Collaborative Robot Market is expected to exhibit CAGR of 35.30%, and estimated to hit worth of US$ 18.7 billion by year 2032

According to a research report "Collaborative Robot Market, by Component (Hardware, Software), Payload (Up to 5 Kg, 5-10 Kg, 10-20 Kg, More than 20 Kg), Application (Handling, Assembling and Disassembling, Welding and Soldering, Dispensing, Processing, Others), Industry Vertical (Automotive, Electronics, Metals and Machining, Plastics and Polymers, Food and Beverages, Furniture and Equipment, Healthcare, Logistics, Others), and Region - Global Forecast to 2030" published by MarketDigits, the Collaborative Robot Market was valued USD 1.5 Billion in 2022 and projected to reach USD 20.3 Billion by 2030, growing at a CAGR of 38.5% during the forecast period of 2023-2030.

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits. View detailed Table of Content here –

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Market Overview

Collaborative robots, signify a groundbreaking shift in the global market as they redefine the nature of human-robot collaboration. These robots are specifically designed to work alongside humans, promoting a synergistic environment where tasks are shared between man and machine. As industries increasingly embrace automation to boost productivity and efficiency, robots have emerged as pivotal players in this transformative landscape. The collaborative robot market has experienced remarkable growth, fueled by the inherent adaptability and versatility of these machines across diverse sectors. Unlike traditional industrial robots confined to isolated spaces, robots are equipped with advanced sensors and safety features, ensuring safe interaction with human counterparts. This characteristic has catapulted their adoption across industries such as manufacturing, healthcare, logistics, and beyond.

Advancements in Edge Computing & AI Leading to Easier Implementation

The rapid advancements in edge computing and artificial intelligence (AI) are serving as significant drivers for the collaborative robot market, facilitating easier implementation and expanding the horizons of human-robot collaboration. Edge computing, with its decentralized processing capabilities, enables collaborative robots to execute complex tasks without relying heavily on centralized data processing. This results in quicker decision-making and enhanced real-time responsiveness, crucial elements for seamless collaboration in dynamic environments. Moreover, the integration of AI technologies empowers collaborative robots with improved learning and adaptability. These robots can now analyze and respond to data on the edge, allowing for more autonomous and context-aware decision-making. As a result, the implementation of collaborative robots becomes more straightforward, as they can efficiently navigate unpredictable environments and collaborate with human counterparts with a higher degree of precision and safety. This synergy between edge computing and AI not only simplifies the deployment of collaborative robots but also enhances their overall performance. Industries benefit from a more efficient and agile workforce, where collaborative robots play a pivotal role in tasks ranging from routine manufacturing operations to intricate healthcare procedures. As these technological trends continue to evolve, the collaborative robot market is poised for further growth, offering industries a pathway to greater efficiency and innovation.

Market Dynamics

Drivers:

·        Advancements in Edge Computing & AI Leading to Easier Implementation

·        Increasing Demand for Automation in Various Industrial Processes

Opportunities:

·        Growing demand for automation in the healthcare industry

·        Rising adoption of robots in metals and machining industry

Growing demand for automation in the healthcare industry

The escalating demand for automation within the healthcare industry presents a substantial opportunity for the growth of the collaborative robot market. As the healthcare sector grapples with the need for increased efficiency, precision, and patient care, collaborative robots, or cobots, have emerged as valuable assets. The unique ability of cobots to work in tandem with human healthcare professionals is particularly advantageous. These robots can assist in various critical tasks, including surgery, diagnostics, and patient care, thereby optimizing workflows and reducing the burden on healthcare staff. Automation in healthcare not only enhances operational efficiency but also contributes to improved patient outcomes. Collaborative robots can perform tasks with a high level of accuracy, reducing the risk of errors and improving the overall quality of healthcare services. The demand for such automation solutions is further accentuated by the increasing complexity of medical procedures and the need for precise and repetitive tasks.

The market for Collaborative Robot is dominated by North America.

North America stands as the dominating region for the Collaborative Robot Market, showcasing a robust and influential presence in the rapidly evolving landscape of industrial automation. The region's dominance is attributed to several factors, including a strong emphasis on technological innovation, high adoption rates of advanced manufacturing practices, and a proactive approach toward integrating collaborative robots across diverse industries. The United States and Canada, in particular, have witnessed a surge in the implementation of collaborative robots, driven by the need for increased productivity, precision, and flexibility in manufacturing processes. Key sectors such as automotive, electronics, and healthcare in North America have warmly embraced collaborative robots to streamline operations and gain a competitive edge. The region's well-established manufacturing infrastructure, coupled with a focus on research and development, has created a conducive environment for the growth of the collaborative robot market. Additionally, favorable government initiatives and investments in automation technologies have further propelled North America's leadership in this market, fostering a technological ecosystem that encourages the seamless integration of collaborative robots into diverse industrial settings. As the demand for efficient and adaptive automation solutions continues to rise, North America is poised to maintain its dominance in the collaborative robot market, driving innovation and setting industry benchmarks.

