According to Interact Analysis, the global market for collaborative robots (cobots) will exceed $1 billion in revenues in 2023, despite a slower than expected recovery in overall demand following the pandemic, according to new data from Interact Analysis. Looking ahead, the market intelligence specialist predicts that the global cobot market will see a 22% increase in shipments in 2024, with similar levels of growth of more than 20 per cent each year through to 2028.

Annual revenue growth for cobots was around twelve per cent in 2023, despite a challenging year for manufacturing, tough economic conditions and supply chain issues. Automotive and new energy demand for cobot solutions remained strong last year, but demand for cobots in electronics and semiconductors fell significantly, resulting in a small V-shaped trajectory between 2022 and 2024. The semiconductor and logistics industries are likely to rebound in 2024, but high interest rates could weaken overall order intake this year.

China will dominate global cobot market

Maya Xiao, Research Manager at 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.”