The global collaborative robot (cobot) market topped $1 billion in revenues during 2023, according to new data from market intelligence research firm Interact Analysis. The cobot market growth comes despite overall demand recovering more slowly than expected post pandemic.
Looking to the future, Interact Analysis predicts the global market for cobots will see a 22% increase in shipments during 2024 and anticipates similar levels of growth (>20%) each year through to 2028.
Strong financial returns on cobots
Annual revenue growth for cobots was around 11.9% in 2023, despite a challenging year for manufacturing, tough economic conditions and supply chain issues. Demand for cobots in the automotive and new energy industries remained high last year, but demand for cobots in electronics and semiconductors fell significantly, leading to a small V-shaped trajectory between 2022-24.
“The global cobot market is becoming more refined, as end-users seek out holistic solutions rather than purchasing large pieces of equipment,” said Maya Xiao, research manager at Interact Analysis. “Over the coming year, we expect to see major cobot vendors target large customers, which could impact capacity and resource allocation.”
Orders from the semiconductor and logistics industries are expected to bounce back in 2024, according to the data, but high interest rates could weaken overall order intake this year. Interact Analysis also released a report in July 2023 that predicts the robotic picking market will be worth $6.8 billion by 2030.
Collaborative robots are an important part of intelligent manufacturing and an effective complement to lean production. They’ve enjoyed a spike in popularity over the past few years, benefitting from the push towards automation across industries and constant downward pressure on costs.
However, questions remain about cobot potential in non-manufacturing fields, where the cobot market will be most prevalent and which industries will drive growth for cobots in the next five years.
“Moving forward, China will dominate the global cobots market in the medium term, but it is also the region where average revenue per unit (ARPU) is expected to fall most sharply, as competition in the market increases,” Xiao added. “The cobot market growth rate in regions other than China will approach that of China after 2025 and the global average market price for cobots is expected to increase slightly between 2023 and 2028 as demand grows for collaborative robots capable of handling larger payloads.”
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