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.
Key Findings:
• Based on the payload capacity, the collaborative robot with up to 5 kg payload capacity segment accounted for the largest market size in the global collaborative robot market in 2018.

• Based on applications, the pick and place application segment accounted for the largest share in the global market in 2018.

• Based on the end-use industry, the automotive industry accounted for the largest share in the global collaborative robot market in 2018. Collaborative robots are used to execute a wide range of tasks, starting from pick and place, material handling, quality inspection, and assembling, to packaging in the automotive industry.

• Europe accounted for nearly 35% share of the global market in 2018.
Recent News:
• In October 2019, OMRON Corporation has launched the TM series collaborative robot family in 40 countries. This will enable safe, flexible, and collaborative manufacturing between humans and machines.

• In September 2019, Universal Robots has introduced UR16e series collaborative robots with an impressive 16 Kg payload capacity. This robot is an ideal solution for automating tasks such as heavy-duty material handling, heavy-part handling, and machine tending.

• In January 2019, Universal Robots and VersaBuilt announced plans to launch a customized collaborative robot that can integrate seamlessly to work with CNC machines.
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