Collaborative Robots Market Size Worth $11.04 Billion By 2030

PUNE, India - Aug. 12, 2022 - PRLog -- The global collaborative robots market size is anticipated to reach USD 11.04 billion by 2030, exhibiting a CAGR of 31.5% over the forecast period, according to a new report published by Grand View Research, Inc. The growth can be attributed to the growing inclination of industries toward collaborative robots or cobots to automate manufacturing processes.

Over the past few years, the growing interest in robot technology across various industries has positively impacted the market. Unlike conventional industrial robots, cobots are developed to operate at par with their human counterparts. They are mobile and can be easily moved from one area of a manufacturing facility to another. Moreover, they can be programmed with ease, are more cost-effective than their fixed counterparts, and can be used in a wide range of low-speed, repetitive applications.

The increasing need for highly efficient and user-friendly robots that do not require highly skilled experts for deployment and functioning has created a significant demand for software platforms. These platforms allow the integration of robots, motion control, and the generation of an interface that enables the programming of such robots. For instance, in May 2020, Mitsubishi Electric Corporation launched a cobot named MELFA ASSISTA equipped with RT VisualBox, the company's engineering software. This software allows the intuitive creation of operating sequences by connecting block diagrams in a chain of events, including linking with other devices, such as cameras and hands of the robot.

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Collaborative Robots Market Report Highlights

• The mounting adoption of collaborative robots in several industrial applications as they serve as assisting devices for humans and enhance the overall efficiency and quality of the manufacturing processes
• The market is expected to witness strong growth in the coming years with the increasing adoption of cobots across small and medium enterprises as they are cost-effective and provide a higher return on investment
• Europe captured a sizeable revenue share of more than 30.0% in 2021 across the industry owing to the increased product application in electronics, logistics, and inspection verticals
• Key market players include ABB Group, EPSON Robots, DENSO Robotics, Energid Technologies Corporation, Fanuc Corporation, F&P Robotics AG, MRK-Systeme GmbH, and KUKA AG

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