Collaborative Robot Market Size

Collaborative Robot Market size was over USD 1.53 billion in 2023 and is anticipated to reach USD 66.1 billion by 2036, growing at around 33.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of collaborative robot is estimated at USD 1.94 billion. Further, the market registered a revenue of ~USD 1 Billion in the year 2021. Increasing affordability and ease of programming offered by collaborative robots are primarily expected to drive market growth in the forthcoming years. Furthermore, the world is witnessing a surge in demand for performing tasks requiring higher payload capacity efficiently. Cobots are well-equipped to perform effectively with employees in an uncaged environment, which in turn is projected to skyrocket the demand for these machines in the near future. 

The growth of the market can also be attributed to the high return on investment as compared to traditional industrial robotic system, and rising adoption of industrial robots across various industry verticals such as chemicals, automotive, electronics and others. It is calculated that almost 34 percent of industrial robots will be sold by the end of 2025. Also, about 40,000 cobots entered the robotics industry in 2020. Moreover, as per the International Federation of Robotics, automotive industry accounted for an installation of 105 industrial robots in the year 2019, bagging the highest number of installations in all industrial verticals, followed by electronics industry with 88 installations.