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Global Collaborative Robot Market

Collaborative Robot Market Size, Share, Growth Analysis, By Payload(5 kg, 5-10 kg, 10-25 kg, more than 25 kg), By Application(Handling, assembling & dissembling, welding & soldering, pick & place), By End-user(Automotive, electronics & semiconductors, metals & machining, plastics & polymers), By Component(Hardware, software), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25A2297 | Region: Global | Published Date: May, 2024
Pages: 157 |Tables: 125 |Figures: 77

Collaborative Robot Market Insights

Collaborative Robots Market size was valued at USD 815.40 million in 2022 and is poised to grow from USD 914.88 million in 2023 to USD 2297.77 million by 2031, growing at a CAGR of 12.20% during the forecast period (2024-2031). 

Collaborative robots (cobots) are expected to show the highest growth rates in the future years. With robotic systems integrating with human societies more tightly, it is essential for these intelligent systems to be able to recognize human behaviors and adjust their actions to these detected behaviours. In the next few years, much more is expected to be achieved in the production of the robotic system which is able to identify simple human activities as well as design an appropriate response for the complicated assignments. This will be more evident through the use of advanced technologies like digital twining, virtual reality, augmented reality, and improvements in offline programming as well as simulation software solutions. These innovations allow for optimizing robot performance and to adjust various components to fit the needs of the company. 

In addition, through the use of the edge computing system, the manner in which robotic systems work and perform tasks is rapidly changing from the conventional cloud networked systems. Therefore, edge computing will have a revolutionary effect on the collaborative robot’s market as more self-driven robots and medical sensors will be developed for application in various environments to perform tasks with higher level of precision and efficiency. The pivotal role of artificial intelligence (AI) in the collaborative robot’s market. AI-integrated cobots (collaborative robot’s) are helping manufacturers across various applications, enabling them to run their operations efficiently, smoothly, and productively. These AI-driven cobots can identify the orientation and presence of materials, perform testing and inspection, dynamically pick and place tasks, read results post-inspection, and derive decisions accordingly. 

The rising need for automation due to shortage of workforce, time consuming training and onboarding process, and higher benefits and remunerations needed is also likely to boost the usage of collaborative robots in warehouses, distribution and fulfilment centers. Thus, the collaborative robot’s market is poised to experience high levels of demand across regions as the technology advances and adapts to a wider range of applications in the manufacturing process. However, the use of advanced technologies in collaborative robots entails higher costs compared to conventional robotic systems. Some of the challenges include costs such as the cost of buying and installing robust hardware and efficient software as well as high capital investment required in automation equipment. However, the increased possibilities offered by collaborative robots for increasing productivity, improving efficiency, as well as rising safety concerns, are expected to continue to positively influence the market in the future.

Market snapshot - 2024-2031

Global Market Size

USD 815.40 million

Largest Segment

5 kg

Fastest Growth

more than 25 kg

Growth Rate

12.20% CAGR

Global Collaborative Robots Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Collaborative Robots Market Size By Payload ($ Bn)
Global Collaborative Robots Market Size By Payload (%)

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Collaborative Robot Market Segmental Analysis

Global Collaborative Robots market is segmented by payload, component, application, end-user, and region. Based on payload, the market is segmented into up to 5 kg, 5-10 kg, 10-25 kg, and more than 25 kg. Based on component, the market is segmented into hardware and software. Based on application, the market is segmented into handling, assembling & dissembling, welding & soldering, pick & place, positioning, and others. Based on end-user, the market is segmented into automotive, electronics & semiconductors, metals & machining, plastics & polymers, food & beverages, healthcare, logistics, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.  

Analysis by Payload 

The up to 5kg payload capacity, which accounted for more than 44% share of the entire market in 2023, will also remain promising in future due to its versatility. They are easy to maneuver because of their light weight and provide better value maximizing low-weight collaborative activities like picking, placing and testing. These advanced cobots launched in this payload capacity level are increasing new growth scope for the market. For instance, in March 2021 Comau S. p. A. launched a new collaborative robot that is affordable and ideal for packaging and warehousing; Racer-5. It moves at an industrial rate including up to 6m/s and unloaded weight of up to 5kg, thus enabling efficient operations. 

