Global Collaborative Robots Market Market accounted for USD 1,176.90 USD Million billion in 2021

Collaborative robots are expected to increase rapidly in the market and growth in the sector of the robotics and automation industry. The major driving force for the growth of this market is consistently decreasing prices. Many collaborative robots are available at low cost which makes them valuable solutions in a wide range of applications. Advances in cutting-edge computing have made collaborative robots more flexible and easier than ever to implement. Decrease in Complexity of programming, reducing integration costs are the key factors for adopting collaborative robots.

An increase in digital technologies that are embedded into core value generation processes in robots is one of the factors to boost the sales of Collaborative Robots Market. The major advantage over traditional robots is that collaborative robots work alongside humans. Instead of relying on a programmer to tell them what to do, a collaborative robot is often taught by example. For instance, an operator physically controls the robot's movements, running it through its necessary tasks. The collaborative robot can then remember which tasks it needs to complete and perform them again and again with perfect recall and execution.  

The outbreak of coronavirus (COVID-19) in early 2020 led to the steepest decline in collaborative robot demand. The implementation of lockdown in countries across the world, as well as stringent regulations passed by government bodies on the movement of people and goods that were necessary to limit the spread of COVID-19, led to a downfall in sales.

Asia Pacific is expected to increase in the use of collaborative robot technology owing to the presence of a large number of manufacturing companies. The industrial sector of countries such as China, Japan, and India are heavily deploying collaborative robot technology in the manufacturing process. These are a few of the reasons is expected to grow in the coming years. Owing to factors such as rising wages, increasing average age of the workforce, the emphasis on the miniaturization trend in the electronics industry, and the light-weighting trend in the automotive industry, there is an increased demand in the adoption level of collaborative robots. Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the growth of Collaborative Robots Market Market. North America held the largest share of the Collaborative Robots Market Market in 2021, followed by Europe and the Asia Pacific. In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of banking facilities, underdeveloped IT infrastructure, and social constraints.

Major players of the Collaborative Robots Market Market such as Universal Robots (Denmark), FANUC (Japan), ABB (Switzerland), Techman Robot (Taiwan), KUKA (Germany), Doosan Robotics (South Korea), Denso (Japan), YASKAWA (Japan), Precise Automation (US), Rethink Robotics (US), MABI Robotic (Switzerland), FrankaEmika (Germany), Comau (Italy), F&P Robotics (Switzerland), Stäubli (Switzerland), Bosch Rexroth (Germany), Productive Robotics (US), Wyzo (Switzerland), Neura Robotics (Germany), Elephant Robotics (China), ELITE ROBOT (China), Kassow Robots (Denmark), SIASUN (China), MIP Robotics (France) and Hanwha Corporation (South Korea)..