An increase in the adoption of collaborative robots in manufacturing and increasing investments in industrial automation are expected to drive the growth of the collaborative robot market
The global collaborative robot market was valued at USD XX million in 2018 and is expected to reach USD XX million by 2026, growing at a CAGR of 35.5% during the forecast period.
The collaborative robot (COBOT) market is primarily driven by an increase in the adoption of collaborative robots in the manufacturing space. Further, increasing investments in industrial automation and low prices of collaborative robots are contributing towards the growth of the market. Developed countries such as the US, the UK, Russia, Japan, and China, among others, are the main customers for the manufacturers in the global collaborative robot market.
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Collaborative robots are designed to perform various tasks across major industries, such as from assembly to painting, from palletizing to screw-driving, from packaging to polishing, and from injection molding to welding. These robots are cost-effective, and safe and flexible to be deployed across various applications. They provide precision-driven automation across small, mid, to large industries. They optimize processes by achieving the maximum goal with minimal costs.
Moreover, technological advancements across payload capability and increasing potential for the deployment of collaborative robots across various applications are expected to create demand opportunities in the market. This will further enhance the market size of the global collaborative robot market. An increase in research & development to minimize the cost will further enhance the market size over the forecast period.
However, lack of capabilities related to faster cycle time and repeatability involved with the manufacturing process are expected to hamper the growth of the global collaborative robot market during the forecast period.
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