The more than 25kg payload capacity segment in the collaborative robots industry is expected to grow at the CAGR of around 14.33%. It is predicted that HPLC will experience zero growth over the forecast period due to their ability to manage more significant tasks involving accuracy and dependability. They have a significant function of integrating several other heavy-weight processes, and owing to this, the segment will continue to grow in the coming year. 

Analysis by End-user 

The automotive segment has held a revenue share of over 24% in 2023 and is anticipated to show significant progression during the forecast period. This has led to the growth of the market ought to the use of the collaborative robots because of their ability to save floor space and costs of production downtime. Besides, they have the most significant application in spot and arc welding, assembling of parts, painting, coating, etc. Moreover, using the technology of collaborative robots, the requested companies of automotive industries improve productivity, and therefore, boost demand by the forecast period. 

The electronics segment is predicted to grow with CAGR of more than 14.20% over the reported period. The growth is due to the versatility offered by collaborative robots where they have an option of dispensing, insertion, labeling and even screw driving tasks among others due to their option for high precision. The innovations will also be boosted by the raise in the research and development investment to increase demand for productivity enhancement through VOC, low manufacturing overheads among others. The capacity cost pressure due to saturation of the market with various technology disruptors is projected to boost the segment prospects during the forecast period.

Global Collaborative Robots Market Size By Payload (%), 2022 (%)

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Collaborative Robot Market Regional Insights

Europe is one of the largest and most lucrative markets that contribute more than 34.35% of the global market revenue in 2023. This market dominance can be mainly attributed to the extensive use of collaborative robots in different sectors of the region such as logistics, electronics, and inspection. The introduction of collaborative robots in the European region is attributed to the region’s interest in improving manufacturing processes and increasing automation on the shop floor. Cobots are notably being adopted fast by European manufacturers as they seek optimal manufacturing systems and enhanced collaboration between people and robots. The aspect of versatility, where these robotic devices can easily work hand in hand with the human employees, has contributed to the increasing adoption of robots in the continent. Besides, the benefits of adopting collaborative robots for example increased production rates, increased safety measures and reduced cost have seen the implementation of these robots across various sectors in Europe. With increasing emphasis on automation and digitalization in the region, this market will also remain stable and strong, ensuring Europe remains at the forefront of embracing this revolutionary technology. 

The Asia-Pacific region is poised to emerge as the fastest-growing market for collaborative robots, with an anticipated CAGR of 13.4% in 2023. Some of the key factors that have led to the growth of the collaborative robots market in Asia-Pacific are rapid industrialization and an increasing need for automation across different industries such as manufacturing, logistics, and healthcare. China, Japan, and South Korea for example are leading the way by incorporating robotics and automation technologies in their production systems to compensate for the high demands for advanced, adaptive, and affordable manufacturing systems. Also, the high population density and the growing complexity of industries, higher costs of labor, and mandatory safety regulations have contributed to the massive adoption of collaborative robots in the region. Companies in Asia-Pacific are increasingly adopting the use of collaborative robots to enhance production, efficiency and lessen the likelihood of making mistakes or causing harm to employees. However, as the region moves on to embrace Industry 4.0 and digital transformation, the market of collaborative robots in Asia-Pacific countries will continue to grow steadily, and this region will remain one of the most popular in the world for using innovative technologies.

