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The report "Collaborative Robot (Cobot) Market
 by Payload, Component (End Effectors, Controllers), Application 
(Handling, Assembling & Disassembling, Dispensing, Processing), 
Industry (Electronics, Furniture & Equipment), and Geography - 
Global Forecast to 2026", is expected to grow from USD 981 
million in 2020 to USD 7,972 million by 2026, at a CAGR of 41.8%. 
Collaborative robots are increasingly being adopted by various 
industries due to advantages such as increased productivity and 
effective employee utilization, as well as improved workplace safety. 
Small- and medium-sized businesses manufacturers, especially in 
developed countries, are expected to quickly adopt collaborative robots,
 as many of these smaller sized businesses are yet to adopt robotic 
automation in their production processes. Collaborative robots (cobots) 
can adapt to changing requirements as they are easily re-deployable and 
reprogrammable, which benefit small companies. Cobots are being adopted 
by large manufacturing companies as well for increased cost savings and 
improving the ergonomic work conditions for workers.
Browse 84 market data Tables and 42 Figures spread through 181 Pages and in-depth TOC on "Collaborative
 Robot (Cobot) Market by Payload, Component (End Effectors, 
Controllers), Application (Handling, Assembling & Disassembling, 
Dispensing, Processing), Industry (Electronics, Furniture & 
Equipment), and Geography - Global Forecast to 2026"
Automotive industry to hold largest share of market throughout forecast period
Cobots
 in the automotive industry are not only being used by major car 
manufacturers, but also by numerous OEMs that supply automotive parts to
 these car manufacturers. As customers are demanding a greater degree of
 customization in their cars, manufacturers always have to be prepared 
for changes in their production layout to address changes in customer 
demands. Therefore, besides the precision and efficiency of traditional 
industrial robots, flexibility has also become a key factor in the 
manufacturing process. Cobots are also being used to perform 
ergonomically unfavorable jobs in the automotive industry. Due to the 
large-scale and manufacturing ecosystem of the automotive industry, 
which consists of OEMs and suppliers besides the large automotive 
companies, it is expected to hold the largest share of the market 
throughout the forecast period.
Market for assembling & disassembling applications to grow at highest CAGR during forecast period
Cobots
 are being used for assembly applications for both small and large 
workpieces. For smaller workpieces, cobots provide a greater degree of 
repeatability than traditional handheld screwdriving systems providing 
the right torque and depth, while also having the ability to work 
alongside workers, speeding up the overall assembly process. For medium 
and large-sized workpieces, cobots are being used for nut fastening. 
Hence cobots can perform simple assembly tasks more consistently, while 
the worker can simply supervise the operation to maintain quality 
control.
Collaborative robot market in APAC to grow at fastest rate during 2020–2026
The
 collaborative robot market in Europe is expected to be surpassed by 
APAC by 2021. This is due to the large scale of manufacturing industries
 in APAC, especially the automotive, electronics, and metals sectors who
 are increasingly deploying cobots. China, Japan, and South Korea 
account for most of the automotive vehicles in APAC, whereas Taiwan, 
China, and South Korea, account for the largest electrical and 
electronics manufacturers in the world. Regional players such as Doosan 
Robotics (South Korea) and Techman Robot (Taiwan) have successfully 
developed cobots, which can directly compete with cobot manufacturers 
from Europe. China has houses several low-cost manufacturers such as 
Elephant Robotics (China), Han’s Robot (China), and Siasun (China) who 
are driving the growing acceptance of cobots.
Major
 companies in the collaborative robot market are Universal Robots 
(Denmark), Techman Robot (Taiwan), FANUC (Japan), KUKA (Germany), Doosan
 Robotics (South Korea), AUBO Robotics (US), ABB (Switzerland), YASKAWA 
(Japan), Precise Automation (US), and Rethink Robotics (US). Apart from 
these, Automata (UK) Productive Robotics (US) are among a few emerging 
companies in the collaborative robot market.
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