Work together Evaluation predicts sturdy world cobot market development

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World cobot market revenues are set to extend at >20% a 12 months from 2024 to 2028. | Credit score: Work together Evaluation

The worldwide collaborative robotic (cobot) market topped $1 billion in revenues throughout 2023, regardless of general demand recovering extra slowly than anticipated post-pandemic, in response to new information from Work together Evaluation. Trying to the long run, the market intelligence specialist predicts the worldwide marketplace for cobots will see a 22% improve in shipments throughout 2024 and anticipates related ranges of development (>20%) every year by way of 2028.

• World cobot market income exceeded $1 billion in 2023, regardless of lower-than-expected development
• There was a transparent shift from particular person to holistic options
• Market demand for cobots recovered extra slowly than anticipated, however revenues are anticipated to develop at >20% between 2024-28

Work together Evaluation additionally just lately documented an improve in demand for built-in robotic management. As just lately as 2021, world tech market advisory agency ABI Analysis additionally predicted that the cobot market would develop considerably over the approaching decade. Based on ABI, the market had a worldwide valuation of $475 million in 2020 (barely decrease than Work together’s numbers), which might increase to $600 million in 2021 and $8 billion in 2030, with a projected CAGR of 32.5%.

Work together Evaluation believes that annual income development for cobots was round 11.9% in 2023, regardless of a difficult 12 months for manufacturing, powerful financial circumstances, and provide chain points. Demand for cobots within the automotive and new vitality industries remained excessive final 12 months, however demand for cobots in electronics and semiconductors fell considerably, resulting in a small V-shaped trajectory between 2022-24. Orders from the semiconductor and logistics industries are anticipated to bounce again in 2024, however excessive rates of interest might weaken general order consumption this 12 months.

Common Robots (UR) stays the cobot market chief. UR generated $304 million in income in 2023. 

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“The worldwide cobot market is turning into extra refined, as end-users search out holistic options reasonably than buying massive items of kit,” mentioned Work together Evaluation analysis supervisor Maya Xiao. “Over the approaching 12 months, we count on to see main cobot distributors goal massive prospects, which might impression capability and useful resource allocation.

“Shifting ahead, China will dominate the worldwide cobots market within the medium time period, however it’s also the area the place common income per unit (ARPU) is predicted to fall most sharply, as competitors available in the market will increase. The cobot market development price in areas apart from China will strategy that of China after 2025 and the worldwide common market worth for cobots is predicted to extend barely between 2023 and 2028 as demand grows for collaborative robots able to dealing with bigger payloads.”

This report solutions these and different key questions dealing with the business at the moment. A premium model of the report is out there with quarterly market motion updates, a mid-year market forecast, and granular information about cobots by nation, by business, and by payload.