Collaborative Robot Market Size, Share, Industry Growth & Analysis, 2029
MarketsandMarkets Research Pvt. Ltd.
4 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, April 30, 2024 (GLOBE NEWSWIRE) -- The Collaborative Robot market Size is projected to grow from USD 1.9 billion in 2024 and is projected to reach USD 11.8 billion by 2030; it is expected to grow at a CAGR of 35.2% from 2024 to 2030. The growth of the Collaborative Robot market is driven by the higher return on investment than traditional industrial robotic systems.
To know about the assumptions considered for the Study
For instance, in February 2023, ABB and Mettler-Toledo International Inc. collaborated to propel global adoption of flexible lab automation, seamlessly integrating ABB robots with METTLER TOLEDO's LabX management software. This innovative solution enhanced automated laboratory workflows, addressing labor shortages, and accelerating time-to-market across industries.
In November 2023, Universal Robots A/S, the Danish collaborative robot manufacturer, successfully expanded its product portfolio with the launch of UR30, a 30 kg payload cobot. The UR30, the second in their innovative series, boasted remarkable lift capabilities, superior motion control, and versatility for applications such as machine tending, material handling, and high torque screw driving. This product launch addressed evolving industry needs, emphasizing agility, modularity, and automation in manufacturing.
Universal Robots A/S:
Universal Robots A/S specializes in the development and manufacturing of collaborative robots (cobots) designed to automate and streamline repetitive industrial processes. Initially funded by Syddansk Innovation in Denmark, the company underwent a pivotal moment in June 2015 when it was acquired by the U.S.-based automated equipment manufacturer Teradyne Inc. Universal Robots is dedicated to supplying collaborative robots across diverse industries, including automotive, electronics, metal, food and beverages, plastics, medical, education, and more. Focusing exclusively on collaborative robots, the company's product lineup features robot arms such as UR3e, UR5e, UR10e, UR16e, UR20, and UR30, each named according to its payload capacity in kilograms.
The company distinguishes itself in the collaborative robot market by offering a diverse range of applications, including Centers of Excellence, palletizing, welding, material handling, assembly, finishing, dispensing, quality inspection, material removal, and machine tending.
FANUC CORPORATION:
FANUC operates in the fields of Factory Automation (FA), encompassing essential technologies like numerical controls (NCs), servos, and lasers, as well as the application of these technologies to Robots and Robomachines. By incorporating IoT/AI technologies across their product range, including FA, Robots, and Robomachines, FANUC enhances the efficiency of product utilization for customers. The company offers diverse product range, such as CNC systems, robots, servo motors, lasers, and various applications and functions within these categories. FANUC's offerings also extend to Robomachines, including ROBODRILL (Compact Machining Center), ROBOCUT (Wire Electrical-Discharge Machine), and ROBOSHOT (Electric Injection Molding Machine), showcasing their comprehensive portfolio in automation and manufacturing solutions.
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