Collaborative Robots Market to Reach USD 16,387.3 Million by 2028; Universal Robots Launched Virtual Collaborative Robot Session: Fortune Business Insights™

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Pune, India, Jan. 17, 2022 (GLOBE NEWSWIRE) — The global collaborative robots market size was USD 979.6 million in 2020. The market is projected to grow from USD 1,358.2 million in 2021 to USD 16,387.3 million in 2028 at a CAGR of 42.7% in the 2021-2028 period.               

This information is provided by Fortune Business Insights™, in its report, titled, Collaborative Robots Market, 2021-2028.”

According to our researchers, collaborative type of robots are human-scale robots that accomplish tasks alongside human agents in a challenging atmosphere while being movable and prolific on the work location. These robots are built with protection aspects comprising incorporated sensors, passive obedience, and overcurrent identification to function with humans

COVID-19 Impact:

Uncertainty in Supply Chains & Decline in Sales to Hamper Market Growth

The COVID-19 pandemic, which is a grave communicable disease that spread from China, has already reached around every corner of the globe. As China is measured to be a crucial market for these robots in the APAC area, this coronavirus disease has had an adverse influence on the market in 2020.

The COVID-19 pandemic interrupted and deteriorated collaborative robot disposition in numerous prime industries, involving automotive, electrical and electronics, as well as metals and machining.

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Report Coverage

The Collaborative Robots Market report includes an in-depth evaluation of various growth drivers and restraints, opportunities & challenges, and the latest trends that the market will witness during the forecast period. In addition, the report offers detailed insights into the regional developments of the market. It includes information sourced from industry professionals using several methodologies. Furthermore, the competitive landscape offers comprehensive coverage of strategies adopted by the companies such as partnerships, mergers & acquisitions, and product launches to expand their market presence.

Segmentation

In terms of payload capacity, the market is divided into 5 kg, 6-10 kg, and 11kg & above. The 6-10 kg and up to 5 kg sub-segment is projected to inflate at a substantial rate owing to its capability to perform several and monotonous operations at a rapid pace.

Based on the application, the market is classified into material handling, welding, painting/spraying, quality testing, assembling and others.

On the basis of industry, the Collaborative Robots Market is categorized into automotive, electronics & electrical, food & beverages, retails, metals & machining, rubber & plastic and others.

Geographically, the global market is segregated into five major regions such as North America, …

Full story available on Benzinga.com

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