PMI Redefines Workplace Dynamics: Collaborative Robot (Cobot) Market Skyrockets to US$ 23118.09 million, Fueled by an Impressive CAGR of 42.5% – Ushering in the Era of Smart Manufacturing
Prophecy Market Insights latest research report on the Collaborative Robot (Cobot) Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Oct. 12, 2023 (GLOBE NEWSWIRE) — Prophecy Market Insights has published a New Research Report titled “Robot (Cobot) Market, By Payload Capacity (Up To 5 Kg, Between 5 And 10 Kg, and Above 10 Kg), By Component (Hardware, Robotic Arm, End Effector or End of Arm Tool (EOAT), Drive and Others), By Application (Handling, Pick and Place, Material Handling, Packaging and Palletizing, Machine Tending and Others), By Industry (Automotive, Electronics, Metals and Machining, Plastics and Polymers, Food & Beverages, Furniture and Equipment, Healthcare, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2030” in its research database.
“According to the latest research study, the demand of “Collaborative Robot (Cobot) Market accounted for US$ 979.6 million in 2020 and is estimated to be US$ 23118.09 million by 2030 and is anticipated to register a CAGR of 42.5%”
What is Collaborative Robot (Cobot)? How big is the Collaborative Robot (Cobot) Market?
Cobots are designed to collaborate with humans in some way either as an assistant in a task or process, or as a guide this helps to make automation easier than ever before for businesses of all sizes. Currently collaborative robots are used in a number of vertical industries, that’s include manufacturing, supply chain management and healthcare.
Growing adoption of collaborative robots in small and medium enterprises has become major factor in target market growth. Further, rising investment in cobots to interact with humans in automate manufacturing processes and shared workspace has facilitated the demand for market growth. Furthermore, growing need for better productivity, speed, and efficiency, nonstop decrease in size of the existing workforce is expected to boost the demand for Collaborative Robot (Cobot) Market growth.
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“According to Our Latest Research Report on the Collaborative Robot (Cobot) Market reveals that the industry is experiencing substantial growth worldwide. The report provides a comprehensive analysis of the market’s current size, trends, share, and economic analysis, as well as a forecast for the year up to 2030”
Latest News on Collaborative Robot (Cobot) Market:
- In August 2023, OMRON launched new ‘OMRON TM20’ cobot with payload of 20 kg. The new launched cobot is featured with automate palletizing, material handling, material tending while managing heavy payloads.
|Base year for estimation||2022|
|Forecast period||2022 – 2032|
|Market representation||Revenue in USD Billion & CAGR from 2022 to 2032|
|Market Segmentation||By Applications – Mobile Music, Mobile Gaming, Mobile TV, Mobile Personalization, and Others
By Advertisement – Social Media Advertising, Online Video Advertising, Online Search Advertising, Mobile Location Based Advertising, and In-Game Advertising
|Regional scope||North America – U.S., Canada
Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America – Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors, and trends|
Analyst View –
Advancement in technology and growing adoption of robotics technology in various industries has fruitful the demand for target market growth. The decreasing price of collaborative robots, makes them a feasible solution for inclusive range of applications, inside and outside of the industrial unit, for all size of companies which is likely to propel Collaborative Robot (Cobot) Market growth.
Exploring Market Dominators in Collaborative Robot (Cobot) Market:
- Universal Robots A/S *
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Rethink Robotics
- KUKA AG
- FANUC Corporation
- YASKAWA Electric Corporation
- MRK-Systeme GmbH
- Precise Automation, Inc.
- F&P Robotics AG
- Franka Emika GmbH
Collaborative Robot (Cobot) Market: Growth Factors
The Collaborative Robot (Cobot) Market is propelled by various factors, including the rising demand for industrial automation, the flexibility and adaptability of Cobots, their cost-effectiveness compared to traditional robots, and advancements in technology such as AI and IoT integration. Additionally, the focus on safety, coupled with shorter return on investment periods and growing awareness through education initiatives, further contribute to the market’s growth. These factors collectively drive the adoption of Cobots across industries, enhancing productivity and operational efficiency.
Collaborative Robot (Cobot) Market: Implications of Limiting Factors
Limiting factors in the Collaborative Robot (Cobot) Market, including safety concerns, task complexity limitations, integration challenges, maintenance downtime, skill gaps, regulatory compliance, and trust issues, can impede widespread adoption. Overcoming these challenges requires technological advancements, standardized safety measures, workforce training, and regulatory alignment to unlock the full potential of Cobots in various industries.
Opportunities Available on the Collaborative Robot (Cobot) Market
Opportunities in the Collaborative Robot (Cobot) Market abound. Advancements in safety features, task complexity, and AI integration broaden their applications. Customization, IoT, and skill development enhance Cobot adaptability. Exploring global markets, supportive regulations, and addressing post-pandemic demand offer avenues for industry growth. To capitalize, businesses need innovative solutions, strategic partnerships, and compliance with evolving safety standards, positioning them as leaders in the expanding Cobot market.
Some Key Highlights from the Report:
Market Growth Projection: The Collaborative Robot (Cobot) Market is expected to surge significantly, with a CAGR of 42.5%, reaching an estimated value of US$ 23,118.09 million by 2030, compared to US$ 979.6 million in 2020.
The Collaborative Robot (Cobot) Market is segmented based on payload capacity, components, applications, and industries, spanning regions like North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Market growth is driven by industrial automation, safety features, and cost-effectiveness, aided by AI and IoT integration. Challenges include safety concerns and regulatory compliance, while opportunities in customization, IoT integration, skill development, and global market expansion, coupled with supportive regulations, propel industry growth. The report offers detailed analysis, including revenue forecasts, competitive landscape, and trends from 2022 to 2032.
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Here are some key questions the Collaborative Robot (Cobot) Market:
- What is the current market size and growth rate of the Collaborative Robot (Cobot) Market?
- What are the key factors driving the growth of the Collaborative Robot (Cobot) Market globally?
- Which industries are the major consumers of Collaborative Robots, and what applications are they primarily used for?
- What are the significant challenges faced by businesses adopting Collaborative Robots, particularly in terms of safety and integration?
- How is the market segmented in terms of payload capacity, components, applications, and industries?
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