The collaborative robot market is projected to grow from USD 1.2 billion in 2023 and is projected to reach USD 6.8 billion by 2029; it is expected to grow at a CAGR of 34.3% during 2023 - 2029.
Technological developments in collaborative robot programming and the growing penetration of cobots in e-commerce and logistics industries are the major factors driving the growth of the collaborative robot market.
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New product launches, partnerships, and acquisitions are key strategies adopted by the players in the collaborative robot market ecosystem to enhance their product portfolios, increase their market share, and expand their presence in the market.
For instance, in June 2022, Universal Robots A/S (Denmark) added a 20 kg cobot called the UR20 to its product range. A 20kg (44.1 lbs) payload capacity, which is 4kg more than the company’s previous heaviest load capability of 16kg with its UR16e cobot. Reach of 1,750mm, which is 450mm more than the longest previous UR cobot reach of 1,300mm with the UR10e.
In May 2023, FANUC CORPORATION (Japan) introduced two new high-payload capacity collaborative robots. FANUC has expanded the payload capacities of its CRX and CR cobot lines to handle products from 4 to 50kg. FANUC now has 11 cobot model variations that can work in a variety of industrial applications including assembly, inspection, material handling, packaging, palletizing, and sanding; FANUC’s CR-35iB is the industry’s strongest collaborative robots featuring a new 50kg payload capacity, a large work envelope and a small installation footprint which works well in tight spaces. A streamlined and lighter mechanical unit includes FANUC’s latest sensor technology for safety.
Universal Robots is currently the market leader in the collaborative robot market. The company offers UR+ Solutions, including compatible vision systems, end effectors, and application-specific software from third-party manufacturers, making it easier for end users to set up and operate the robot. Universal Robots is one of the first collaborative robot manufacturers to offer such an extensive plug-and-play solution which has helped it gain a competitive edge over its competitors. With investments from its parent company Teradyne (US), Universal Robots is expected to work along with Mobile Industrial Robots (Denmark), a market leader for AMRs, at a shared collaborative robot hub in Denmark to develop automated guided vehicles ( AGVs) fitted with collaborative robots. This is expected to strengthen further the significant lead that Universal Robots has established worldwide. The company has invested aggressively to support product development and enhance its overseas sales networks. It expanded its business operations to emerging countries like the Philippines, China, and India. Today, the company has a global network of around 800 distributors, 400+ certified products, and almost 300+ approved developer companies. The company strives to consistently seek innovation in its product offerings and expand its list of third-party accessories.
FANUC provides collaborative robots that can handle a payload of up to 35 kg, which is higher than the average payload of most collaborative robots available today. These collaborative robots also feature rubberized surfaces to reduce the effects of any collisions and have a distinctive neon green color to differentiate them from the company’s traditional robots. FANUC operates in Asia Pacific, the Americas, Europe, and other regions. Its sales and support services are undertaken through an integrated network of central technical centers, branch offices, and overseas group companies worldwide. The company has a presence in 100+ countries and 270 service locations. As a top player, FANUC offers one of the widest portfolios of industrial robots of various types and payload capacities. The company also has a strong servicing network worldwide. FANUC has majorly adopted inorganic growth strategies to stay relevant in the market. Capitalizing on its market penetration strategy, the company has been at the forefront in acquiring lucrative deals from major automotive industries that form a major part of its customer base. The company has also taken initiatives to advance product development for better robot reliability and maintainability and strengthen its service system to support its customer’s manufacturing activities.
Collaborative Robot Market by Payload (Up to 5 Kg, 5-10 kg, 10-20 kg, more than 20 kg), Component, Robotic Arm, End Effectors, Drives, Controllers, Sensors, Power Supply, Motors, Software), Application, Industry and Region - Global Forecast to 2029
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