US & Canada, Dec. 10, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, “Collaborative Robot Market Size and Forecast to 2031, Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Payload, Application, Type, End-User Industry, Functionality, and Geography”, the global collaborative robot market is observing significant growth owing to rapid expansion in manufacturing industry and government support for the development and deployment of robotics.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the collaborative robot is applicable in a vast array of industry verticals that are expected to register strength during the coming years.
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Market Overview and Growth Trajectory:
Collaborative Robot Market Growth: According to an exhaustive report by The Insight Partners, the Collaborative Robot Market is experiencing significant growth, driven by advancement in robotics industry and increasing deployment of 3D measurement sensors in autonomous mobile robots. The market, valued at $1.52 Billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 32.7% during 2023–2031.
Collaborative robots are a fragment of service robots used in material handling, manufacturing, and labs. Increasing demand in factories and particularly in the manufacturing sector, where humans and robots have already begun to work in harmony, is resulting in the growth of the collaborative robot market. The advent of collaborative robots has enabled a trustworthy working environment where humans can safely work alongside robots. Some key factors driving the market include government support for the development and deployment of robotics and rapid expansion in the manufacturing industry.
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Rapid Expansion in Manufacturing Industry: The global manufacturing industry is rapidly expanding as more and newer regions invest in manufacturing plants in their localities. This expansion is expected to embrace technological advancements to enhance plant productivity, maintain an edge with customers, and gain a competitive advantage. The expansion in the manufacturing industry is further driven by economic growth worldwide. Also, the industry is presently found to be in the middle of a technological renaissance, which is changing the outlook, systems, and processes of the modern factory. This technological revolution in the factories has been encouraging the manufacturing industries to further invest in these emerging technologies to enhance their productivity and production cycle. Thus, the rapid expansion in the manufacturing industry drives the demand for collaborative robots globally.
Widespread Adoption of Industrial Automation in Diverse Industries: The penetration of industrial automation is increasing in various industries other than automotive, such as logistics, food & beverages, electrical & electronics, rubber & plastics. In the recent past, the nonautomotive industries were underpenetrated compared to the automotive industry. With the increasing functionality of equipment such as collaborative robots, it is anticipated that the nonautomotive industries will further accelerate the adoption of collaborative robots. The penetration of industrial automation is also increasing among countries. Developed markets, including China, the US, and Japan, have high penetration; however, there is still a lot of opportunity for the industrial market to grow further, even in the developed markets. The prospective for further robot installations is remarkable in many of these countries, particularly in the automotive industry.
Geographical Insights: In 2023, Europe led the market with a substantial revenue share, followed by Asia Pacific and North America. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Collaborative Robot Market Segmentation, Applications, Geographical Insights:
- Based on payload, the market is segmented into 5-10 Kgs, up to 5 Kgs and above 10 Kgs. The 5-10 Kgs segment held the largest market share in 2023.
- Based on application, the market is categorized into assembly, pick and place, material handling, quality testing, machine tending, welding, packaging and others. The assembly segment held the largest market share in 2023.
- By type, the market is divided into robotic arm, welding guns, grippers and others. The robotic arm segment held a larger market share in 2023.
- By end-user industry, the market is segmented into automotive, electronics, metal and machinery, food and beverage, logistics, pharmaceuticals and others. The automotive segment dominated the market in 2023.
- By functionality, the market is divided into static robot and mobile robot. The static robot segment dominated the market in 2023.
- The Collaborative Robots market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Key Players and Competitive Landscape:
The Collaborative Robot Market is characterized by the presence of several major players, including:
- Kuka AG
- Yaskawa America Inc
- Aubo (Beijing) Robotics Technology Co Ltd
- Doosan Robotics Inc
- Fanuc Corp
- ABB Ltd
- Rethink Robotics GmbH
- Techman Robot Inc
- Kawasaki Heavy Industries Ltd
- Bosch Rexroth AG
- Teradyne Inc
- Denso Corp
- Comau SpA
- SIASUN Robot & Automation CO., Ltd
- Agile Robots SE
- Azenta, Inc.
- Svaya Robotics Pvt. Ltd.
- Productive Robotics, LLC
- ESTUN AUTOMATION CO., LTD.
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
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Collaborative Robot Market Recent Developments and Innovations:
- "Productive Robotics Unveils All-In-One Welding System at IMTS"
- "Estun launches new heavy-payload palletizing robots to enhance the competitiveness of the palletizing industry"
- "New OMRON TM S Series Collaborative Robots: Faster Joints and Expanded Safety Features"
- "Agile Robots and Franka Robotics present intelligent robotics solutions at KRoX2024"
Conclusion:
The governments of several nations worldwide are taking initiatives to support and promote the development and adoption of robotics in their respective countries. Such initiatives and measures taken by governments are expected to propel the market growth for industrial robotics globally, thereby bolstering the demand for collaborative robots as well.
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With projected growth to $14.67 Billion by 2031, the Collaborative Robot Market represents a significant opportunity for component providers, system technology integrator, system manufacturers, and end-users. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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