The Collaborative Robot Market size is estimated at USD 0.95 billion in 2023, and is expected to reach USD 2.41 billion by 2028, growing at a CAGR of 20.50% during the forecast period (2023-2028).
Combining technologies such as artificial intelligence, automation, the Internet of Things, computing power, and robotics enables a new generation of smart factories. Robotics and automation have changed significantly over the past few years. Increasing investment in advanced automation creates ample opportunities for cobots in a continuously growing range of industries such as electronics, automotive, food and metalworking, and material handling.
The collaborative robot market is highly fragmented, despite the presence of major players like Universal Robots AS, Fanuc Corp., TechMan Robotics Inc., Rethink Robotics GmbH, and AUBO Robotics USA. Players in the market use partnerships, mergers, innovations, investments, and acquisitions to improve their products and gain a competitive edge that will last.
In February 2023, Rapid Robotics announced a new collaboration with Universal Robots (UR), in which UR would supply collaborative robot arms for Rapid Robotics' deployment of cobot work cells across North America. Through this agreement, the company would be able to remove more barriers to automation by filling positions that manufacturers can't fill with robots.
In November 2022, TechMan Robot Inc. introduced its TM AI Cobot series of collaborative robots, which combines a powerful and precise robot arm with a native AI inferencing engine and smart vision system. It is a series of intelligent robotic arms that come with a full set of AI software, such as TM AI+ Training Server, TM AI+ AOI Edge, TM Image Manager, and TM 3DVisionTM, which helps companies train and customize their systems to work perfectly with their applications.
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