The growing penetration of IoT devices combined with increasing demand for space saving and multi-functional furniture are driving the growth of the collaborative robots industry.

According to a new research report by Next Move Strategy Consulting, the global collaborative robots market was valued at USD 1.77 billion in 2023, and is expected to reach USD 12.71 billion by 2030, with a CAGR of 32.6% during the forecast period, 2024–2030. The collaborative robots (cobots) market is experiencing substantial growth, primarily propelled by the increasing demand for automation in manufacturing industries.

As businesses worldwide acknowledge the necessity of improving efficiency and productivity, automation emerges as a strategic solution. Cobots, specifically designed to collaborate with human workers, play a crucial role in facilitating seamless human-robot interaction across various sectors. The pursuit of enhanced efficiency and streamlined processes is prompting businesses to embrace cobots, which offer flexibility, easy deployment, and cost-effectiveness.

According to the World Robotics report, 2022 witnessed a remarkable surge in robot installations in manufacturing facilities, reaching 553,052 units, surpassing the previous year's record. The synergy between the escalating demand for automation and the unique capabilities of collaborative robots positions them as a transformative force, driving substantial growth in the automation landscape.

The growth of the collaborative robots market is further fueled by increased adoption within Small and Medium-sized Enterprises (SMEs). This trend is reshaping the automation landscape by providing SMEs with a practical and transformative approach to incorporating robotics into their operations.

Unlike conventional industrial robots, which often present challenges in terms of cost, complexity, and adaptability, cobots are tailored to meet the unique needs of SMEs. Their inherent flexibility, user-friendly interfaces, and modular functionalities make them not only cost-effective but also readily adaptable to the dynamic workflows characteristic of smaller businesses.

Moreover, the collaborative and safe features of cobots make them conducive to working alongside human counterparts, a crucial aspect in environments where close interaction between humans and robots is paramount. As SMEs increasingly recognize the advantages of cobots in enhancing efficiency, productivity, and overall competitiveness, their adoption becomes a pivotal driver of market growth.

However, significant constraints in the growth of the collaborative robots market are attributed to a lack of awareness and a shortage of skilled workforce. The limited understanding among potential adopters regarding the capabilities and benefits of collaborative robots is a major impediment to their widespread adoption. This lack of awareness spans various industries, hindering market expansion as businesses may remain uninformed about the transformative impact that cobots can have on optimizing operational processes.

On the other hand, ongoing advancements in robotics technology are anticipated to play a crucial role in generating numerous opportunities within the collaborative robots market in the upcoming years. The ever-evolving robotics landscape is experiencing progress in areas such as enhanced sensing capabilities, advanced control systems, and the seamless integration of artificial intelligence. These technological breakthroughs are not only extending the capabilities of collaborative robots but are also diversifying their applications across a wide range of industries.

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According to the report, leading players operating in the collaborative robots market include Locus Robotics, Fanuc, Kuka AG, Yaskawa Electric Corporation, Denso Corporation, Universal Robots, Doosan Robotics Inc., Rethink Robotics GmbH, Techman Robot Inc., and Precise Automation among others.

Key Insights from the Collaborative robots Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the collaborative robots market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the role of each stakeholder.

• The market share of the players in the global collaborative robots market along with their competitive analysis are provided in the report.