Collaborative Robot (Cobot) Market is estimated to be US$ 23118.09 million by 2030 with a CAGR of 42.5% during the forecast period

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Published Date: May 2023

A Collaborative Robot (Cobot) Market is called as a cobot, is a robot that is able to learn multiple tasks so it can help human beings. These machines focus more on repetition tasks, such as screening and selection, to help workers focus more on tasks that require problem-solving skills.

Increasing demand for automation in various industries such as healthcare, automotive, food & beverage, metal & machining, plastic & polymer retail, and others is expected to drive the growth of the collaborative robot (cobot) market. As such, these robots or cobots are used in companies to automate product assembling, packaging, labeling, pumping, welding, painting, spraying, material handling and other processes. For instance, cobots are used in the food and beverage industry to fill large quantities of food packages in minutes.

The report " Collaborative Robot (Cobot) Market, By Payload Capacity (Up To 5 Kg, Between 5 And 10 Kg, and Above 10 Kg), By Component (Hardware, Robotic Arm, End Effector or End of Arm Tool (EOAT), Drive and Others), By Application (Handling, Pick and Place, Material Handling, Packaging and Palletizing, Machine Tending and Others), By Industry (Automotive, Electronics, Metals and Machining, Plastics and Polymers, Food & Beverages, Furniture and Equipment, Healthcare, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030’’

Key Highlights:

In August 2022, Nanyang Technological University, Singapore (NTU Singapore) launched the Center for Advanced Robotics Technology Innovation (CARTIN) to develop cheap, safe and user-friendly robotics technologies that will revitalize and reimagine various sectors in Singapore.
In August 2022, Elephant Robotics is committed to R&D, manufacturing and building collaborative robots. In order to meet the expectations of users in more than 50 countries around the world and let everyone enjoy the world of robots, Elephant Robotics continues to advance in product R&D capabilities and manufacturing capabilities.

Analyst View:

Collaborative robots (Cobot) which function mostly independently and without supervision, collaborative robots are designed and create to respond to human commands and actions. To ensure safe behavior, cobots are typically made to be lightweight and fitted with sensors. Automation helps in increasing productivity, improving quality and reducing errors. Rising demand for automation has rapidly increased the adoption of robots in various industries. As, the growing demand for automation in industries and smart factories would drive the market growth.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Collaborative Robot (Cobot) Market, By Payload Capacity (Up To 5 Kg, Between 5 And 10 Kg, and Above 10 Kg), By Component (Hardware, Robotic Arm, End Effector or End of Arm Tool (EOAT), Drive and Others), By Application (Handling, Pick and Place, Material Handling, Packaging and Palletizing, Machine Tending and Others), By Industry (Automotive, Electronics, Metals and Machining, Plastics and Polymers, Food & Beverages, Furniture and Equipment, Healthcare, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030 “

Key Market Insights from the report:

Collaborative Robot (Cobot) Market accounted for US$ 979.6 million in 2020 and is estimated to be US$ 23118.09 million by 2030 and is anticipated to register a CAGR of 42.5%.
The Collaborative Robot (Cobot) Market is segmented based on Payload Capacity, Component, Application, Industry and Region.
Based on Payload Capacity, Collaborative Robot (Cobot) Market is segmented into Up To 5 Kg, Between 5 and 10 Kg, and Above 10 Kg.
Based on Component, Collaborative Robot (Cobot) Market is segmented into Hardware, Robotic Arm, End Effector or End of Arm Tool (EOAT), Drive and Others.
Based on Application, Collaborative Robot (Cobot) Market is segmented into Handling, Pick and Place, Material Handling, Packaging and Palletizing, Machine Tending and Others.
Based on Industry, Collaborative Robot (Cobot) Market is segmented in to Automotive, Electronics, Metals and Machining, Plastics and Polymers, Food & Beverages, Furniture and Equipment, Healthcare, and Others.
By Region, the Collaborative Robot (Cobot) Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Collaborative Robot (Cobot) Market:

The prominent players operating in the Collaborative Robot (Cobot) Market include Universal Robots A/S, Rethink Robotics, ABB, KUKA AG, FANUC Corporation, YASKAWA Electric Corporation, MRK-System GmbH, Precise Automation, Inc., F&P Robotics AG, and Franka Emika GmbH.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period