Global Collaborative Robots Market Size By Geography, 2024-2031
  • Largest
  • Fastest

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Collaborative Robot Market Dynamics

Drivers

Rising Urbanization 

  • Increase in the worldwide population density is projected to boost the market growth in the coming years. For instance, in 2021 according to data published by World Bank data, nearly 55% of the global population, or 4.2 billion individuals live in cities. According to an estimate, 2 billion people reside in urban areas. Currently, world’s population is still half in cities and it is anticipated that within next 50 years seven out of ten people would be living in cities. The factors like an upsurge in population in urban areas, the growth in the need for an existence of affordable housing sectors are anticipated to boost the market. Such an activity requires construction, especially for housing, and due to increased demand for homes, there is likely to be a developed market for collaborative robot in the future. 

Stringent Regulations by Government Related to Worker’s Safety 

  • Increased safety measures adopted by the construction industry arising from and regulatory policies set by the government on worker safety is fueling the demand of the global collaborative robot market. For instance, in 2021, as reported by the Occupational Safety and Health Administration (OSHA) occupational fatalities of workers in the construction industry of the U. S averages one out of five deaths. Similarly, as mentioned in the above source, total of 1,061 construction labors died in the U.S on the construction site. Thus, governments around the world are implementing regulations for equipment vendors, in order to make construction site and workplace safe.   

Restraints 

High Cost of Setting up and Equipment 

  • Maintenance and procuring technologies like collaborative robot is costly, and this brings some challenges when applying these robots. With the acquisition of collaborative robots alongside the usage of the tools improves, the overall cost rises. Therefore, the companies and firms with high turnover and competition in the market can afford to integrate this collaborative robot. This, is anticipated to pull down growth of the global collaborative robot market over the projection period.

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Collaborative Robot Market Competitive Landscape

Collaborative robots market is highly competitive and comprised of both large well-established players as well as new entrants creating differentiation and a high level of innovation. The market leaders primarily from the industrial automation sector, which has prior experience and a widely recognized brand in the automation robotics industry. These players have been major driving forces in collaborative robot advancement, contributing significantly to research and development activities to build the state-of-art, highly natural and safety-oriented cobot. Many of them have consistently offered wide product ranges, vast distribution channels, and close customer associations, which has given them a large market share of the collaborative robots market across the world. In addition to this firms, the collaborative robots market comprises new entrants in the form of startup companies that are altering the game. These technology-driven new business models, typically enabled by venture capital, are designing new collaborative robot architectures, developing more user-friendly robot programming tools, and implementing more sophisticated robot controllers. This is compounded by the dynamics fostered by the competitive collaborations and partnerships formed by the key incumbents and emerging new entrant innovators. Such collaborations facilitate sharing of best practices and market identify key areas where innovations can be improved and embraced to spur the use of collaborative robots in various industries across the globe.

Top Player’s Company Profiles

  • ABB Group
  • DENSO Robotics
  • Fanuc Corporation
  • Universal Robots A/S (Denmark) 
  • Kawasaki Heavy Industries, Ltd. (US) 
  • AUBO (BEIJING) ROBOTICS TECHNOLOGY CO., LTD (China) 
  • KUKA AG (Germany) 
  • Denso Corporation (South Korea) 
  • YASKAWA ELECTRIC CORPORATION (Japan) 
  • Rethink Robotics GmBH (Germany) 
  • Siasun. Robot & Automation Co., Ltd. (China) 
  • Franka Emika GmbH (Germany) 
  • Comau S.p.A. (Italy) 
  • Hanwa Corporation (South Korea) 
  • Stäubli International AG (Switzerland) 
  • Bosch Rexroth AG (Germany) 
  • Productive Robotics, LLC (US) 
  • NEURA Robotics GmbH (Germany) 
  • ElephantRobotics (China) 
  • Elite Robots (China)

Recent Developments

  • In May 2024, FANUC launched the CRX-10iA/L Paint Collaborative Robot, an advanced, and explosion-proof cobot designed for industrial painting, powder coating, & fiberglass-reinforced plastic applications. With advanced safety features, including force-sensing technology, it will safely operate alongside humans.  

