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Redding, California - July 18, 2024

Collaborative Robots Market to be Worth $2.9 Billion by 2031

Collaborative Robots Market Size, Share, Forecast, & Trends Analysis by Type, Component (Hardware, Software), Payload, Application (Material Handling, Welding & Soldering, Assembling and Disassembling), and End-use Industry (Oil & Gas, Automotive, Food & Beverage, Others) -Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Collaborative Robots Market by Type, Component (Hardware, Software), Payload, Application (Material Handling, Welding & Soldering, Assembling and Disassembling), and End-use Industry (Oil & Gas, Automotive, Food & Beverage, Others) - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the Collaborative Robots Market is projected to reach $2.9 billion by 2031, at a CAGR of 8.7% during the forecast period. The growth of this market is driven by the advancements in human-machine interface, government initiatives to promote industrial automation, and affordability and ease of programming. Furthermore, increased demand for collaborative robots in the e-commerce and logistics sectors, increasing non-manufacturing applications of collaborative robots, and decreasing collaborative robot prices are expected to create market growth opportunities during the forecast period.

However, the lack of proper training and skill and lack of capabilities related to faster cycle time and repeatability restrains the growth of this market. Also, the need for fine dexterity in collaborative robots and safety and security issues are major challenges for the players in this market. Furthermore, the advancements in artificial intelligence and industry 4.0 and collaborative robots with integrated vision systems are prominent trends in the collaborative robots market.

The collaborative robots market is segmented based on type, component, payload, application, and end-use industry. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the collaborative robots market is segmented into power and force limiting collaborative robots, safety monitored stop collaborative robots, speed and separation collaborative robots, and hand guiding collaborative robots. In 2024, the speed and separation collaborative robots segment is expected to account for the largest share of the collaborative robots market. The large market share of this segment is mainly attributed to its main functions, such as advanced vision systems, safeguarding the operator in collaborative robot applications by maintaining a certain minimum separation distance during operation, and utilizing a traditional industrial robot combined with various safety sensors to detect when a human enters into the robot’s work envelope.

Based on component, the collaborative robots market is segmented into hardware and software. The hardware segment is sub-segmented into robotic arms, end of arm tooling (EOAT) devices, drives, controllers, and sensors. In 2024, the hardware segment is expected to account for the largest share of over 62% of the collaborative robots market. This segment’s large market share is attributed to the increasing demand for collaborative robots for various applications, and advancements in the hardware components such as EOAT, tool changers, vision systems, motors, controllers, and power supply have led to improved accuracy, efficiency, and payload capacity of collaborative robots.

Based on payload, the collaborative robots market is segmented into up to 5 Kg payload, 5 Kg to 10 Kg payload, and more than 10 Kg payload. In 2024, the 5 Kg to 10 Kg payload segment is expected to account for the largest share of the collaborative robots market. The large market share of this segment is mainly attributed to the payload collaborative robots being equipped with a built-in force-torque sensor to ensure the safety of the workers and their design to perform medium-duty applications with ultimate flexibility.

Based on application, the collaborative robots market is segmented into material handling, welding & soldering, assembling and disassembling, machine tending, dispensing, processing, inspection, and other applications. In 2024, the material handling segment is expected to account for the largest share of the collaborative robots market. The large market share of this segment is mainly attributed to factors such as increasing production efficiency, high speed and accuracy of operations, low maintenance cost, speed and strength of material handling, and compact design of robots. Moreover, material handling is a major application in various end-use industries such as automotive, electronics, metals, and machinery.

Based on end-use industry, the collaborative robots market is segmented into automotive and transportation, electrical & electronics, metal & machinery, plastic & chemicals, oil & gas, food & beverage, aerospace & defense, biotechnology, healthcare, and other end-use industries. In 2024, the automotive and transportation segment is expected to account for the largest share of over 22% of the collaborative robots market. The large market share of this segment is mainly attributed to the benefits offered by collaborative robots in the automotive industry, such as cost-effectiveness, higher efficiency, safety, and speed & precision. Also, using collaborative robots allows car and automotive component makers to accelerate production, reduce costs, improve quality, and ensure workers' safety.

Based on geography, the collaborative robots market is segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 54% of the collaborative robots Market, followed by Europe, North America, Latin America, and the Middle East & Africa. The large share of the regional market is attributed to the presence of large-scale manufacturing industries in the region, especially in the automotive, electronics, and metal and machinery sectors. Further, the demand for collaborative robots has significantly increased due to the growing need for automation in diverse industries such as food and beverages and healthcare. Also, the declining cost of collaborative robots and a shortage of skilled labor are contributing to the growth of the region.

Key Players:

The key players operating in the collaborative robots market are Universal Robots A/S (Denmark), Rethink Robots GmbH (Germany), ABB Ltd (Switzerland), Fanuc Corporation (Japan), KUKA AG (Germany), Yaskawa Electric Corporation (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Robert Bosch Manufacturing Solutions GmbH (Germany), Stäubli International AG (Switzerland), F&P Robotics AG (Switzerland), Techman Robot Inc. (Taiwan), Precise Automation Inc. (Taiwan), Doosan Robotics Inc. (South Korea), MABI Robotic AG (Switzerland), Energid Technologies Corporation (U.S.), AUBO Robotics USA (U.S.), and TechMan Robot Inc. (Taiwan).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5014

Key Questions Answered in the Report:

Which are the high-growth market segments based on type, component, payload, application, end-use industry, and geography?
What was the historical market size for the collaborative robots market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the collaborative robots market?
Who are the major players, and what shares do they hold in the collaborative robots market?
What is the competitive landscape like in the collaborative robots market?
What are the recent developments in the collaborative robots market?
What strategies are adopted by the major players in the collaborative robots market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the collaborative robots market, and how do they compete with the other players?

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Redding, California - July 18, 2024

Collaborative Robots Market to be Worth $2.9 Billion by 2031

Collaborative Robots Market Size, Share, Forecast, & Trends Analysis by Type, Component (Hardware, Software), Payload, Application (Material Handling, Welding & Soldering, Assembling and Disassembling), and End-use Industry (Oil & Gas, Automotive, Food & Beverage, Others) -Global Forecast to 2031

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