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Collaborative Robot Market Is Driven By Automation And Robotics Across Industries To Improve Productivity
The collaborative robot market or cobot market involves robotics applications that assist human operators in performing tasks with a high degree of precision and productivity. Cobots are equipped with sensors, machine vision systems and other safety features that allow them to work collaboratively with humans without the need for safety cages or barriers. They are popular for operations that require repetitive movements, lifting heavy objects and tasks that involve working in hazardous environments. Key applications for cobots include material handling, assembly, quality testing, packaging and labelling. Industries such as automotive, electronics, food & beverages and healthcare extensively utilize cobots to enhance output by reducing human error and improving ergonomics.
The Global Collaborative Robot Market is estimated to be valued at US$ 1332.59 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Collaborative Robot Market Growth are Cardinal Health, Inc., Stryker Corporation, Karl Storz GmbH & Co. Kg, Zimmer Biomet Holdings, Inc., Baxter International Inc., Becton, Dickinson and Company, Angiodynamics, Inc., Hologic, Inc., Ecolab Inc., Olympus Corporation, Medtronic PLC, Fresenius Medical Care AG & Co. KGaA, B. Braun Melsungen AG, Johnson & Johnson, and Smiths Group PLC.
The growing demand for automation across industries especially in material handling, assembly and packaging has driven the need for collaborative robots. Cobots enhance productivity and quality by reducing reliance on human labor for repetitive tasks and improving ergonomics.
Major cobots manufacturers are focusing on global expansion into new regions to capitalize on the increased demand. Companies are investing in developing flexible cobots that can seamlessly integrate with existing infrastructure and are capable of handling a variety of tasks. In the coming years, Asia Pacific and Latin America are expected to emerge as key markets for collaborative robots.
Market drivers
One of the major drivers for the collaborative robot market is the increased focus on automation across industries to improve productivity. Cobots enable companies to augment human capabilities for tasks such as picking and placing, quality checking, assembly etc. thereby freeing human workers for more value-added operations. The ease of programming cobots combined with their flexible design allows industries to deploy them across various tasks with minimum reconfiguration. Their symbiotic work relationship with humans in the flexible manufacturing environment provides enhanced competitive advantage. Rising labor costs especially in developed markets also motivates industries to invest in collaborative robots. With advancements in safety features and intuitive interfaces, cobots are witnessing wider acceptance across multiple industries globally.
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