Global cobot market exceeds US$1B, with strong growth ahead
By DE Staff
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The global collaborative robot (cobot) market topped US$1 billion in revenues in 2023, despite overall demand recovering more slowly than expected, according to new data from Interact Analysis.
Looking to the future, Interact Analysis predicts the global market for cobots will see a 22-per-cent increase in shipments during 2024 and anticipates similar levels of growth (more than 20 per cent) each year through to 2028.
Annual revenue growth for cobots was around 11.9 per cent 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 and 2024. 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,” Interact Analysis research manager Maya Xiao said. “Over the coming year, we expect to see major cobot vendors target large customers, which could impact capacity and resource allocation.”