Global Mobile Cobots Market Grows Tremendously at a CAGR of 26.1%

Introduction

Mobile cobots (collaborative mobile robots) are used mainly by industries to conduct tasks in close collaboration with human workers. A simple mobile cobot consists of a safe AMR (autonomous mobile robot) and a collaborative robot manipulator. Material handling and picking are critical applications of mobile cobots. These occupy far less space than conventional industrial robots and may be stored and relocated as needed. Mobile cobots may roam freely between many work sites, shift from one activity to another, and simultaneously transfer resources.

Market Dynamics

Increasing Investment in Automation by Various Industries Drives the Global Market

Investing in automation is an increasing trend in a variety of sectors. Investing in cutting-edge technology and the Internet of Things (IoT) can assist industrial organizations in remaining competitive. Innovative technology and intelligent software provide a rapid, cost-effective, and adaptable automation solution. In addition, investing in these automation approaches may raise the productivity of the finance function by 38 percent and optimize the efficiency of the IT function by 45 percent. According to a new analysis from Honeywell Intelligrated Automation Investment Study 2020, more than half of U.S. businesses are incredibly receptive to investing in automation to adapt to shifting market demands. Consequently, the increased investment in automation by various sectors has significantly influenced the mobile cobots market over the forecast period.

Growing Era of Industry 5.0 Creates Tremendous Opportunities

Industry 5.0 has advanced because of the emergence of quicker, smaller, and more adaptable cobots. The expanding age of Industry 5.0 is anticipated to alter the connection between automated systems and workers that is now prevalent in industrial facilities. Moreover, cobots provide better performance and profitability for a variety of sectors. Industry 4.0 and 5.0 constitute a significant movement toward product creation, production, and maintenance in highly automated settings. In addition, Industry 5.0 is employing intelligent cobots to respond rapidly to technological change. According to research by the World Economic Forum, the old ways will inevitably be phased out due to the increasing automation in various essential industries. As a result, Industry 5.0 will likely provide profitable opportunities for the global mobile cobots market over the forecast period.

Regional Analysis 

Asia-Pacific is the most significant global mobile cobots market shareholder and is anticipated to grow at a CAGR of 26.0% during the forecast period. Asia-Pacific has a booming and dominant market for robotics technology. The cheaper cost of collaborative robots drives demand for mobile cobots in Asia-Pacific compared to traditional robots and their ability to do tasks more rapidly and precisely. Automotive, metals and mining, food and beverage, and healthcare are industries where industrial robots are in high demand. In addition, government aid has increased in China, Japan, South Korea, and India, the primary factors promoting the growth of regional markets. The Chinese market is the largest in the area. In December 2021, China unveiled a five-year strategy for smart manufacturing, pledging to digitalize important industrial sectors by 2025. The sector's technology and market competitiveness have strengthened in the global competition for advanced manufacturing, which is expected to drive market growth.

Europe is anticipated to grow at a CAGR of 25.9% over the forecast period. The European market for mobile cobots is expanding due to increasing production capacity and the presence of crucial car manufacturers. The market for mobile cobots in Europe is anticipated to increase significantly, primarily due to the expanding human-machine interface sector. In addition, the leading market in the area is Germany, followed by the United Kingdom and France. Germany is a significant exporter of automobiles, automobile components, and aerospace products, which employs a substantial amount of the country's population. The market is also primarily driven by the growth of IT businesses, raising the need for mobile cobots. Further, the expanding industrial sector in the United Kingdom is the most significant element impacting the mobile cobots market. A considerable number of robot start-ups are emerging in the United Kingdom, which adds to the expansion of the mobile cobots market in the country and promotes the development of the regional market.

Key Highlights

• The global mobile cobots market was valued at USD 897 million in 2022. It is estimated to reach USD 7,231 million by 2031, growing at a CAGR of 26.1% during the forecast period (2023–2031).
• Based on weight capacity, the global mobile cobots market is divided into 1 to 3kg, 3 to 5 kg, 5 to 10kg, and above 10 kg. The above 10 kg segment is the highest contributor to the market and is expected to grow at a CAGR of 26.4% during the forecast period.
• Based on application, the global mobile cobots market is segmented into automated pallet forks, conveyor bands/belts, robotic arms, safety units, and shelf units. The robotic arms segment owns the highest market share and is estimated to grow at a CAGR of 25.8% over the forecast period.
• Based on vertical, the global mobile cobots market is divided into aerospace, agriculture, automotive, construction, electronics and semiconductor, food and beverages, healthcare, and retail and logistics. The retail and logistics segment is the highest contributor to the market and is anticipated to grow at a CAGR of 26.1% over the forecast period.
• Asia-Pacific is the most significant global mobile cobots market shareholder and is anticipated to grow at a CAGR of 26.0% during the forecast period.

Competitive Players

1. ABB Limited
2. AUBO Robotics, Inc.
3. FANUC CORPORATION
4. Kawada Robotics
5. Kuka AG
6. MRK-Systeme GmbH
7. Precise Automation
8. Techman Robot Inc
9. The Yaskawa Electric Corporation
10. Universal Robots
11. AgileX Robotics (Shenzhen) Ltd.
12. ROBERT BOSCH GMBH
13. PBA Group
14. StAubli International AG
15. Waypoint Robotics

Recent Developments

Recent Developments

• May 2024 - At Automate 2024, Universal Robots emerged as a Robotics Platform for AI Solutions. The pioneer of cobots will push the boundaries of physical AI at the largest automation event in North America, demonstrating how the "ChatGPT moment for robots" has arrived in various applications. Participants in Automate will also get to see how the UR20 and UR30, two of Universal Robots' newest cobot models, automate tasks with more torque, payload, and reach.
• May 2024 - The first 7-Axis Cobot series in the world with a controller built into the base was introduced by Kassow Robotics. The world's first seven-axis cobots, the Edge Edition from Kassow Robotics, have their controller built into the robot's base. Two versions of each of the five 7-axis cobots are now on the market: the Edge Edition and the classic version that requires a separate controller.

Segmentation

1. By Weight Capacity
   1. 1 to 3kg
   2. 3 to 5 kg
   3. 5 to 10kg
   4. Above 10 kg
2. By Applications
   1. Automated Pallet Forks
   2. Conveyor Bands/Belts
   3. Robotic Arms
   4. Safety Units
   5. Shelf Units
3. By Vertical
   1. Aerospace
   2. Agriculture
   3. Automotive
   4. Construction
   5. Electronics and Semiconductor
   6. Food and Beverages
   7. Healthcare
   8. Retail and Logistics