According to the research report titled ‘Global Collaborative Robots Market 2019-2028’, available with Market Study Report, global collaborative robots market is anticipated to record a CAGR of 31.13% throughout 2019-2028.
 

Increasing applications of the technology in several sectors and rising demand for enhanced productivity are the major factors driving the global collaborative robots market growth. Low prices of cobots coupled with higher ROI are also augmenting the business outlook. Furthermore, growing demand by automation-driven industries as well as cobots with high capacity are generating lucrative prospects for the industry participants..
 

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On the downside, factors such as limited scope of cobots due to their collaborative nature and the evolving safety standards are likely to restrain the market development over the estimated timeline. Disagreements shown by human workforce since cobots are seen as a threat to their jobs is another factor hindering the market growth.
 

Based on payload type, worldwide collaborative robots industry is segmented into above 10kg, from 6kg to 10 kg, and up to 5kg. Speaking of end user range, the business space is divided into electronics & semiconductor, automotive, food & beverages, aerospace, plastic & polymer, metals & machining, and other end-users.
 

Considering component type, the marketplace is categorized into drives, sensor, controller, end effector and other components. On the basis of application ambit, the industry space is classified into material handling, CNC machine tending, small parts assembly, molding operations, packaging & palletizing, test & inspection, screw driving, polishing, gluing, dispensing, & welding and other applications.
 

The geographical analysis of worldwide collaborative robots industry extends to Latin America, Middle East & Africa, Asia Pacific, Europe, and North America. Among these, Asia Pacific is likely to hold the largest market share over the analysis period, owing to favorable government initiatives to stimulate the development of robotics technology in the countries across the region.
 

For instance, the government in South Korea has started an initiative named Intelligent Robot Industry Development Strategy to encourage the use of collaborative robots across small and medium enterprises.
 

Prominent players influencing global collaborative robots industry trends are Yaskawa Electric Corporation, Universal Robots, Energid Technologies Corporation, Seiko Epson Corporation, MRK-Systeme GmbH, Robert Bosch GmbH, Rethink Robotics, Precise Automation Inc., Nachi Robotics Systems Inc., FANUC Corporation, F&P Robotics AG, KUKA AG, DENSO Robotics, and ABB Group.