Global cobot market tops $1 billion in 2023, with strong growth expected 2024-28

The global collaborative robot or "cobot" market topped $1 billion in revenues during 2023, despite overall demand recovering more slowly than expected post pandemic, according to new data from Interact Analysis. Looking to the future, the market intelligence company predicts the global market for cobots will see a 22% increase in shipments during 2024 and anticipates similar levels of growth (>20%) each year through to 2028.

Annual revenue growth for cobots was around 11.9% in 2023, despite a challenging year for manufacturing, tough economic conditions, and supply chain issues. Demand for cobots in the automotive and new energy industries remained high last year, but demand for cobots in electronics and semiconductors fell significantly, leading to a small V-shaped trajectory between 2022-24. Orders from the semiconductor and logistics industries are expected to bounce back in 2024, but high interest rates could weaken overall order intake this year.

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

Xiao added that going 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," Xiao said.

A collaborative robot is a robot which safely interacts with a human worker while performing repetitive tasks within a defined collaborative workspace (without the need for industrial fencing or a dedicated cell), according to Interact Analysis. The term “cobot” or HRC (Human-Robot Collaboration) robot is sometimes used as an abbreviation for collaborative robots. Cobots are used by multiple industries for different purposes, including for materials handling needs like automated end-of-line palletizing.

While there are some cobots on a mobile base, Interact's cobot report is not about autonomous mobile robots (AMRs), which can also work safely alongside humans for tasks like assistive picking in warehouses. Interact Analysis tracks AMRs and automated guided vehicle (AGV) market trends separately.