Meticulous Research® Projects Collaborative Robots Market to Reach $2.9 Billion by 2031

 

Meticulous Research®, a renowned global market research firm, has announced the release of its latest report titled, "Collaborative Robots Market by Type, Component (Hardware, Software), Payload, Application (Material Handling, Welding & Soldering, Assembling and Disassembling), and End-use Industry (Oil & Gas, Automotive, Food & Beverage, Others) - Global Forecast to 2031." The report reveals that the collaborative robots market is projected to reach $2.9 billion by 2031, with a robust compound annual growth rate (CAGR) of 8.7% throughout the forecast period.

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Key Drivers and Opportunities:

The growth of the collaborative robots market is propelled by several factors, including significant advancements in human-machine interfaces, supportive government initiatives promoting industrial automation, and the increasing affordability and ease of programming these robots. Additionally, the rising demand for collaborative robots within the e-commerce and logistics sectors, coupled with a broader array of non-manufacturing applications and declining robot prices, are expected to further stimulate market expansion.

Challenges and Trends:

Despite these positive trends, the market faces challenges such as inadequate training and skill shortages, slower cycle times, and issues related to dexterity and safety. Nevertheless, ongoing advancements in artificial intelligence and Industry 4.0, along with the integration of vision systems in collaborative robots, are anticipated to drive future market trends.

Market Segmentation Insights:

  • By Type: The market is segmented into power and force limiting collaborative robots, safety monitored stop collaborative robots, speed and separation collaborative robots, and hand guiding collaborative robots. In 2024, the speed and separation collaborative robots segment is projected to dominate, attributed to its advanced vision systems and safety features that enhance operator protection.
  • By Component: The market comprises hardware and software segments. The hardware segment, including robotic arms, end of arm tooling (EOAT) devices, drives, controllers, and sensors, is expected to lead the market with a share exceeding 62% in 2024. This dominance is driven by growing application demands and advancements in hardware components that enhance performance and flexibility.
  • By Payload: Segments include up to 5 Kg payload, 5 Kg to 10 Kg payload, and more than 10 Kg payload. The 5 Kg to 10 Kg payload segment is projected to capture the largest share in 2024, owing to its versatility and safety features suited for medium-duty applications.
  • By Application: Segments encompass material handling, welding & soldering, assembling and disassembling, and more. Material handling is expected to command the largest share, driven by its efficiency, speed, accuracy, and low maintenance requirements.
  • By End-use Industry: This includes automotive and transportation, electrical & electronics, and more. The automotive sector is forecasted to hold the largest share in 2024 due to the cost-effectiveness and efficiency benefits collaborative robots offer in automotive production.
  • By Geography: The Asia-Pacific region is projected to dominate with over 54% market share in 2024, driven by its extensive manufacturing base and increasing automation needs across various industries.

Key Players:

Leading companies in the collaborative robots market include Universal Robots A/S (Denmark), Rethink Robots GmbH (Germany), ABB Ltd (Switzerland), Fanuc Corporation (Japan), KUKA AG (Germany), Yaskawa Electric Corporation (Japan), Kawasaki Heavy Industries, Ltd. (Japan), and others. These players are at the forefront of driving innovation and market growth.

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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Contact Sales- +1-646-781-8004
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