The Global Collaborative Robots Market to Reach $8288.45 Million by 2028

According to a Triton Market Research report, the global collaborative robots market, which generated $511.56 million in 2018, is estimated to expand at a CAGR of 31.13% by the year 2028.

A study by Triton Market Research with the title ‘Global Collaborative Robots Market,’ covers the Global Analysis and Forecast for 2019-2028 by Payload Type (Up to 5 KG; From 6 KG to 10 KG; Above 10 KG), by Component (End Effector; Controller; Drives; Other Components), by End-user (Healthcare; Food & Beverages; Aerospace; Electronics & Semiconductor; Metals & Machining; Automotive; Plastic & Polymer; Other End-user), Application (Molding Operations; Polishing; Packaging & Palletizing; Material Handling; CNC Machine Tending; Small Parts Assembly; Test & Inspection; Screw Driving; Gluing, Dispensing & Welding; Other Applications), and by Geographical Region (Asia-Pacific; North America; Europe; Latin America; Middle East and Africa).

A collaborative robot refers to a robot that can share workspace with humans to make processes efficient and effective. These robots are used in different industries, including automotive, aerospace, food & beverages and in several applications such as packaging, material handling, machine testing and quality testing.

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As per the report, the global collaborative robots market is predicted to gain $8288.45 million by 2028, progressing with a CAGR of 31.13% in the projected period 2019-2028. The expanding applications of collaborative robots in various industries like logistics, healthcare, aviation and manufacturing are the basic factor driving the growth of the global collaborative robots market. The rising demand for flexible automation and the declining prices of cobots are also aiding the market growth. However, limited capabilities related to the process cycle time and the evolving safety regulations are hampering the growth of the global collaborative robots market.

Based on the payload type, the collaborative robots market is divided into three parts, upto 5 kg payload cobots, from 6 kg to 10 kg payload cobots and above 10 kg payload cobots. According to the component type, the market is divided into end effector, controller, drives and other components. Whereas, based on the end-user, it is segmented into healthcare, food & beverages, aerospace, electronics & semiconductor, metals & machining, automotive, plastic & polymer, and other end-user. While considering the application, the cobots market is divided into molding operations, polishing, packaging & palletizing, material handling, CNC machine tending, small parts assembly, test & inspection, screw driving; gluing, dispensing & welding and other applications.

According to the regional landscape, Asia-Pacific is predicted to be the fastest-growing region for the collaborative robots market in the forthcoming period. It is also likely to be the largest cobots market with the highest revenue in the world. The growing manufacturing sector and large investments in the automation process to enhance productivity in the developing economies in the area are likely to aid the regional growth of cobots market.

Energid Technologies Corporation, Nachi Robotics Systems Inc, Seiko Epson Corporation, KUKA AG, Robert Bosch GmbH, ABB, DENSO Robotics and Universal Robots, MRK-Systeme GmbH, FANUC Corporation, Rethink Robots, F&P Robotics AG, Precise Automation Inc and Yaskawa Electric Corporation are some of the eminent players of the collaborative robots market.

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Question & Answer: Collaborative Robots Market

Question 1: Which are the basic factors driving the growth of the global collaborative robots market?
Answer: The expanding applications of collaborative robots in various industries like logistics, healthcare, aviation and manufacturing are the basic factor driving the growth of the global collaborative robots market. The growing demand for flexible automation and the declining prices of cobots are also aiding the market growth.

Question 2: What factors are hampering the growth of the global collaborative robots market?
Answer: Limited capabilities related to the process cycle time and the evolving safety regulations are hampering the growth of the global collaborative robots market.

Question 3: How is the Asia-Pacific impacting the collaborative robots market outlook?
Answer: According to the regional landscape, Asia-Pacific is predicted to be the fastest-growing region for the collaborative robots market in the forthcoming period. It is also likely to be the largest cobot market with the highest revenue in the world. The growing manufacturing sector and large investments in the automation process to enhance productivity in the developing economies in the area are likely to aid the regional growth of cobots market.

Question 4: Which are the eminent players of the collaborative robots market?
Answer: Energid Technologies Corporation, Nachi Robotics Systems Inc, Seiko Epson Corporation, KUKA AG, Robert Bosch GmbH, ABB, DENSO Robotics and Universal Robots, MRK-Systeme GmbH, FANUC Corporation, Rethink Robots, F&P Robotics AG, Precise Automation Inc and Yaskawa Electric Corporation are some of the eminent players of the collaborative robots market.

Related Report:
Global Telepresence Robots Market

The global telepresence robots market is estimated to gain a growth of $666.86 million by 2028, displaying growth at CAGR of 16.33% during the predicted period 2019-2028.

The growing adoption of telepresence robots as a leading solution for the care of the elderly population is the primary factor driving the global market growth. These robots are increasingly used to establish the social relationships of the elderly with their family members. With companies expanding their business in geographical terms, there is a rise in the demand for virtual interactions and live working environments. Telepresence robots are considered as one of the promising solutions for increasing the operational efficiency of the companies. All these factors are contributing to the growth of the telepresence robots market.

The increasing adoption of telemedicine, which is a branch of medical science that enables special healthcare services like real-time surgery from remote locations, is likely to increase the need for telepresence robots in the healthcare sector. Moreover, increasing investments by government and private companies towards research & development activities in the field of robotics is aiding market growth in the coming years.

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This release was published on openPR.