation, and cloud-based services, and offers customers digitalisation and automation solutions. A leader in Industry 4.0, the company also provides fully automated systems and single-source robots, among others.

Fanuc Corporation is a leader in factory automation and is active in the fields of technologies such as lasers, numerical controls, and servos, among others. Based in Yamanashi, Japan, the company also applies AI and IoT technologies in different domains like robomachines and robots.

Teradyne, Inc. is a company that offers manufacturing automation to various sectors and applications. Through its solutions, the company aims to combat automation challenges and support businesses to improve ROI and production volumes. Established in 1960, some robotic offerings of the company are mobile robots and cobots that can support manufacturers to surge their productivity and improve safety.

Other industrial cobot market players include Kawasaki Heavy Industries, Ltd., ABB Ltd., Denso Corporation, Omron Corporation, Yaskawa Electric Corporation, Universal Robots A/S, and Staubli International AG, among others.

Key Highlights of the Report