Collaborative robot market is expected to reach the value of US$ 33.95 Bn by the end of 2031

Enormous prospects of collaborative robots in logistics notably for pick-and-place applications have steered sizable sales year-after-year. A study by TMR takes a closer look at collaborative robot technology and applications, and has found that autonomous mobile robots have expanded the room for R&D in collaborative robot market. The authors of the study have estimated the global valuation to reach US$ 33.95 Bn in 2031.

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Multiple industries are growing their initiatives to exploit several benefits of collaborative robots in warehousing and fulfilment processes such as in increasing the operational efficiency, workers' safety and productivity, and overall flexibility of the facilities. The benefits have spurred the installations of logistic collaborative robots worldwide. The trend of development and deployment of autonomous mobile robots (AMR) in diverse industries is growing, thus extending the use case of collaborative robot for the factory of the future.

A slew of machine learning tools, sensors, and cutting-edge camera technologies are fuelling new revenue possibilities of collaborative robots. A comprehensive guide offered by Transparency Market Research assist the stakeholders in understanding the future technology directions in the collaborative robot market. Furthermore, industrial robots are gaining new commercialization avenues in the electronics, healthcare, consumer goods, and food & beverages industries.

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Key Findings of Collaborative Robot Market Study

Cobots Gathering Popularity in Material Handling and Inspection & Quality Testing: Rise in utilization of cobots in warehouses and logistics applications has generated enormous lucrative opportunities in the collaborative robot market. The use is growing massively in material handling and inspection and quality testing in the food & beverages, manufacturing, healthcare, automotive, aerospace, and metals and machining industries. Furthermore, prevalent labour shortage in the agriculture sector has also spurred the need for robotics, thus expanding the revenue prospect of the collaborative robot market.

Enormous Utilization in Manufacturing Industries Spurring Abundant Opportunities to Stakeholders: The manufacturing sector is slated to create massive revenue potential to players in the collaborative robot market. The introduction of innovative user interfaces and plug-and-play programming interface has catalysed the adoption of cobots in various manufacturing processes. With a few countries be in the hub of manufacturing, there is a vast and steady demand potential in the collaborative market.

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Collaborative Robot Market: Key Drivers

The drive for collaborative robots or cobots has gained massive momentum from the need for automation of various material handling tasks in warehouses. This is underpinned by continuous strides in logistics automation systems.
Advancements in logistics technologies, notably integration with AI, are expanding the avenue for deployment and installation of cobots. Ever-growing expectations of customers and consumers from logistics services have spurred R&D in the collaborative robot market.

Collaborative Robot Market: Regional Growth Dynamics

Asia Pacific is one of the potentially lucrative regions in the collaborative robot market. Focus on robotics automation will set the pivot for developing smart factories of the future for several industries. This will propel revenue streams for stakeholders.
The North America collaborative robot market is projected to expand at a remarkable CAGR during the forecast period of 2021 - 2031. Rapid pace of robotics deployment in multiple industries. Next-gen robotics such as AMR is expected to generate massive profitable avenues in the coming years.

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Collaborative Robot Market: Key Players

A number of robotics manufacturers are keenly aiming at emerging markets by offering the customers cost-effective collaborative robot products. Some of the key players in the market are Yaskawa America, Inc., Techman Robot Inc., Stäubli International AG, Omron Corporation, Mitsubishi Electric Corporation, FANUC America Corporation, Denso Wave Incorporated, Bosch Rexroth AG, and ABB Ltd.

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