Market overview:
Collaborative Robots Market has been valued $728.8 million in the year 2019 and it is estimated to reach $11,684.7 million by the year 2026, with a CAGR of 42 % from 2021 to 2026. Collaborative Robots is most commonly known as a robot intended for direct human robot interaction within a shared space, or where humans and robots are in close proximity; these are the main factors that have considerably increased the demand for the Collaborative Robots in the market, thereby driving the huge growth of the Collaborative Robots market in the upcoming years
Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Collaborative Robots in the market are mainly due to the huge rise in the productivity and are cost-efficient. The price of the installation of coots is comparatively lower than traditional robots. Collaborative robot applications wide range that increases adoption, and also the traditional robots have a different cost for arms, conveyors, controllers and other safety features. Also, their cost of hardware is separate and higher, In addition increase in the demand for automation in the health industry will create plenty of growth opportunities. The trend of deploying robots in hospitals and health facilities is growing; these are the main factors that have considerably increased the demand for the Collaborative Robots in the market, thereby driving the huge growth of the Collaborative Robots market in the upcoming years
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Report is segmented as:
Collaborative Robots Market is segmented on the basis of by application; on the basis of by component; on the basis of by industry:
* Collaborative Robots Market is segmented on the basis of by application into Handling, Assembling and disassembling, Welding and soldering, Dispensing, Processing and Others
* Collaborative Robots Market is segmented on the basis of by industry into Automotive, Furniture & Equipment and Others
* Collaborative Robots Market is segmented on the basis of by component into Hardware and Software
Geographical Segmentation:
Collaborative Robots Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. Asia Pacific has the dominant share in the Collaborative Robots is due to the governmental initiatives for automation are high. These are the main factors that have considerably increased the demand for the Collaborative Robots in the Asia Pacific region, followed by Europe, North America, Latin America and Middle East & Africa will register a slower increase in the Collaborative Robots Market
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Impact of COVID-19 on Market
Covid -19 pandemic has affected the growth of business of every sector and it also affected the growth of the Collaborative Robots market, and temporary lack of growth in export and import activities, which has impacted the rays of Collaborative Robots market growth. Covid-19 pandemic has impacted huge on the sales revenue of Collaborative Robots market. Due to the government restrictions like lockdown in many countries has shutdown the commercial and industrial establishments and also stopped in transportation these made huge loss for Collaborative Robots market. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus.
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