According to updated research by market intelligence firm
Interact Analysis, the collaborative robot (cobot) market will enjoy modest growth between now and 2032, with annual growth rates sitting at around 20%. Collaboration between humans and robots is now widely accepted, so robot manufacturers suggest that the key to future success will be their ability to scale up production and develop new application scenarios. The logistics industry will also play an important role in this growth trajectory.
As with all industries, the current economic landscape and the Ukraine-Russia war have had an impact on the cobot market. Out to 2027, shipments of cobots in EMEA will decrease from 19.5% to 15.9%, with a CAGR of 22.4%. However, the CAGR for the Americas region will sit at 25.8%, and at 28.2% in APAC. 2022-2023 has, and continues to be, a difficult period for the USA and the European cobots markets as a result of inflation and ongoing supply chain disruptions. Interact Analysis forecasts that EMEA will begin to recover in the second half of 2023 and into the first half of 2024, while recovery in the USA will take slightly longer, with a US manufacturing downturn expected in 2024.
The majority of cobot vendors are what Interact Analysis refers to as ‘pure-play’. This means cobots are their main and only product line. Universal Robots retains its position as market leader, with AUBO, TechMan and JAKA following behind. Most of these vendors are based in the APAC region, with Chinese vendors increasing their share in the local market. South Korean manufacturers have also begun to emerge in the market since 2020, but their success has been largely tied to the local market because market entry is more difficult for overseas manufacturers.
Maya Xiao, research manager at Interact Analysis, said: “It is promising to see that the application field for collaborative robots is widening. Maintaining this will be a key factor in future growth of the market. Deployment of cobots in the education, medical, logistics, catering and retail sectors is increasing due to the development of machine vision and machine learning software.”
“The logistics industry also offers enormous opportunity for the collaborative robot market due to the ability of robots to replace manual labor in areas such as picking, packing, loading/unloading and quality inspection. Watch this space, the market is set to enjoy steady growth over the next 10 years.”