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World cobot market revenues are set to extend at >20% a yr 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% enhance in shipments throughout 2024 and anticipates related ranges of development (>20%) annually via 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 not too long ago documented an enhance in demand for built-in robotic management. As not too long ago as 2021, world tech market advisory agency ABI Analysis additionally predicted that the cobot market would develop considerably over the approaching decade. In keeping with ABI, the market had a world valuation of $475 million in 2020 (barely decrease than Work together’s numbers), which might broaden 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 yr for manufacturing, powerful financial situations, and provide chain points. Demand for cobots within the automotive and new power industries remained excessive final yr, 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 may weaken general order consumption this yr.
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 changing into extra refined, as end-users hunt down holistic options slightly than buying giant items of apparatus,” mentioned Work together Evaluation analysis supervisor Maya Xiao. “Over the approaching yr, we count on to see main cobot distributors goal giant clients, which may affect capability and useful resource allocation.
“Shifting ahead, China will dominate the worldwide cobots market within the medium time period, however additionally it is 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 fee in areas aside from China will method 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 going through the trade immediately. A premium model of the report is offered with quarterly market motion updates, a mid-year market forecast, and granular information about cobots by nation, by trade, and by payload.
