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
LONDON, July 20, 2023 /PRNewswire/ -- As per The Business Research Company's Collaborative Robots Global Market Report 2023, the global collaborative robots market size is expected to grow from $1.9 billion in 2022 to $2.5 billion in 2023 at a compound annual growth rate (CAGR) of more than 29%. The global collaborative robots market size is then expected to reach $7.1 billion in 2027 at a CAGR of more than 28%. Going forward, growth in the automotive industry, rise in e-commerce and logistics and rising urbanization will drive the collaborative robots market growth.
Major players in the collaborative robots market are ABB Group, DENSO Robotics, Fanuc Corporation, KUKA AG, Precise Automation Inc., Rethink Robotics Inc., Robert Bosch GmbH, Universal Robots A/S, Yaskawa Electric Corporation, Techman Robot Inc., AUBO Robotics Technology Co Ltd., K2 Kinetics, MABI Robotic AG, Franks Emika Gmbh, F&P Robotics AG, NEURA Robotics GmbH, and Stäubli International AG.
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The integration of collaborative robots with advanced technologies is emerging as a potential trend in the market. Collaborative robots are being integrated with advanced technologies like artificial intelligence (AI), machine learning, computer vision and the Internet of Things (IoT). These technologies enhance the capabilities of cobots, enabling them to perform more complex tasks, adapt to dynamic environments and interact intelligently with humans and other machines. Companies operating in the collaborative robots market are focusing on the development of artificial intelligence-powered products. For example, in November 2022, Techman Robot, a China-based collaborative robots and vision technologies company, introduced its TM AI Cobot series. AI Cobot is a collaborative robot combining a precise robot arm with a native artificial intelligence inferencing engine and smart vision system, for deployment in factories to accelerate the transition to Industry 4.0. The TM AI Cobot can execute quick and accurate pick and place, palletizing, welding, semi-conductor and product manufacturing and food service preparation, by merging visual processing with the robot arm.
Companies operating in the collaborative robots market are focusing on strategic partnerships and collaborations to leverage each other's resources and expand in the market. For example, in February 2023, Rapid Robotics, a US-based manufacturer of robotic solutions, entered into a partnership with Universal Robots, a Denmark-based manufacturer of smaller, flexible industrial collaborative robots. Through this partnership, Rapid Robotics and Universal Robots aim to accelerate cobot deployments in new ways.
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The global collaborative robots market 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
According to collaborative robots market analysis, the top opportunities in the collaborative robots market segmented by component will arise in the hardware segment, which will gain $3.5 billion of global annual sales by 2027.
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