Global collaborative robot market is rapidly growing to $14.67 billion by 2031

From GlobeNewswire: 2024-12-10 09:01:00

The global collaborative robot market is growing due to advancements in the manufacturing industry and government support for robotics. The market is valued at $1.52 billion in 2023 and is expected to have a CAGR of 32.7% from 2023 to 2031. Europe led in 2023, with Asia Pacific projected to have the highest growth.

Collaborative robots are increasingly used in manufacturing, leading to a harmonious human-robot work environment. The manufacturing industry’s rapid expansion, driven by technological advancements and economic growth, fuels the demand for collaborative robots globally. Various industries are adopting industrial automation, with non-automotive sectors showing increased interest.

Key players in the collaborative robot market include Kuka AG, ABB Ltd, and Yaskawa America Inc. These companies are focusing on new product launches and geographical expansion to stay competitive. Governments worldwide are supporting robotics development, driving market growth globally.

With projected growth to $14.67 billion by 2031, the collaborative robot market offers significant opportunities for providers, integrators, manufacturers, and end-users. Staying informed about market trends, innovation, and quality can help companies succeed in this evolving landscape. If you have any queries about the report, contact Ankit Mathur at [email protected] or +1-646-491-9876.



Read more at GlobeNewswire: Collaborative Robot Market Skyrockets to $14.67 Billion by