Collaborative Robots Market is Forecasted to Reach US$ 11.68 billion in 2029, Says Stratview Research

The global collaborative robots market is projected to witness a growth rate of 39.6% annually from 2023 to 2029, with an anticipated size of US$ 11.68 billion by 2029, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global collaborative robots market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2029: US$ 11.68 billion
Growth (CAGR): 39.6% during 2023-2029
Forecast Period: 2023-2029
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Collaborative Robots Market:
The global collaborative robots market is segmented based on component type, application type, payload type, industry type, and region.
Based on component type - The largest share of the hardware market for collaborative robots in 2022 was held by the robotic arm segment. This segment is also projected to have the highest compound annual growth rate (CAGR) during the forecast period. The robotic arm is one of the most expensive hardware components in a collaborative robot and designing it can be complex and time-consuming. It must be built in accordance with the ISO/TS 15066 standard and certified accordingly.
Compared to traditional industrial robots, collaborative robots have a curved arm to ensure safety during human contact. The arm also needs to house drives, motors, and sensors while providing maximum resistance to dust and water, which can be a significant challenge. Consequently, due to its higher overall cost compared to other hardware components, the robotic arm is expected to dominate the collaborative robot market analysis in terms of value during the forecast period.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/3295/collaborative-robots-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

By 2029, Asia Pacific is expected to hold the largest share of collaborative robots, both in terms of value and volume. The aging population in China and Japan has led to an increase in labor costs, driving the adoption of collaborative robots for automation in various industries.
Additionally, the Asia Pacific region is home to several prominent players in the collaborative robot market space, including FANUC Corporation (Japan), Yaskawa Electric Corporation (Japan), Denso Corporation (Japan), and Techman Robot, Inc. (Thailand), which is expected to boost the market further in this region.

Collaborative Robots Market Drivers:

Some of the key drivers listed in the report are given below.
- Cobots assist in repetitive tasks, reducing strain on human workers and boosting productivity.
- Affordable pricing and flexibility make cobots an attractive option for small and medium-sized enterprises.
- Cobots are designed to work safely alongside humans, meeting strict safety standards.
- Cobots are finding applications in sectors like healthcare, manufacturing, and logistics, driving market growth.

Top Companies in the Collaborative Robots Market:
Stratview Research has identified the following companies as the top market players.
• Universal Robots A/S (Denmark)
• FANUC Corporation (Japan)
• Techman Robot Inc (Taiwan)
• KUKA AG (Germany)
• ABB (Switzerland)
• Doosan Robotics Inc. (South Korea)
• Denso Corporation (Japan)
• Yaskawa Electric Corporation (Japan)
• AUBO (Beijing)
• Rethink Robotics GmbH (US)
• Robotics Technology Co., Ltd (China)
• Omron Adept Technologies, Inc. (US)

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the collaborative robots market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the Market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.