Global cobot market exceeds $1bn in 2023; strong growth forecast 2024-28

Home
Industry News
Global cobot market exceeds $1bn in 2023; strong growth forecast 2024-28

Global cobot market exceeds $1bn in 2023; strong growth forecast 2024-28

Industry News
May 30,24

There has been a clear shift from individual to holistic solutions.

Global cobot market exceeds $1bn in 2023; strong growth forecast 2024-28

In 2023, the global collaborative robot (cobot) market surpassed $1 billion in revenue, although the overall demand recovery post-pandemic was slower than expected, as per recent data from Interact Analysis. Looking ahead, the market specialist forecasts a 22% increase in cobot shipments in 2024, with similar growth levels (>20%) projected annually until 2028. Despite manufacturing challenges, economic hardships, and supply chain disruptions, cobot revenue saw a growth of approximately 11.9% in 2023.

While demand remained robust in the automotive and new energy sectors, it declined notably in electronics and semiconductors, resulting in a small V-shaped trajectory from 2022 to 2024. Expectations suggest a rebound in orders from the semiconductor and logistics sectors in 2024, although high interest rates may dampen overall order intake this year.

Maya Xiao, Research Manager, Interact Analysis, says, “The global cobot market is becoming more refined, as end-users seek out holistic solutions rather than purchasing large pieces of equipment. Over the coming year, we expect to see major cobot vendors target large customers, which could impact capacity and resource allocation.

“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. 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.”