Collaborative Robot Market Sees Exponential Revenue Surge, Predicted To Hit $27.4 Billion By 2032, With 36.3% CAGR


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Collaborative Robot Market

Collaborative Robot Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

There is rising demand for automation in various industries such as manufacturing, logistics, healthcare, and agriculture to enhance productivity, efficiency, and safety.” - David Correa

WILMINGTON, DELAWARE, UNITED STATES, April 2, 2024 /EINPresswire / -- Collaborative Robot Market Size, Share, Competitive Landscape and Trend Analysis Report by Component, by Application, by End-user, by Payload Capacity: Global Opportunity Analysis and Industry Forecast, 2023-2032

The global collaborative robot market was valued at $1.4 billion in 2022, and is projected to reach $27.4 billion by 2032, growing at a CAGR of 36.3% from 2023 to 2032.

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The emphasis on worker safety and compliance with stringent safety standards has driven the adoption of collaborative robots in various industries. Collaborative robots are engineered to prioritize worker safety. They are equipped with sensors and technologies that can detect the presence of people nearby, ensuring that they can slow down or stop their movements to prevent accidents or collisions. Force and torque sensors allow cobots to sense external forces, enabling them to quickly respond to any sudden contact with human beings and avoid causing harm. Moreover, regular industrial robots often require safety barriers to protect human workers from potential hazards. Collaborative robots, on the contrary, are designed to operate without the need for extensive safety barriers. Their advanced safety features, such as built-in collision detection and force issue capabilities, allow them to operate safely in shared workspaces with humans. The emphasis on worker security and compliance with safety standards is anticipated to drive the collaborative robot market growth in the coming years.

However, some regulatory and legal considerations can pose restraints on the cobot market. Moreover, cobots need to comply with safety standards to ensure the well-being of human workers who interact with them. As cobots become more prevalent, regulators may introduce or update safety standards to address emerging concerns. Adhering to these standards can be challenging for companies, as it may require modifications to existing cobot designs or implementing additional safety measures. Furthermore, companies utilizing cobots must conduct thorough risk assessments to identify potential hazards and implement appropriate safeguards. This process can be time-consuming and resource-intensive, particularly in industries with complex work environments. Adhering to regulatory requirements for risk assessments may slow down the deployment of cobots and add extra costs for companies. All these are major factors projected to hamper the collaborative robot market revenue growth in the upcoming years.

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Competitive Analysis:
The collaborative robot industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players of the collaborative robot market include,
● Fanuc Corporation,
● Denso Corporation,
● Techman Robot Inc.,
● Omron Adept Technologies Inc.,
● Doosan Robotics,
● Epson Robors,
● Robert Bosch GmbH,
● F&P Robotics AG

Impact of COVID-19 on the Global Collaborative Robot Industry:

The COVID-19 pandemic has had both positive and negative impacts on the collaborative robot market opportunity. The pandemic highlighted the need for automation in various industries, including manufacturing, logistics, and healthcare. The cobot market relies on global supply chains for various components and parts. The pandemic disrupted these supply chains, leading to delays in manufacturing and delivery of cobots. This has affected the availability and deployment of cobots in some cases.

Various industries faced labor shortages due to travel restrictions, quarantines, and social distancing measures. Cobots helped to fill the gaps by taking over tasks that would typically be performed by human workers, thereby ensuring continuity in production processes. The global economic downturn caused by the pandemic impacted businesses' financial capabilities, leading to budget constraints and reduced investment in automation technologies, including cobots. Some companies postponed or canceled their plans to implement cobot systems due to financial uncertainties.

Research Methodology:
The research uses both primary and secondary research to assemble data on the various facets of the international security screening market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.

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Key Benefits for Stakeholders:

● The report provides exclusive and comprehensive analysis of the global collaborative robot market trends along with the collaborative robot market forecast.
● The report elucidates the collaborative robot market opportunity along with key drivers, and restraints of the market. It is a compilation of detailed information, inputs from industry participants and industry experts across the value chain, and quantitative and qualitative assessment by industry analysts.
● Porter's five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the collaborative robot market for strategy building.
● The report entailing the collaborative robot market analysis maps the qualitative sway of various industry factors on market segments as well as geographies.
● The data in this report aims on market dynamics, trends, and developments affecting the collaborative robot market growth.

About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Market Research
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