Segmentation by Payload (Up to 5 Kg, 5-10 Kg, and Above 10 Kg); by End User (Electronics, Automotive, Manufacturing, Food and Beverage, Chemicals, and Pharmaceutical); and by Application (Handling, and Processing) – Global Demand Analysis & Opportunity Outlook 2030
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On the basis of geographical analysis, the global collaborative robot market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing emphasis on the quality and precision of cobots, and rising adoption of automation and artificial intelligence technologies in the region. For instance, it is evaluated that AI will contribute to more than 25 percent of China’s GDP share in the year 2030, followed by North America with 14 percent and United Arab Emirates with 13 percent. Moreover, the market in North America is projected to acquire the largest share over the forecast period ascribing to the early adoption of robotics, and growing usage of collaborative robots for medical surgeries in the region. Apart from these, increase in investments by the government to support development of modern technologies in the industrial robotics market is also anticipated to boost the region’s market growth.
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The global collaborative robot market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global collaborative robot market includes the following segments:
By Payload
By End User
By Application
Growth Drivers
Challenges
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are high return on investment as compared to traditional industrial robotic system and rising adoption of collaborative robots across industry verticals.
Ans: The market is anticipated to attain a CAGR of 42% over the forecast period, i.e., 2022 – 2030.
Ans: Speed limitations of collaborative robots owing to their inherent design are estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the increasing emphasis on the quality and precision of cobots, and rising adoption of automation and artificial intelligence technologies in the region.
Ans: The major players in the market are Fanuc Corporation, TechMan Robot Inc., Rethink Robotics GmbH, Universal Robot A/S, AUBO Robotics USA, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by payload, end user, application, and by region.
Ans: The up to 5 kg segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.