The global market for collaborative robots was valued at approximately US$ 420.4 million in 2017 and is projected to experience a remarkable growth rate of 46.8% CAGR from 2018 to 2025, ultimately reaching around US$ 8,979.3 million by 2025. Among the various application segments, assembly is anticipated to lead the market throughout the forecast period. Currently, the automotive sector is the primary domain for collaborative robot deployments, where these robots play a crucial role in assisting human workers with the assembly of automotive components.
Collaborative robots are particularly favored by small and medium-sized enterprises due to their cost-effectiveness and ability to enhance operational efficiency. However, larger corporations hold a significant portion of the market share, having been early adopters of this technology and making substantial investments in the field.
A key trend expected to influence the market in the coming years is the advancement within the robotics sector. As machine learning algorithms and technologies like neuromorphic chips continue to evolve, collaborative robots are anticipated to gain capabilities that allow them to perform tasks currently reserved for human workers, and potentially do so more effectively. These advanced robots will have the ability to access extensive databases, recognize various machines, individuals, and components, which will enable them to extract valuable insights and take appropriate actions. This trend is expected to be a significant driver for the collaborative robots market in the near future. Furthermore, industry players are heavily investing in the development of collaborative robots that incorporate artificial intelligence and machine learning technologies.
The collaborative robots market is categorized by end-user industries, which include automotive, metal and machinery, electronics, pharmaceuticals, plastics and polymers, food and beverages, and others. The "others" category encompasses sectors such as aerospace, healthcare, and construction, among others. In 2017, the automotive industry emerged as the leading consumer of collaborative robots. Automotive original equipment manufacturers (OEMs) heavily depend on automation within their assembly lines, and component manufacturers in the automotive sector also rely on robotic solutions for their production processes. These factors have contributed to the automotive industry's dominant position in the adoption of collaborative robots.
The overall market size has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, primary interviews are conducted with industry participants and experts to validate the data and analysis. Participants in this research typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the collaborative robots sector.
As the market continues to evolve, the integration of advanced technologies into collaborative robots will likely enhance their functionality and applicability across various industries. The ongoing development of smarter robots capable of performing complex tasks will not only improve productivity but also redefine the roles of human workers in manufacturing and other sectors. The collaborative robots market is poised for significant growth, driven by technological advancements and increasing adoption across diverse industries.
In conclusion, the collaborative robots market is on a trajectory of rapid growth, fueled by advancements in robotics technology and a growing acceptance of automation in various sectors. The automotive industry remains a key player in this market, but as other industries begin to recognize the benefits of collaborative robots, we can expect to see a broader application of this technology in the years to come. The future of collaborative robots looks promising, with ongoing investments and innovations paving the way for smarter, more efficient robotic solutions.