Interact Analysis
Cobot market exceeds 1 billion dollar mark
The global market for collaborative robots (cobots) surpassed the USD 1 billion revenue mark in 2023, although overall demand is recovering more slowly than expected after the pandemic, according to new data from Interact Analysis.
Looking ahead, the market research firm forecasts that the global market for cobots will see a 22% increase in shipments in 2024 and expects similar growth (>20%) every year until 2028.
Annual sales growth for cobots amounted to around 11.9% in 2023, despite a difficult year for manufacturing, challenging economic conditions and supply chain issues. Demand for cobots in the automotive and new energy industries remained high last year, while demand in the electronics and semiconductor industries declined significantly, resulting in a small V-shaped trajectory between 2022 and 2024. Interact Analysis expects orders from the semiconductor and logistics industries to recover in 2024, but high interest rates could weaken order intake overall this year.
Maya Xiao, Research Manager at Interact Analysis, says: "China will dominate the global cobot market in the medium term, but it is also the region where average revenue per unit (ARPU) is expected to decline the most as competition in the market increases. The growth rate of the cobot market in regions other than China will approach that of China after 2025, and the average global market price for cobots is expected to increase slightly between 2023 and 2028 as the demand for collaborative robots that can handle larger payloads increases."
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