Description
The global collaborative robot market was calculated at USD 1.33 Billion in 2021 and projected to reach USD 9.16 Billion by 2028, growing at a CAGR of 31.8% during the forecast period, 2022-2028. With the increasing demand for the collaborative robot for efficient tasks requiring heavier payloads, a collaborative robot is well-equipped to work effectively with workers in suitable environments. The collaborative robot’s affordability and ease of programming are expected to drive market growth. Furthermore, the growing adoption of robots across several end-user industries such as automotive, chemicals, electronics and others, the collaborative robots give a high return on investment as compared to the traditional industrial robotic system, Upsurge in investments by the government to the expansion of advanced technologies in the collaborative robotics market is estimated to boost the market growth.
