According to the data collected as part of the Collaborative Robots Report conducted by Markets and Markets, the market for cobots was valued at US$ 176.7 million in 2016. However, the market research institute forecasts annual growth of 56.94% for the period between 2017 and 2023, resulting in a predicted total market value of US$ 4.28 billion in 2023. Responsible for this significant growth are the high return on investment (ROI) and low cost of the machines: These two advantages together make them attractive for SMEs, too. In addition to this is the constant further development of Industry 4.0 applications, which brings with it ever-greater automation of production.
Markets and Markets also examined the growth potential of the various different categories of cobot and differentiated between machines with load capacities of up to 5 kg, between 5 and 10 kg, and over 10 kg. According to the findings, the largest model, capable of handling loads over 10 kg, can expect to see the strongest growth. Such devices are in high demand in the automotive industry, with the furniture, metal-processing, and machinery industries also increasingly showing interest in these models.