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Collaborative Robot Market size was valued at USD 1.23 Billion in 2022 and is poised to grow from USD 1.62 Billion in 2023 to USD 14.96 Billion by 2031, growing at a CAGR of 32.0% in the forecast period (2024-2031).

Teradyne acquired Universal Robots, allowing the two companies to leverage their strengths in automation technology and collaborative robotics. This strategic partnership enabled Universal Robots to leverage Teradyne’s presence, customer base and financial strength, while Teradyne gained access to Universal Robots’ advanced cobot technology and industry expertise. With this partnership, Universal Robots has expanded its market reach and accelerated product innovation in collaborative robotics, while Teradyne has strengthened its position in the rapidly growing market and diversified its product portfolio meet the changing needs of customers around the world. 'ABB Group', 'DENSO Robotics', 'Epson Robots', 'Energid Technologies Corporation', 'F&P Robotics AG', 'Fanuc Corporation', 'KUKA AG', 'MRK-Systeme GmbH', 'Precise Automation, Inc', 'Rethink Robotics, Inc', 'Robert Bosch GmbH', 'Universal Robots A/S', 'Yaskawa Electric Corporation', 'MABI Robotic AG', 'Techman Robot Inc.', 'Franks Emika Gmbh', 'AUBO Robotics', 'Comau S.p.A.'

Compared to other traditional industrial robots, collaborative robots offer a great return on investment. Their high return on investment which could lead to an increase in the installation of robots in many countries. Moreover, the cost of implementing new hardware for collaborative robots is higher than the cost of such robots, while the cost of implementing new hardware for production robots is higher than the cost of the robot itself. The overall cost of robots is high compared to collaborative robots. Thus, compared to traditional industrial robots, collaborative robots have a significant return on investment because they only need a controller, pointer & vision system.

Increasing Demand for Automation in Several Industrial Processes Has Driven the Market Growth: In many cases, the automation solutions can significantly reduce delivery costs. Additionally, important factors driving the use of robots include high profitability and wage rates, labor shortages & delays in training and onboarding. These automated solutions are becoming more common in distribution, fulfillment centers & warehouses. Also, more manufacturers across the region are adopting robots as technology advances and applications become wider and more versatile.

Collaborative robotics had a large market share in North America due to advanced technology and early adoption in robot-assisted surgery, etc. In countries like the US. in 2010, collaborative robots increase savings and accuracy of tasks due to higher labor costs. For users, who are not ready to invest in a full robot. The United States has the largest share of the collaborative robots market, demonstrating its position as a leading country in the field of collaborative robotics solutions. Industries including automotive, electronics and manufacturing are using collaborative robots to perform tasks such as assembly, machine inspection and quality testing, contributing to the efficiency of the sector.

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Global Collaborative Robot Market

Product ID: SQMIG25A2297