Collaborative Robot Market: New Report Offers Analysis Onthe Market 2022-2028

Collaborative Robot Market share is projected to grow from USD 1.1 Billion in 2022 to USD 9.2 Billion by 2028, is expected to increase at a compound annual growth rate (CAGR) of 41.5% during the forecast period from 2022 to 2028.

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Market Dynamics of Collaborative Robot Market
Drivers: Collaborative robots to benefit businesses of all sizes
Small and medium-sized enterprises, especially in developed countries, are expected to quickly adopt collaborative robots market production processes. SMEs that are already using collaborative robots are seeing benefits in terms of general competitiveness, increased production, and enhanced product quality. For instance, Betacom Limited (New Zealand), a small manufacturer of lighting solutions for roads, areas, and tunnels, uses the UR10 collaborative robot from Universal Robots A/S (Denmark) to assemble LED lenses into the circuit board.

The robot can accurately place the LED lenses for the best spread of light, the company is able to take on high-volume jobs and enhance overall product quality. Similarly, V-ZUG Ltd (Switzerland), a manufacturer of household devices, uses the CR-7iA/L collaborative robot from FANUC Corporation (Japan) to improve the assembly and testing of control panels for electric cookers. Such small and mid-sized manufacturers also need adjustable automation solutions that can adapt to changing requirements.

Collaborative robots can be quickly moved and reprogrammed as they are lightweight and easy to program. Unlike traditional industrial robots, they do not require any extra space to operate as they are not required to be caged, thus utilizing floor space more efficiently. With growing labor shortages and rising wages, collaborative robots are enabling SMEs to compete with other large manufacturers while also remaining cost competitive. Employees are now given the opportunity to handle more intricate duties, leading to better employee satisfaction.

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Today, due to the pandemic, the use of robots for disinfection applications has risen significantly. Since the virus is highly infectious, patient rooms must be sanitized to prevent infection from spreading to other patients and hospital staff. From disinfecting rooms, delivering medication to measuring vital signs, these robots are proving to be highly efficient. Equipped with a sophisticated vision system, these robots can measure skin temperature, breathing rate, pulse rate, and blood oxygen to help detect the infection in time.

The growth of collaborative robots has also given rise to increased interconnectivity between collaborative robots. Multiple robots working on a particular task are communicating with each other for sequencing and are also being connected to a centralized database to provide information on efficiency and downtime.

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Some of the key companies in the collaborative robot market include Universal Robots A/S (Denmark), FANUC Corporation (Japan), ABB (Switzerland), Techman Robot Inc (Taiwan), KUKA AG (Germany), Doosan Robotics Inc. (South Korea), Denso Corporation (Japan), Yaskawa Electric Corporation (Japan), AUBO (Beijing) Robotics Technology Co., Ltd (China), and Rethink Robotics GmbH (US), Omron Adept Technologies, Inc. (US), Franka Emika GmbH (Germany), etc.

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This release was published on openPR.