Cobot market will hold 29% of industrial robot market by 2030
Due to innovators and adoption, the collaborative robotics market will become more and more mainstream over the next 10 years. New analysis by global technology market advisory firm ABI Research reveals that annual revenue for robotic tools will reach $ 11.8 billion by 2030, an enormous increase of $ 711 million in 2019. More than that, the total value of cobot market is significantly higher when considering software and accessories related end-of-life (EOAT) revenues. According to this broader definition of the market, the cobot ecosystem is worth just over $ 1 billion in 2019, and will be worth $ 24 billion by 2030, with a CAGR of 28.6%.
“The outlook for the collaborative robotics market remains strong, despite some very visible inhibitors,” says Rian Whitton, senior analyst at ABI Research. “Hardware innovation is still lagging behind, and most value related to cobots does not come from collaboration. It comes with ease of use, re-programming, lower overall costs compared to industrial systems, and re-implementation. Basically, value is one of lowering obstacles, not creating brand new use cases for robots. Moreover, cobots continue to monitor industrial systems in speed, performance and payload, which will have to change if adoption continues at this hectic pace. “
Currently, the cobot market as a percentage of the industrial market is very small. In terms of revenue, all robot tool revenue is 5% of industrial robot hardware, but this will increase to 29% by 2030. This growth is not only related to adoption, but also to the increasing convergence of the two sub-groups. With the advancement of sensors, machine vision and motion control, industrial robots will increasingly take advantage of collaborative systems. Prospects for software innovation are also strong, from 558 million in 2020 to 10.6 billion in 2030. Most of this value will be attributed to analytics, perception, motion control, and operations-related software.
“Collaboration systems are not revolutionizing the industry so much that they are the catalyst for a leaner and more flexible industrial robotic solution that opens the door for small and medium-sized manufacturers. As customization requirements and high-mix production, with small volumes, present new challenges for managers, this technological development will be key to the transition to a more adaptable solution, ”concludes Whitton.
These findings are from the ABI Research Robotics Collaborative Industrial Robots Market data. This report is part of the company’s Industrial, Collaborative and Commercial Robotics research service, which includes research, data and analytical insights. The market data spreadsheets consist of deep data, market share analysis and highly segmented, service-specific forecasts to provide detailed insights where opportunities lie.