Rising Labor Costs Fueling Growth In Collaborative Robots Market: An Emerging Driver Transforming The Collaborative Robots Market Landscape

The Collaborative Robots Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Collaborative Robots Market?
The market size for collaborative robots has seen an exponential surge in the past few years. It is projected to escalate from $3.28 billion in 2024, soaring to $4.23 billion in the following year, with a compound annual growth rate (CAGR) of 28.9%. Factors contributing to this growth during the historical period include robust economic development in emerging markets, escalating labor costs, expansion in the industrial sector, and increasing demand for automation.

In the coming years, the market size of collaborative robots is anticipated to witness skyrocketing growth. The market is projected to expand to a size of $12.31 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 30.6%. The impressive expansion during the forecast period can be attributed to factors such as the burgeoning automotive industry, the surge in e-commerce and logistics, and increased urbanization. Additionally, several trends are anticipated during this period, including the amalgamation of collaborative robots with cutting-edge technologies, product enhancements, emphasis on fresh product roll-outs, strategic alliances, collaborations, and surging investments.

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What Are the Different Collaborative Robots Market Segments?
The collaborative robots market covered in this report is segmented -

1) By Component: Hardware, Software
2) By Payload Capacity: Up To 5kg, Up To 10kg, Above 10kg
3) By Application: Assembly, Pick And Place, Handling, Packaging, Quality Testing, Gluing And Welding, Other Applications
4) By Vertical: Automotive, Food And Beverage, Furniture, Plastic And Polymers, Metal And Machinery, Electronics, Pharmaceuticals, Other Verticals

Subsegments:
1) By Hardware: Robot Arms, End Effectors, Sensors, Controllers, Safety Systems
2) By Software: Robot Programming Software, Monitoring And Analytics Software, Integration Software, User Interfaces

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What Are the Primary Drivers Shaping the Collaborative Robots Market?
The collaborative robots market is anticipated to expand due to escalating labor costs. Labor costs embody the total amount a business needs to allocate towards an employee's wages, benefits, along with any related payroll taxes and benefits. These costs are of paramount importance when calculating a company's direct and indirect labor expenses from an accounting and finance perspective. The surge in labor costs will consequently stimulate the demand for collaborative robots, leading to reduced labor costs and a resolution for the pressing labor shortages. As per data from Eurostat, a statistical organization based in Luxembourg that serves the European Union, there was a 4.7% raise in hourly labor costs in the euro zone and a 5.2% increase in the EU in Q2 2024, compared to the respective period in the preceding year. Hence, these soaring labor costs are fuelling the growth of the collaborative robots market.

Which Companies Are Leading in the Collaborative Robots Market?
Major companies operating in the collaborative robots market include Teradyne, Fanuc Corporation, KUKA AG, Denso Corporation, ABB Group,Mitsubishi Electric, Yaskawa Electric Corporation, Doosan, Kawasaki Heavy Industries, Omron Corporation, HASCO, AUBO, Jaka Robotics, United Robotics Group GmbH, Melior Motion GmbH, Kassow Robots ApS, Schaeffler Technologies AG & Co. KG, Universal Robots, OnRobot, Kinova, CodeNinja, Apollo Solutions Dev, ViaObjects, VR4, Consensus group, ITPS ONE, Optimusrobo FZCO, Unique World Robotics, Seed Robotics, Neo Robotics, GLITZ Robotics, Cobots, Zipline, TIRA ROBOTS, Ryonic Robotics, Arone

What Are the Major Trends Shaping the Collaborative Robots Market?
One significant trend emerging in the collaborative robot market is product innovation. Major players in this market are concentrating on producing new technological solutions to solidify their standing. For example, Dobot, a robotics company based in China, debuted its CRL collaborative robot in June 2022. This robot is noteworthy for its sizable reach of 1700 mm, making it ideal for tasks that require enhanced access in compact areas. Its strength lies in its proficiency in tasks like loading and unloading, sorting, and checking minor components, making it a great fit for the consumer electronics and semiconductor industries. The Cr3L, part of the Dobot Cr series, is offered in numerous models, each having varying payload capacities that span from 3kg to 16kg. This makes it adaptable to a broad spectrum of industrial uses, from automotive to food processing, garment production, and the chemical industries.

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What Are the Top Revenue-Generating Geographies in the Collaborative Robots Market?
Asia-Pacific was the largest region in the collaborative robots market in 2024. The regions covered in the collaborative robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Collaborative Robots Market?
2. What is the CAGR expected in the Collaborative Robots Market?
3. What Are the Key Innovations Transforming the Collaborative Robots Industry?
4. Which Region Is Leading the Collaborative Robots Market?

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