  • In April 2024, Rainbow Robotics launched the RB-Y1 Robot, Korea's first bimanual mobile manipulator, which is a significant innovation in collaborative robotics. This advanced robot features a humanoid-type double-arm setup mounted on a high-speed, wheel-type mobile base, enabling it to perform tasks with human-like dexterity. Based in Daejeon, South Korea, Rainbow Robotics has detailed the RB-Y1's capabilities, shows its potential to enhance efficiency and versatility in numerous applications.  

  • In January 2024, igus introduced a bionic hand for ReBeL cobot to improve its autonomy to work more like a human hand. The new finger gripper is a lubrication-free construction with high performance plastics included, and it is affordable and easy to implement. With a weight of about eight kilograms, ReBeL cobot is portable and easy on the pocket, with basic versions going for as low as £4200 and is mainly applied in assembly tasks, part-checking, and servicing. The new hand which costs £2,668 allows simulation of human movements with motion replication position and is plugged into the Tool Centre Point through DIO which makes it highly portable. 

Collaborative Robot Key Market Trends

  • Rising demand for automation in different industries: Strong growth in industries adopting robotic systems like healthcare, automobile, food and beverages, metal and machining, plastic and polymers, retail and many others is expected to boost the global collaborative robot market growth. Industries use collaborative robots at the manufacturing assemblage, packaging, labeling, pumping, welding, painting, spraying, and material handling and other processes. For instance, in food and beverages industry collaborative robot is deployed to pack large number of foods in few minutes. Now in manufacturing industries collaborative robot are employed in joining the parts of the product.

Collaborative Robot Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our Collaborative Robots market analysis, market is poised for strong growth in the coming years. The market research firm projects that the cobot market will witness a significant surge, driven by the growing adoption of these versatile robotic solutions across various industries. The increasing demand for automation and the need for improved manufacturing efficiency and flexibility are primary drivers, as cobots enable seamless integration between human workers & machines. Furthermore, the growing importance on workplace safety and the adaptability of cobots to diverse applications, from logistics to healthcare, are further accelerating their deployment worldwide.

Report Metric Details
Market size value in 2022 USD 815.40 million
Market size value in 2031 USD 2297.77 million
Growth Rate 12.20%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Million
Segments covered
  • Payload
    • 5 kg, 5-10 kg, 10-25 kg, more than 25 kg
  • Application
    • Handling, assembling & dissembling, welding & soldering, pick & place, positioning, others
  • End-user
    • Automotive, electronics & semiconductors, metals & machining, plastics & polymers, food & beverages, healthcare, logistics, Others
  • Component
    • Hardware, software
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ABB Group
  • DENSO Robotics
  • Fanuc Corporation
  • Universal Robots A/S (Denmark) 
  • Kawasaki Heavy Industries, Ltd. (US) 
  • AUBO (BEIJING) ROBOTICS TECHNOLOGY CO., LTD (China) 
  • KUKA AG (Germany) 
  • Denso Corporation (South Korea) 
  • YASKAWA ELECTRIC CORPORATION (Japan) 
  • Rethink Robotics GmBH (Germany) 
  • Siasun. Robot & Automation Co., Ltd. (China) 
  • Franka Emika GmbH (Germany) 
  • Comau S.p.A. (Italy) 
  • Hanwa Corporation (South Korea) 
  • Stäubli International AG (Switzerland) 
  • Bosch Rexroth AG (Germany) 
  • Productive Robotics, LLC (US) 
  • NEURA Robotics GmbH (Germany) 
  • ElephantRobotics (China) 
  • Elite Robots (China)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Collaborative Robot Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Collaborative Robot Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Collaborative Robot Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Collaborative Robot Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Collaborative Robot Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Collaborative Robot Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

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Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Collaborative Robots Market size was valued at USD 815.40 million in 2022 and is poised to grow from USD 914.88 million in 2023 to USD 2297.77 million by 2031, growing at a CAGR of 12.20% during the forecast period (2024-2031). 

