Collaborative Robot Market Is Expected To Generate A Revenue Of USD 1.41 million By 2030

The latest market report published by Credence Research, Inc. “Global Collaborative Robot Market: Growth, Future Prospects, and Competitive Analysis, 2023 – 2030”. The Global Collaborative Robot Market generated revenue of around USD 1.1 million in 2022 and is anticipated to grow a CAGR of over 42.8% during the forecast period from 2023 to 2030 to reach around USD 1.41 million in 2030.

Key growth drivers include increased use by small and medium-sized enterprises (SMEs) and investments in automating manufacturing processes. The introduction of robots working alongside humans in smart component and electronic product assembly areas is further driving demand. Increased need for tasks requiring greater payload capacity may contribute to increased demand. The ability of robots to work well with workers in unrestricted environments has led to an increase in installations in the industry. Collaborative robots (cobots) are equipped with the latest sensors, software and end-of-arm tools (EOAT) to ensure employee safety. Customers, engineers and researchers drive demand for collaborative robots in the automotive industry. In addition, these robots assist the packaging industry and others who want to increase production speed. Robots are now used in various industries and are about to revolutionize the logistics business by overcoming problems such as complex workflows and handling many tasks in various combinations in a limited space.

The global Collaborative Robot Market is bifurcated into Payload Capacity, Application, Industry, and Geography. Based on the Payload Capacity, the market is categorized into Up to 5 Kg, 6-10 Kg, 11 Kg and Above. On the basis of application, the global market is segmented into Welding, Material Handling, Quality Testing, Painting/Spraying, Assembling, Others (Packaging, etc.). On the basis of industry, the global market is segmented into Automotive, Electronics & Semi-Conductors, Food & Beverages, Retail, Metals & Machining, Rubber & Plastic, Others (Agriculture, Aerospace, etc.). Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

In terms of revenue, Europe retained a significant market position for Collaborative Robot Market in 2022. Throughout the projection period, Europe is anticipated to lead global market growth. It is projected that proactive government backing for factory automation technologies like industrial revolution 4.0, smart factories, and others will accelerate regional growth. Also, significant money is being spent on collaborative robotics research and development, advancing the sector.

Collaborative Robot Market Major Challenges have been a topic of discussion in the automation industry lately. One of the major challenges is safety concerns when humans are working alongside robots. There is always a risk of injury or accidents occurring, and this needs to be addressed carefully. Another challenge is the high cost associated with collaborative robots as compared to traditional robots, which makes it difficult for small and medium-sized enterprises (SMEs) to invest in them.

Some of the key factors driving the growth of the collaborative robot market worldwide include:

  • Increasing demand for automation: The demand for automation is increasing across various industries, such as automotive, healthcare, and food and beverage. Collaborative robots can work alongside humans, increasing productivity and efficiency while ensuring safety and flexibility.
  • Technological advancements in robotics: Technological advancements in robotics have led to the development of more sophisticated and capable collaborative robots. These robots can perform a wide range of tasks and are becoming more affordable, which is driving their adoption in various industries.
  • Shortage of skilled labor: Many industries are facing a shortage of skilled labor, which is driving the demand for collaborative robots. These robots can perform tasks that require human-like dexterity and precision without the need for human workers.
  • Increase in the e-commerce industry: The e-commerce industry is growing rapidly, and collaborative robots are being used to automate various tasks, such as order picking and packaging. As the e-commerce industry continues to grow, the demand for collaborative robots is also expected to grow.
  • Focus on workplace safety: Collaborative robots are designed to work safely alongside humans, reducing the risk of accidents and injuries in the workplace. As workplace safety becomes an increasingly important concern for many industries, the demand for collaborative robots is expected to grow.

Why to Buy This Report-

  • The report provides a qualitative and quantitative analysis of the global Collaborative Robot Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
  • The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level
  • In-depth analysis of the global Collaborative Robot Market segmentation based on payload capacity, application, industry and vehicle type.
  • Major countries in each region with their import/export statistics
  • The global Collaborative Robot Market report also includes analysing of the global, regional, and country level, along with key market trends, significant players analysis, market growth strategies, and key application areas.

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