Collaborative Robot (Cobot) Market Size to Reach USD 18,454.1 Million in 2032
The Collaborative Robot (Cobot) market size reached USD 1,941.6 Million in 2024 and is expected to register a revenue CAGR of 33.1% during the forecast period
May29, 2024 – Growing expansion of Industry 5.0 is significantly driving revenue growth of the global Collaborative Robot (Cobot) market, which emphasizes human-centric automation, customization, and smart integration of advanced technologies. Industry 4.0 mainly focused on automation and efficiency, but Industry 5.0 brings humans back to the center of production. It fosters collaboration between human workers and robots. This shift is fueling demand for cobots that can safely and efficiently work alongside humans in various industrial settings. The adoption of collaborative robots is expanding and drives revenue growth of the market as organizations increasingly invest in intelligent automation systems that complement human skills.
Increasing adoption of Industry 5.0 standards creates high demand for collaborative robots. In August 2022, for instance, ABB India enhanced and expanded its Smart Power facility in Nelamangala, Bengaluru, in response to rising demand for its energy management technologies and smart power solutions. This upgraded plant incorporates one of the country’s pioneering Industry 5.0 production processes. It integrates advanced collaborative robotics for improved human-machine interaction, along with Artificial Intelligence (AI) and cutting-edge digitalization. The result is a highly automated, intelligent, and adaptable factory designed to meet future industrial needs.
However, high initial integration and customization costs are restraining revenue growth of the market. Many Small and Medium-Sized Enterprises (SMEs) face financial barriers when it comes to upfront investments in hardware, software integration, and system customization to suit specific tasks or workflows. Additionally, adapting existing production lines and training personnel to work alongside cobots adds to the overall cost burden. These factors delay adoption decisions and limit market penetration. This, in turn, is restraining the overall revenue growth potential of the global cobot market size, especially in cost-sensitive regions and industries.
Key Highlights:
- Assembling & disassembling segment is expected to register a fast revenue growth rate during the forecast period. Industries such as automotive, electronics, and consumer goods are increasingly adopting cobots to automate tasks like screwdriving, nut fastening, and component fitting, which demand high precision and consistency. Cobots offer superior repeatability and torque control compared to traditional manual methods. It enhances product quality and reduces error rates, which drives revenue growth of this segment.
- Automotive segment accounted for largest revenue share in 2024 due to the rising demand to increase efficiency, flexibility, and safety in automotive manufacturing processes. Cobots are increasingly utilized for tasks such as assembly, welding, painting, and quality inspection. Their precision and ability to work alongside human operators without extensive safety barriers offer substantial advantages in automotive sector. In addition, the rising shift of automotive sector towards electric and autonomous vehicles necessitates adaptable manufacturing systems and cobots, which drives revenue growth of the market.
- Asia Pacific is expected to register a fast revenue growth rate during the forecast period due to the rapid industrialization and the expansion of manufacturing sectors in countries such as China, Japan, South Korea, and India. These countries are increasingly adopting automation technologies to enhance productivity and maintain competitiveness. Government initiatives, such as China’s “Made in China 2025” policy, further support this trend by promoting advanced manufacturing practices. In addition, the presence of leading robotics manufacturers, such as FANUC, Yaskawa, and Doosan Robotics, also contributes to the revenue growth of the market in this region.
- Some major companies in the global market report include Universal Robots, FANUC Corporation, ABB Ltd., KUKA AG, Yaskawa Electric Corporation, Doosan Robotics, Techman Robot Inc., AUBO Robotics, Franka Robotics GmbH, Comau S.p.A., Rethink Robotics GmbH, Neura Robotics, Elite Robots, Denso Corporation, and Addverb Technologies.
- On 14 May 2024, Universal Robots, a Danish company specializing in collaborative robots (cobots), and MiR, a Danish producer of autonomous mobile robots (AMRs), officially inaugurated their new 215,000-square-foot headquarters in Odense, Denmark. The grand opening was attended by partners from UR and MiR’s global networks, including major collaborators such as NVIDIA and Siemens, reflecting recent partnership announcements by Teradyne Robotics and its affiliated companies.
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Navistrat Analytics has segmented global Collaborative Robot (Cobot) market on the basis of payload capacity, component, application, end-use and region:
- Payload Capacity Outlook (Revenue, USD Million; 2022-2032)
- Less than 5 kg
- 5–10 kg
- Above 10 kg
- Component Outlook (Revenue, USD Million; 2022-2032)
- Hardware
- Robotic arms
- End Effectors
- Drives
- Sensors
- Controllers
- Others
- Software
- Programming software
- Simulation Software
- Analytics Software
- Others
- Services
- Installation & Integration
- Training & Support
- Maintenance Services
- Hardware
- Application Outlook (Revenue, USD Million; 2022-2032)
- Material Handling
- Assembling & Dissembling
- Welding & Soldering
- Machine Tending
- Packaging
- Gluing & Welding
- Dispensing
- Processing
- Others
- End-Use Outlook (Revenue, USD Million; 2022-2032)
- Automotive
- Electronics & Semiconductors
- Metals & Machining
- Plastics & Polymers
- Food & Beverages
- Furniture & Equipment
- Healthcare & Pharmaceuticals
- Logistics
- Others
- Regional Outlook (Revenue, USD Million; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Nordic Countries
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Oceania
- ASEAN Countries
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- South Africa
- Israel
- Turkey
- Rest of MEA
- North America