The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Rising labour costs are likely to stimulate innovation in the manufacture of collaborative robots, boosting the market during the forecast period.

The global collaborative robots market is expected to grow from $1.99 billion in 2022 to $2.58 billion in 2023 at a compound annual growth rate (CAGR) of 29.3%. The global collaborative robots market size is expected to reach $7.11 billion in 2027 at a CAGR of 28.9%.

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Global Collaborative Robots Market Segments Include:

• By Component: Hardware, Software
• By Payload Capacity: Up to 5kg, Up to 10kg, Above 10kg
• By Application: Assembly, Pick And Place, Handling, Packaging, Quality Testing, Gluing And Welding, Other Applications
• By Vertical: Automotive, Food And Beverage, Furniture, Plastic And Polymers, Metal And Machinery, Electronics, Pharmaceuticals, Other Verticals
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global collaborative robots market in 2021.

Major Market Players in the collaborative robots market include ABB Group, DENSO Robotics, Fanuc Corporation, KUKA AG, Precise Automation Inc., Rethink Robotics Inc., Robert Bosch GmbH, Universal Robots A/S, Yaskawa Electric Corporation.

Product innovation is a crucial trend that is gaining traction in the collaborative robot market. To enhance their position in the collaborative robot market, major corporations are focusing on developing innovative technological solutions. For example, ABB Group, a Swiss-based technology business specialising in electrification and automation, will launch two new-generation cobots, GoFa and SWIFTI, in February 2021. It is constructed in such a way that users can programme and re-program the new robots while using a tablet or smartphone. They are designed with on-call and online support specialists to assist with use and configuration, as well as higher payloads and speeds to open industries with low degrees of automation. They are expected to help organisations expedite automation by enabling them to operate within minutes of installation, right out of the box.

The Collaborative Robots Global Market Report 2023  provides a collaborative robots market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The collaborative robots market forecast analyzes collaborative robots market size, collaborative robots market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Collaborative robots are robotic automation that is designed to function safely and support human workers in a collaborative workspace. In an industrial setting, these robots are utilised to accomplish monotonous jobs and collaborate with workers.

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