
The global collaborative robots market is likely to derive growth from recent technological advancements in the manufacturing of the products. According to a report published by Fortune Business Insights, titled "Collaborative Robots Market Size, Share & Industry Analysis, By Payload Capacity (Upto 5 Kg, 6-10 Kg, 11 Kg, and Above), By Application (Welding, Material Handling, Quality Testing, Painting/Spraying, Assembling, Others), By Industry (Automotive, Electronics & Semi-Conductors, Food & Beverages, Retail, Metal & Machining, Rubber & Plastic, Others) and Regional Forecast, 2026," the market size was USD 1.57 billion in 2018 and is projected to reach USD 23.59 billion by 2026, exhibiting a CAGR of 40.7% during the forecast period.