Evolving Dynamics of the Collaborative Robots Market: A Study of Key Growth Drivers and Trends 2023-2028

Evolving Dynamics of the Collaborative Robots Market: A Study of Key Growth Drivers and Trends 2023-2028
Collaborative Robots Market Report and Forecast 2023-2028
Collaborative Robots Market Size, Share, Price, Trends, Growth, Report And Forecast 2023-2028

According to the report by Expert Market Research (EMR), the global collaborative robots market share is projected to grow at a CAGR of 16.50% between 2023 and 2028. Aided by the rising demand for automated systems and the growing applications of collaborative robots in various sectors, the market is expected to grow significantly by 2028.

Collaborative robots, colloquially known as cobots, are advanced robotic systems designed to interact directly with humans in a shared workspace. They are renowned for their ability to perform tasks with precision, repeatability, and consistency, which makes them highly valuable in a range of industrial applications, including manufacturing, healthcare, logistics, and food and beverage production.

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A key driver for the global collaborative robots market growth is the rising consumer preference for automation in industrial operations. With the growing awareness of the efficiency, cost-effectiveness, and accuracy provided by automated systems, there has been a significant shift towards automation across various industries, leading to an increased demand for collaborative robots.

Moreover, the surging trend of Industry 4.0 or the fourth industrial revolution, has further contributed to the rising popularity of collaborative robots. As businesses around the world seek to embrace the digital transformation and incorporate smart technologies into their operations, the use of cobots has become increasingly common.

The expanding applications of collaborative robots across various sectors also play a significant role in boosting the collaborative robots market expansion. In the manufacturing sector, cobots are used to automate repetitive tasks, thus increasing operational efficiency, and reducing human error. In the healthcare sector, cobots assist in delicate surgical procedures, enhancing precision and improving patient outcomes. The logistics sector utilises cobots for tasks such as sorting, packaging, and transportation, thereby increasing efficiency and reducing costs.

The market is anticipated to experience significant growth owing to the ongoing technological advancements in the field of robotics. The capabilities of collaborative robots are being improved by innovations like machine learning, artificial intelligence, and enhanced sensor technologies, which is expanding their potential uses.

With the rise of smart factories and the increasing popularity of automated production lines, collaborative robots are set to play a crucial role in the future of industrial operations. As these trends continue, the global collaborative robots market is expected to experience substantial expansion in the coming years.

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Collaborative Robots Market Segmentation

The market can be divided based on payload capacity, application, endues, and region.

Market Breakup by Payload Capacity

• Less than 5 Kg
• 5 to 10 Kg
• More than 10 Kg
• Others

Market Breakup by Application

• Material Handling
• Assembly
• Pick and Place
• Testing
• Welding
• Sorting
• Positioning
• Others

Market Breakup by End Use

• Automotive
• Food and Beverages
• Furniture and Equipment
• Plastic and Polymers
• Metal and Machinery
• Electronics
• Pharma
• Retail
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global collaborative robots companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Universal Robots A/S
• FANUC Corporation
• Techman Robot Inc.
• Rethink Robotics GmbH
• Festo OY
• ABB Ltd.
• Yaskawa Electric Corporation
• Kawasaki Heavy Industries Ltd.
• Others

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