Collaborative Robots Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Payload(Up to 5 kg, 5-10 kg, 10-25 kg, More than 25 kg), By Application(Hardware, software), By Application(Handling (Pick-And-Place, Material Handling, Packaging & Palletizing, Machine Tending)), By End-User(Automotive, Electronics & Semiconductors, Metals & Machining, Plastics & Polymers), By Region - Industry Forecast 2024-2031

Global Collaborative Robots Market size was valued at USD 815.40 million in 2022 and is poised to grow from USD 914.88 million in 2023 to USD 2297.77 million by 2031, growing at a CAGR of 12.20% during the forecast period (2024-2031).  

Renowned collaborative robot manufacturers are focusing on launching new initiatives to help start-ups innovate and advance market growth prospects. Collaborative robot providers target the improvement of safety and efficiency features of their products to stand out from the competition. New companies entering the market should focus on raising new capital to maximize their business scope and stay competitive. Integration of advanced technologies and partnerships are also expected to be popular strategies for collaborative robots companies going forward. 'ABB Group', 'DENSO Robotics', 'Fanuc Corporation', 'Universal Robots A/S (Denmark) ', 'Kawasaki Heavy Industries, Ltd. (US) ', 'AUBO (BEIJING) ROBOTICS TECHNOLOGY CO., LTD (China) ', 'KUKA AG (Germany) ', 'Denso Corporation (South Korea) ', 'YASKAWA ELECTRIC CORPORATION (Japan) ', 'Rethink Robotics GmBH (Germany) ', 'Siasun. Robot & Automation Co., Ltd. (China) ', 'Franka Emika GmbH (Germany) ', 'Comau S.p.A. (Italy) ', 'Hanwa Corporation (South Korea) ', 'Stäubli International AG (Switzerland) ', 'Bosch Rexroth AG (Germany) ', 'Productive Robotics, LLC (US) ', 'NEURA Robotics GmbH (Germany) ', 'ElephantRobotics (China) ', 'Elite Robots (China)'

Use of collaborative robots can help worker safety which has become highly important for all organizations around the world. Growing number of companies investing in improving worker safety and implementation of new worker safety mandates are predicted to help promote sales of collaborative robots over the coming years.    

Better User Interfaces: Collaborative robot companies should focus on improving their user interfaces to promote better human-machine collaboration capabilities. User interfaces should also be simplified to help untrained and less-skilled operators understand collaborative robots better. This is the key to unlocking the full potential of collaborative robots market growth.