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The Collaborative Robot Segment is Anticipated to Hold the Largest Market Share During the Forecast Period

Based on Component the Collaborative Robot market is segmented into Hardware and Software.  The collaborative robot (cobot) market witnessed a significant dominance of the hardware component in 2022, and this trend is anticipated to persist throughout the forecast period. The hardware system encompasses essential elements such as robotic arms, end effectors, controllers, drives, sensors, motors, and power supply, collectively constituting a substantial portion of a collaborative robot's overall cost. The surge in demand for robot accessories, particularly end effectors and controllers, has been a notable trend in recent years. Projections indicate that end effectors are poised for increased technological sophistication, incorporating machine learning software and enhanced safety features directly into the End of Arm Tooling (EOAT). In the wake of Industrial 4.0, which facilitates seamless communication and advanced data optimization, sustainability has become a focal point in the robotic End of Arm Tooling (EOAT) industry. This trend continues to drive advancements in the collaborative robot market. Beyond end effectors, there is a rising demand for the integration of vision systems into collaborative robots, enabling remote monitoring of industrial operations in distant and challenging-to-access locations. Consequently, the individual demand for each hardware segment, such as robotic arms, controllers, and end effectors, collectively contributes to the overarching demand for collaborative robot hardware.

Major vendors in the global Collaborative Robot Market are Universal Robots A/S, FANUC Corporation, ABB, Techman Robot Inc, KUKA AG, Doosan Robotics Inc., Denso Corporation, Yaskawa Electric Corporation, AUBO Robotics Technology Co., Ltd, and Rethink Robotics GmbH are leading players in the collaborative robot market. Other notable contributors include Omron Adept Technologies, Inc., Franka Emika GmbH, Comau S.p.A., F&P Robotics AG, Stäubli International AG, Bosch Rexroth AG, Productive Robotics, LLC, Wyzo, Neura Robotics GmbH, Elephant Robotics, Elite Robot, Kassow Robots, Siasun Robot & Automation Co. Ltd., MIP Robotics, Hanwha Corporation, Kawasaki Robotics, Dobot Robotics, Jaka Robotics, and Others.

Segmentations Analysis of Collaborative Robot Market: -

Major Segmentations Are Distributed as follows:

·        By Component:

o  Hardware

o  Software

·        By Payload:

o  Up to 5 Kg

o  5-10 Kg

o  10-20 Kg

o  More than 20 Kg

·        By Application:

o  Handling

o  Assembling and Disassembling

o  Welding and Soldering

o  Dispensing

o  Processing

o  Others

·        By End-use Industry:

o  Automotive

o  Electronics

o  Metals and Machining

o  Plastics and Polymers

o  Food and Beverages

o  Furniture and Equipment

o  Healthcare

o  Logistics

o  Others

·         By Region

o  North America

§ U.S.

§ Canada

o  Latin America

§ Brazil

§ Mexico

§ Argentina

§ Colombia

§ Chile

§ Peru

§ Rest of Latin America

o  Europe

§ Germany

§ France

§ Italy

§ Spain

§ U.K.

§ BENELUX

§ CIS & Russia

§ Nordics

§ Austria

§ Poland

§ Rest of Europe

o  Asia Pacific

§ China

§ Japan

§ South Korea

§ India

§ Thailand

§ Indonesia

§ Malaysia

§ Vietnam

§ Australia & New Zealand

§ Rest of Asia Pacific

o  Middle East & Africa

§ Saudi Arabia

§ UAE

§ South Africa

§ Nigeria

§ Egypt

§ Israel

§ Turkey

§ Rest of MEA

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 Recent Developments

·        In May 2023, Universal Robots A/S (Denmark) announced a partnership with Denali Advanced Integration, a leading services and global technology integrator. Denali has become Universal Robots’ biggest Certified Solution Partner (CSP). It is now expected to use its unparalleled integration expertise and market reach to bring Universal Robots’ cobot technology to major business across the globe as part of its new Automation-As-A-Service (AaaS) portfolio, which it announced in April. This will offer large scale companies end-to-end integration and service support and corresponds with a growing interest from large businesses in cobot automation.

·        In October 2022, ABB (Switzerland) entered a strategic partnership with US-based startup Scalable Robotics to enhance its user-friendly robotic welding systems portfolio. Through 3D vision and embedded process understanding, the Scalable Robotics technology allows customers to easily program welding robots without coding.

Answers to Following Key Questions:

·        What will be the Collaborative Robot Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers in the Collaborative Robot Market?

·        What are the main forces behind worldwide Collaborative Robot Market? Which companies dominate Collaborative Robot Market?

·        Which companies dominate Collaborative Robot Market? Which business possibilities, dangers, and tactics did they embrace in the market?

·        What are the global Insight Engines industry's suppliers' opportunities and dangers in Collaborative Robot Market?

·        What is the Insight Engines industry's regional sales, income, and pricing analysis? In the Collaborative Robot Market, who are the distributors, traders, and resellers?

·        What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Collaborative Robot Market?

·        What are the main geographical areas for various industries that are anticipated to observe astounding expansion for Collaborative Robot Market?

·        What are the dominant revenue-generating regions for Collaborative Robot Market, as well as regional growth trends?

·        By the end of the forecast period, what will the market size and growth rate be?

·        What are the main Collaborative Robot Market trends that are influencing the market's expansion?

·        Which key product categories dominate Collaborative Robot Market? What is Collaborative Robot Market’s main applications?

·        In the coming years, which Collaborative Robot Market technology will dominate the market?

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