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The market for collaborative robots is expected to grow at a CAGR of 52.6% from 2019 to 2026. The major factors which are propelling the growth of the market include increasing focus towards automation by manufacturing companies as well as growing demand for compact, lightweight and dexterous robots along with low average selling price and higher returns by investing on collaborative robots. In addition, various small and medium businesses have been adopting collaborative robots at a substantial rate as these robots offer a wide range of automation applications. Furthermore, the collaborative robots are relatively economical than conventional industrial robots. They are easy to use, safe to work with human workers, easily implemented, and gives more manufacturing output in an efficient and effective manner.

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Collaborative robots are the robots that work in collaboration with humans. These are specifically designed for assisting humans at a manufacturing workplace efficiently and effectively. These are relatively light in weight and inexpensive and are capable of working with humans for executing complex and sensitive tasks, which cannot be automated and where limited guidance is required. Collaborative robots can easily be programmed and are highly flexible. They can be integrated into numerous new applications as they can quickly adapt to new environment and requirements of workspace. In addition, collaborative robots are very safe for human workers owing to the installation of sensors and cameras to them.

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Based on the Payload capacity, the collaborative robots with up to 5kg payload capacity are expected to grow at a higher CAGR during the forecast period due to the increasing usage of these robots for lightweight applications such as component testing, polishing, small part assembling, grinding, placing, and picking up of parts in the manufacturing industries.

Based on the Application, the assembly application is anticipated to lead the market during the forecast period owing to the increasing usage of these robots in the assembling process driven by its high flexibility, easy programming, and safe to work with human workforce properties. These robots work closely to the heavy machinery and helps in assembling various parts including plastics, woods, metals, and other materials. Moreover, the collaborative robots can be reprogrammed quickly and easily deployed to different machines owing their small size and light weight feature.

Based on the Industry, the Automotive sector is anticipated to lead the market during the forecast period owing to the growing adoption of collaborative robots for automating the manufacturing process of vehicles. These robots are being used for variety of applications including picking and dropping of equipment, assembling, inspection, and painting of different parts of the vehicles.

Based on the region, Asia Pacific is anticipated to lead the market during the forecast period owing to the growing demand for collaborative robots across numerous industries, including healthcare, electronics, automotive, food & agriculture, and furniture. The increasing demand for user-friendly robots and the rising emphasis on reducing capital investment will encourage the end-users to opt for collaborative robots across the Asian countries. In addition to this, the increasing adoption of these robots among the small and medium size enterprises to enhance overall productivity will have a positive impact of the growing demand of the market in this region.

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The Global Collaborative Robots Market has been segmented on the basis of payload capacity, industry, application, component, and key regions. Based on the payload capacity, the market is segmented into Upto 5 kg, Between 5 to 10 kg and Above 10 kg. Based on the Application, the market is segmented into Pick and Place, Assembly, Machine Tending, Quality Inspection, Handling, Packaging and Palletizing, Gluing and Welding, and Others. Based on the Industry, the market is segmented into Automotive, Food & Agriculture, Furniture & Equipment, Plastics & Polymer, Metals & Machining, Electronics, Healthcare, and Others. Based on the Component, the market is segmented into Hardware and Software.

Various notable players operating in the market include Universal Robots A/S, Rethink Robotics, ABB, Kuka AG, Fanuc Corporation, Teradyne Inc., Robert Bosch GmbH, Precise Automation Inc., Yaskawa Electric Corporation, MABI AG., among others.

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