Global Collaborative Robots Market is driven by Increase in Labor Cos Collaborative Robots Market Report | Page 2

2
Variant Market Research
Description:
Global Collaborative Robots Market is expected to reach $1.3 Billion by 2024 from $0.1 Billion in 2016,
growing at a CAGR of 33.2% from 2016 to 2024.Collaborative robots are designed to assist humans or
work along with humans. These robots are made by combination of precision and speed of machine and
flexibility of humans. Automotive and electronics sectors are the two which could greatly benefit from
collaborative robots. These robots are affordable and easily trained and can perform short runs, repetitive
and boring jobs. At hospitals and healthcare centers, use of such collaborative robots could increase the
quality of patient care, reduce waste and save hospital costs. For instance, two Belgian hospitals are
deploying humanoid robots at their reception desk to welcome patients and visitors. Collaborative robots
are now used to helping humans at various places such as offices, labs, homes, warehouse, and farms
among others.
Browse
Complete
Report
@
https://www.variantmarketresearch.com/report-
categories/semiconductor-electronics/collaborative-robots-market
Technological advancements and adoption of robots in various sectors could fuel the growth of the
market. Moreover, increasing use of robots in automotive, plastic industry and electronic assembly
coupled with rising labor cost and lack of skilled labors could support the growth of the market. However,
economic slowdown in major countries and slow rate of cycle time in making new addition of new
functionalities could limit the growth of the market. Furthermore, opportunities from non-industrial
sector could provide growth in the upcoming years.