Date: 02/06/2021

Cobot's Market is valuated over US$600 million in 2021

ABI Research finds the global cobot market had a global valuation of US$475 million in 2020, which will expand to US$600 million in 2021 and US$8 billion in 2030, with a projected CAGR of 32.5%.

“The most direct benefit of cobots is not in their ability to collaborate with humans”, said Rian Whitton, Principal Analyst at ABI Research. “Rather, it is in their relative ease of use, improved interface, and the ability of end-users to redeploy them for different tasks”. This has made cobots popular with small and medium-sized enterprises (SME’s) which value flexibility and incremental automation where the maintenance cost is not prohibitive.

When it comes to the leading vendors in this market, ABI finds Universal Robots is number one in the market, with the significant share of 50% of the total shipments and posting US$219 revenue for 2020. the other vendors who are competing with Universal Robots include FANUC and ABB.

“The barriers between cobots and standard industrial robots are beginning to breakdown, as many vendors are experimenting with dual-mode robots that can have a cobot and industrial mode. What is more, cobots are beginning to develop heavier payloads, in line with evolving regulations” said Whitton.

ABI Research projects that cobots are going to significantly expand the potential for automation for SMEs, while also enabling large vendors to develop a more flexible production line based on movable platforms and no need for fencing. The major industrial automation vendors will enjoy a greater share of the market as they utilize their existing partnerships and pour more resources into new cobot products.