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Collaborative Robot Market worth $6.8 billion by 2029 - Exclusive Report by MarketsandMarkets™CHICAGO, July 18, 2023 /PRNewswire/ -- The collaborative robot market is projected to grow from USD 1.2 billion in 2023 to reach USD 6.8 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 34.3% from 2023 to 2029 according to a new report by MarketsandMarkets™. The growth of the collaborative robot market is driven by a high return on investment compared to traditional industrial robotic systems and increased demand in e-commerce and logistics industries.  Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=194541294 Browse in-depth TOC on "Collaborative Robot Market" 200 – Tables Collaborative Robot Market Report Scope:
The cobots with up to 5 kg payloads segment held the larger market share in 2022 and are expected to exhibit higher growth during the forecast period. First-time users prefer cost-effective payload capacity cobots, which take up less space than robots with higher payload capacity. These cobots are often already fitted with grippers, reducing the hassle of integration and programming for the end user. Another benefit of these cobots is that they are easily re-deployable and take up minimal space compared to higher payload cobots. By component, the software segment is projected to exhibit higher CAGR for the collaborative robot market during the forecast period. The software segment held the largest share of the collaborative robot market in 2022 and is estimated to grow at the highest CAGR during the forecast period. Many collaborative robot manufacturers are now investing in the development of intuitive programming software and application-specific software. For instance, Universal Robots A/S (Denmark) offers the URCaps programming environment for its collaborative robots, and Techman Robot Inc. (Taiwan) provides the TM Palletizing Operator and TM Manager Software. Low-cost cobot manufacturer Franka Emika GmbH (Germany) offers various software packages through their Franka World online platform. The Sawyer robots from Rethink Robotics (US) are equipped with the company's proprietary software suite, Intera. Third-party software companies are also developing software packages and application-specific plug-ins for collaborative robots. Application-specific software is expected to be vital in facilitating the easier and faster deployment of cobots for the first time and existing users. Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=194541294 Europe is expected to hold the significant share in the collaborative robot market by 2029. The European region is expected to hold the second-largest share of the collaborative robot industry during the forecast period. Europe is one of the most significant contributors to the collaborative robot market due to the presence of collaborative robot providers, including KUKA (Germany), Universal Robots (Denmark) ABB (Switzerland), and Franka Emika GmbH (Germany). KUKA AG was one of the first manufacturers to offer cobots, while Universal Robots has been the market leader for cobots for several years. The growth of the automotive, healthcare, and electronics industries in Europe will lead to the growth of the collaborative robot (cobot) market in the region. Recently, Europe signed free trade agreements with South Korea and Singapore. This increase in industrialization is expected to boost the demand for collaborative robots. The report profiles key players in the collaborative robot companies with their respective market ranking analysis. Prominent players profiled in this report include Universal Robots A/S (Denmark), FANUC Corporation (Japan), ABB (Switzerland), Techman Robot Inc (Taiwan), KUKA AG (Germany), Doosan Robotics Inc. (South Korea), Denso Corporation (Japan), Yaskawa Electric Corporation (Japan), AUBO (Beijing) Robotics Technology Co., Ltd (China), and Rethink Robotics GmbH (US). Other players include Omron Adept Technologies, Inc. (US). Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=194541294 Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting Related Reports: Industrial Robotics Market by Type (Traditional, Collaborative Robots), Component, Payload, Application (Handling, Processing), Industry (Automotive, Food & Beverages) and Region (North America, Europe, APAC, RoW) - Global Forecast to 2027 Robot End Effector Market by Type (Grippers, Welding Guns, Tool Changer, Clamps, Suction Cups, Deburring, Soldering, Milling, & Painting Tools), Robot Type (Traditional, Collaborative), Application, Industry & Region - Forecast to 2028 Top Robotics Market with COVID-19 Impact Analysis by Top Industrial Robotics (Articulated, SCARA, Cartesian, Parallel, Collaborative), Top Service Robotics (Logistics, Domestic, Medical, Defense, Rescue, and Security) - Global Forecast to 2025 Artificial Intelligence Robots Market by Robot Type (Service, and Industrial), Technology (Machine Learning, Computer Vision, Context Awareness, and NPL), Offering, Application, and Geography, 2026 Service Robotics Market by Environment (Aerial, Ground, Marine), Type (Professional, Personal & Domestic), Component, Application (Logistics, Inspection & Maintenance, Public Relations, Education) and Region - Global Forecast to 2028 About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. 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