World Collaborative Robot Market Share by 2027: Why North American Market adopting this technology at faster pace?

The robots offer advanced industrial automation solutions to end-user industries and provide a one-stop solution for a safe working environment. The low price of co-robots with high return on investment is projected to drive the growth of the collaborative robot market.

A cobot or collaborative robot (co-robot) is a robot intended to physically interact with humans in a shared workspace. Collaborative robot acts as a guide or assistor to assist a person in a specific task. The force-limited joint is the unique feature of collaborative robot which is designed to identify forces due to impact and respond quickly.

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Moreover, the increased efficiency in deployment of collaborative robot for enhanced productivity and strong government funding for factory automation solutions are the factors expected to offer lucrative opportunities in future.

Collaborative robots are being adopted in several industries for various tasks, due to their flexibility as well as safe, easy usage, and affordable price. They are less expensive than the traditional industrial robots but they have a very low return on investment (ROI) as they are easier to install without disturbing the manufacturing process of the factory. Collaborative robots are well accepted by workers, and their ability to handle repetitive tasks reduces the need of an expert programmer.

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The report includes an in-depth analysis of different segments and provides market estimations between 2020 and 2027.

Porters five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.

The key market players are profiled to gain an understanding of the strategies adopted by them.

This report provides a detailed analysis of the current trends and future estimations from 2020 to 2027, which helps identify the prevailing market opportunities.

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The growth of collaborative robot for industrial purpose is supported by the government of South Korea due to its ability to manufacture a mass production in limited time and high accuracy. In 2017, Japan funded $30 million for a robot revolution by identifying the future of its country. Moreover, the ministry of South Korea is planning to increase robot demand by using more service robots in the public sector. Thus, the development of smart factories for productive robot is estimated to create huge opportunities for the collaborative robot market in future.

The key players operating in the global collaborative robot market are Rethink Robots, Universal Robots, MRK-Systeme GmbH, F&P Personal Robotics, Bosch, ABB, MABI Robotic, Fanuc, Smokie Robotics, Kuka Robot Group, Kawada Industries.

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The collaborative robots market is segmented based on payload capacity, industry, application, and region. The payload capacity segment includes up to 5kg, up to 10kg, and above 10kg. Based on application, it is segregated into assembly, pick & place, handling, packaging, quality testing, machine tending, gluing & welding and others. The industry segment is classified into automotive, food & beverage, furniture & equipment, plastic & polymers, metal & machinery, electronics, and pharmaceutical. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America and Middle East (LAMEA).

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