Collaborative Robots Global Market Opportunities And Strategies To 2034

The collaborative robots market is segmented by component into hardware and software. The hardware market was the largest segment of the collaborative robots market segmented by component, accounting for 70.26% or $2.3 billion of the total in 2024. Going forward, the software segment is expected to be the fastest growing segment in the collaborative robots market segmented by component, at a CAGR of 29.84% during 2024-2029.

The collaborative robots market is segmented by payload capacity into up to 5kg, up to 10kg and above 10kg. The up to 5kg market was the largest segment of the collaborative robots market segmented by payload capacity, accounting for 47.57% or $1.56 billion of the total in 2024. Going forward, the above 10kg segment is expected to be the fastest growing segment in the collaborative robots market segmented by payload capacity, at a CAGR of 29.78% during 2024-2029.

The collaborative robots market is segmented by application into assembly, pick and place, handling, packaging, quality testing, gluing and welding and other applications. The assembly market was the largest segment of the collaborative robots market segmented by application, accounting for 36.51% or $1.19 billion of the total in 2024. Going forward, the assembly segment is expected to be the fastest growing segment in the collaborative robots market segmented by application, at a CAGR of 28.68% during 2024-2029.

The collaborative robots market is segmented by vertical into automotive, chemicals and pharmaceutical, electronics, food and beverage, metal, new energy, plastic and polymers, semiconductor, logistics and other verticals. The electronics market was the largest segment of the collaborative robots market segmented by vertical, accounting for 17.88% or $587.17 million of the total in 2024. Going forward, the logistics segment is expected to be the fastest growing segment in the collaborative robots market segmented by vertical, at a CAGR of 31.43% during 2024-2029.

Asia Pacific was the largest region in the collaborative robots market, accounting for 42.29% or $1.38 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the collaborative robots market will be Eastern Europe and Middle East where growth will be at CAGRs of 36.08% and 34.20% respectively. These will be followed by Africa and Western Europe where the markets are expected to grow at CAGRs of 31.94% and 30.62% respectively.

The global collaborative robots market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 14.96% of the total market in 2023. The Universal Robots AS. was the largest competitor with a 3.79% share of the market, followed by Fanuc Corp. with 3.13%, ABB Ltd. with 1.78%, Techman Robot Inc. with 1.47%, Yaskawa Electric Corporation with 1.30%, Denso Corp. with 1.22%, Doosan Robotics Inc. with 0.80%, Omron Corporation with 0.56%, Siasun Robot & Automation co. Ltd. with 0.54% and Stäubli International AG with 0.37%.

The top opportunities in the collaborative robots markets segmented by component will arise in the hardware segment, which will gain $5.54 billion of global annual sales by 2029. The top opportunities in the collaborative robots markets segmented by payload capacity will arise in the up to 5kg segment, which will gain $3.7 billion of global annual sales by 2029. The top opportunities in the collaborative robots markets segmented by application will arise in the assembly segment, which will gain $3.03 billion of global annual sales by 2029. The top opportunities in the collaborative robots markets segmented by vertical will arise in the electronics segment, which will gain $1.37 billion of global annual sales by 2029. The collaborative robots market size will gain the most in China at $1.94 billion.

This report describes and explains the collaborative robots market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global collaborative robots market reached a value of nearly $3.28 billion in 2024, having grown at a compound annual growth rate (CAGR) of 28.98% since 2019. The market is expected to grow from $3.28 billion in 2024 to $11.45 billion in 2029 at a rate of 28.38%. The market is then expected to grow at a CAGR of 28.42% from 2029 and reach $39.99 billion in 2034.

Growth in the historic period resulted from the rising labor costs, growth in the automotive industry, favorable government initiatives and rise of industry 4.0. Factors that negatively affected growth in the historic period were regulatory compliance and limited awareness.

Going forward, the growing focus on workplace safety, rising use in medical procedures and patient care, rising demand for precision and quality control and rise in e-commerce and logistics will drive the growth. Factor that could hinder the growth of the collaborative robots market in the future include high initial investment costs and labor union pushback.

Market-trend-based strategies for the collaborative robots market include developing innovative web-based tools, developing advanced cobots designed for smart manufacturing environments, developing high-precision, industrial-grade cobots, development of high payload cobots integrated with AI technology and strategic partnerships and collaborations to leverage each other’s resources and expand in the market.

Player-adopted strategies in the collaborative robots market include focus on partnership expansions for future growth and focus on strengthening its business operations through new product developments.

To take advantage of the opportunities, the analyst recommends the collaborative robots market companies to focus on simplifying cobot deployment through web-based tools, focus on advancing smart manufacturing integration, focus on developing high-precision cobots for industrial environments, focus on advancing high-payload ai-integrated cobots, focus on the fastest growing software segment, expand in emerging markets, continue to focus on developed markets, focus on expanding access through strategic distribution partnerships, focus on tiered pricing based on application complexity, focus on targeted digital campaigns, focus on trade shows and industry events and focus on building application-specific workforce alignment in new energy.

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