Collaborative Robot Market is Slated to Expand at a Stellar 12.20% CAGR through 2031 Owing to Shrinking Skilled Workforce Availability

Collaborative Robot Market Size, Share, Growth Analysis, By Payload(5 kg, 5-10 kg, 10-25 kg, more than 25 kg), By Application(Handling (pick-and-place, material handling, packaging & palletizing, machine tending)), By End-user(Automotive, electronics & semiconductors, metals & machining, plastics & polymers), By Component(Hardware, software), By Region - Industry Forecast 2024-2031
Collaborative Robots Market [https://www.skyquestt.com/report/collaborative-robot-market] size was valued at USD 815.40 million in 2022 and is poised to grow from USD 914.88 million in 2023 to USD 2297.77 million by 2031, growing at a CAGR of 12.20% during the forecast period (2024-2031).

The growing need for better human and machine interaction has led to the inception of collaborative robots. These robots are safe to be deployed and used alongside humans in different environments without causing any harm to them. The rising acceptance of robots in the human world is a key factor that is projected to boost the demand for collaborative robots.

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Emphasis on optimization of the safety of robots to make them safe for use in human environments is crucially driving market growth. Increasing use of artificial intelligence and machine learning to make robots smarter and more aware of their surrounding is also propelling collaborative robot market development. Robotics technology advancements are also crucially shaping the development and sales of collaborative robots. High demand for automation and the dearth of skilled workforce are also opportunities that could help collaborative robot companies make a fortune in the future. Increasing urbanization is also forecasted to alter the global collaborative robot demand outlook in the future.

Development of Innovative New Collaborative Robots with Advanced Capabilities Will be the Focus of Market Players

Collaborative robot manufacturers should focus on improving the safety and efficiency of their products to boost sales. Established companies in the market are launching new initiatives to help start-ups innovate and create novel collaborative robots. Emphasis on AI integration to promote autonomy in collaborative robots will be a key trend for upcoming as well as leading market players going forward. Raising new capital to develop smart collaborative robots is also a common trend among start-ups and new companies to help them stay competitive with established companies.

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* At the Hannover Messe 2024 event, Delta, a leading power management solutions provider, launched a portfolio of industrial collaborative robots back in April 2024. D-Bot series of collaborative robots are integrated with 24-bit encoders to ensure high precision in applications such as welding, pick & place, palletizing, etc.
* OMRON, a top name in the industrial automation business, announced the launch of a new collaborative robot for the Indian market in August 2023. OMRON TM20 is capable of handling machine tending, material handling, and palletizing operations with a payload of up to 20 kg.
* In July 2023, a San Francisco-based start-up focusing on improving robot interaction called Collaborative Robotics, revealed that it had raised USD 30 million in a Series A financing round led by Sequoia Capital. The freshly raised capital was intended to scale the company's operations and boost the manufacturing of its novel cobots.
* In a bid to stay ahead of the competition, a Danish manufacturer of collaborative robots known as Universal Robots added a new cobot to its product portfolio back in November 2023. The UR30 features a 30 kg payload capacity with a better motion control to allow it to work at fast paces.

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Collaborative robot companies need to keep innovating and target the integration of advanced technologies to stay competitive in this market. New companies need to invest heavily in product development that could help them stand out from the fierce competition. High investments in adoption of Industry 4.0 trends and automation are slated to primarily drive the overall market growth across the forecast period and beyond.

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Robotics Market [https://www.skyquestt.com/report/robotics-market]

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