Collaborative Robots Market: Comprehensive study explores Huge Growth in Future

PLANTATION, Fla. - Aug. 23, 2021 - PRLog -- The increasing return on investment and the declining cost of collaborative robots followed by rapid technological advancement is majorly driving the collaborative robot market.

The Global Collaborative Robot Market (https://www.alltheresearch.com/report/298/global-collaborative-robot-market-segment-analysis-opportunity-assessment-competitive-intelligence-industry-outlook-2016-2026) is an emerging market in the Semiconductor & Electronics sector at present years. The report covers the present and past market scenarios, market development patterns, and is likely to proceed with a continuing development over the forecast period. The Global Collaborative Robot Market research report offers an in-depth analysis of the global market, providing relevant information for the new market entrants or well-established players. Some of the key strategies employed by leading key players operating in the market and their impact analysis have been included in this research report.

Collaborative Robot Market is expected to reach USD 11,684.8 million by 2027, registering a CAGR of 41.8%, during 2021-2027.

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The increasing affordability and improved ease in the programming of collaborative robots or Cobots are the prominent factors accelerating the growth of the global collaborative robot market. Collaborative robots perform several functions such as welding and soldering, dispensing, assembling & disassembling, processing, inspection, and quality testing, and many more. This has provided many organizations an opportunity to improve their productivity and efficiency as these repetitive functions can be easily performed by robots. However, this leads to the increasing deployment of collaborative robots in industries of all verticals from manufacturing to healthcare. For instance, in November 2019, Tomenson Machine Works adopted UR3 cobots by Universal Robots to achieve automation in its pin stamping application. The cobot-powered solution delivered helped in a 40% reduction in misloads and increased the company's profitability by providing ROI within 6-7 months.

Some of the leading competitors functioning in this market are:

ABB Group, DENSO Robotics, EPSON Robots, Energid Technologies Corporation, F&P Robotics AG, Fanuc Corporation, KUKA AG, MRK-Systeme GmbH, Precise Automation, Inc., Rethink Robotics, Inc., Robert Bosch GmbH, Universal Robots A/S, Yaskawa Electric Corporation, MABI AG, Techman Robot by Quanta Storage, Inc., Franka Emika GmbH, AUBO Robotics Inc., Comau S.p.A., among others.

Key Findings:

• Based on Application, the solution segment has shown lucrative growth in the Collaborative Robot Market in 2020 and is expected to exhibit similar trends during the forecast period.
• Based on End-Use Vertical, the automotive segment has dominated the global collaborative robot market and is expected to hold a large share in the forecast period.
• Based on region, North America dominated the collaborative robot market in 2020 and is expected to show similar trends in the forecast period.