Collaborative robots market is highly competitive and comprised of both large well-established players as well as new entrants creating differentiation and a high level of innovation. The market leaders primarily from the industrial automation sector, which has prior experience and a widely recognized brand in the automation robotics industry. These players have been major driving forces in collaborative robot advancement, contributing significantly to research and development activities to build the state-of-art, highly natural and safety-oriented cobot. Many of them have consistently offered wide product ranges, vast distribution channels, and close customer associations, which has given them a large market share of the collaborative robots market across the world. In addition to this firms, the collaborative robots market comprises new entrants in the form of startup companies that are altering the game. These technology-driven new business models, typically enabled by venture capital, are designing new collaborative robot architectures, developing more user-friendly robot programming tools, and implementing more sophisticated robot controllers. This is compounded by the dynamics fostered by the competitive collaborations and partnerships formed by the key incumbents and emerging new entrant innovators. Such collaborations facilitate sharing of best practices and market identify key areas where innovations can be improved and embraced to spur the use of collaborative robots in various industries across the globe. 'ABB Group', 'DENSO Robotics', 'Fanuc Corporation', 'Universal Robots A/S (Denmark) ', 'Kawasaki Heavy Industries, Ltd. (US) ', 'AUBO (BEIJING) ROBOTICS TECHNOLOGY CO., LTD (China) ', 'KUKA AG (Germany) ', 'Denso Corporation (South Korea) ', 'YASKAWA ELECTRIC CORPORATION (Japan) ', 'Rethink Robotics GmBH (Germany) ', 'Siasun. Robot & Automation Co., Ltd. (China) ', 'Franka Emika GmbH (Germany) ', 'Comau S.p.A. (Italy) ', 'Hanwa Corporation (South Korea) ', 'Stäubli International AG (Switzerland) ', 'Bosch Rexroth AG (Germany) ', 'Productive Robotics, LLC (US) ', 'NEURA Robotics GmbH (Germany) ', 'ElephantRobotics (China) ', 'Elite Robots (China)'

Increase in the worldwide population density is projected to boost the market growth in the coming years. For instance, in 2021 according to data published by World Bank data, nearly 55% of the global population, or 4.2 billion individuals live in cities. According to an estimate, 2 billion people reside in urban areas. Currently, world’s population is still half in cities and it is anticipated that within next 50 years seven out of ten people would be living in cities. The factors like an upsurge in population in urban areas, the growth in the need for an existence of affordable housing sectors are anticipated to boost the market. Such an activity requires construction, especially for housing, and due to increased demand for homes, there is likely to be a developed market for collaborative robot in the future. 

Rising demand for automation in different industries: Strong growth in industries adopting robotic systems like healthcare, automobile, food and beverages, metal and machining, plastic and polymers, retail and many others is expected to boost the global collaborative robot market growth. Industries use collaborative robots at the manufacturing assemblage, packaging, labeling, pumping, welding, painting, spraying, and material handling and other processes. For instance, in food and beverages industry collaborative robot is deployed to pack large number of foods in few minutes. Now in manufacturing industries collaborative robot are employed in joining the parts of the product.

Europe is one of the largest and most lucrative markets that contribute more than 34.35% of the global market revenue in 2023. This market dominance can be mainly attributed to the extensive use of collaborative robots in different sectors of the region such as logistics, electronics, and inspection. The introduction of collaborative robots in the European region is attributed to the region’s interest in improving manufacturing processes and increasing automation on the shop floor. Cobots are notably being adopted fast by European manufacturers as they seek optimal manufacturing systems and enhanced collaboration between people and robots. The aspect of versatility, where these robotic devices can easily work hand in hand with the human employees, has contributed to the increasing adoption of robots in the continent. Besides, the benefits of adopting collaborative robots for example increased production rates, increased safety measures and reduced cost have seen the implementation of these robots across various sectors in Europe. With increasing emphasis on automation and digitalization in the region, this market will also remain stable and strong, ensuring Europe remains at the forefront of embracing this revolutionary technology. 

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