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Research report explores the Global collaborative robots market forecast 2016–2023

The market for collaborative robots is expected to grow at a CAGR of 56.6% from 2016 to 2023. The global market for collaborative robots reached USD 189.5 million in 2016

According to GMI Research, “Global Collaborative Robots Market Make an Inquiry about this news, By Payload Capacity, By Industry, By Application and by Geography, Opportunities & Forecast, 2016–2023”, the market for collaborative robots across the globe is projected to reach USD 4,367.1 million by the end of 2023, growing at a substantial CAGR of 56.6% during the forecast period rising from USD 189.5 million in 2016. The double-digit growth is anticipated on account of low average selling price and higher returns by investing on collaborative robots, increased focus towards automation by industries as well as growing demand for compact, lightweight and dexterous robots.

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Co-bots (above 10 kg payload capacity) are anticipated to corner the market exhibiting the highest CAGR during 2016–2023

The collaborative robots (Co-bots) of above 10 kg payload capacity are expected to command global collaborative robots market owing to increased demand from automotive, metals and machining as well as furniture and equipment industries. Moreover, the market attractiveness of co-bots is likely to increase substantially in the near future as these are much more safe and human friendly when compared with their counterparts such as industrial robots.