Commercial Robots Market Size Projected to Generate a Revenue of $85,166.1 Million by 2031Download Sample Reports Overview
The Global Commercial Robots Market Share is predicted to be valued at $85,166.1 million by 2031, surging from $15,200.0 million in 2021, at a noteworthy CAGR of 20.0%.
Impact Analysis of COVID-19 on the Commercial Robots Market
The COVID-19 pandemic has led to severe disruptions that have affected the demand, supply, import-export, and availability of commercial robots across end-use industries. Production and construction activity were stopped because of the COVID-19. Some governments imposed nationwide lockdowns, resulting in citizens to sequester themselves in their homes. However, the start of wide-scale COVID-19 vaccination programs and the delivery of vaccinations to a major portion of the Asia-Pacific region population resulted in a drop in the number of COVID-19 cases in 2021. Due to interrupted or limited transportation activities, procurement chains and supply lines encountered significant issues. Many companies decided to reduce their investments in automation operations due to a fall in both supply and demand. These spending cuts had an impact on the commercial and industrial robot markets. On the other hand, the healthcare and pharmaceutical sectors began to aggressively utilize them for the delivery of medications, necessary and sterile supplies, and meals in COVID wards. The ecommerce industry also used robots to expand its warehouses and delivery hubs, which were seeing growing volumes of online orders.
Global Commercial Robots Market Analysis
The primary factor driving market expansion is the continuous transformation from manual to automated processes, which has raised the demand for commercial robots. The synchronization of management, production, and control is critical to the efficiency of industrial operations. Commercial robots are becoming increasingly essential since they facilitate procedures and improve workflow accuracy and efficiency. The growth of small companies, more investment in automation, and strict government laws on handling dangerous chemicals and products are driving up demand for the commercial robots. Additionally, commercial robots help in the carrying of heavy payloads during the production of automobiles and machine customization. The rise of intelligent factories expands the market's potential. These are the major factors anticipated to boost the commercial robots market share during the analysis timeframe.
The high installation costs and integration capabilities necessary for commercial robots initial setup limit their adoption. Because of the combination of high-quality hardware and an effective software control system, the initial investment and maintenance expenses of deploying robotics systems are considerably high. The high initial investment limits the usage of commercial robots in different areas such as healthcare, defense, and agriculture industry.
The commercial robots can perform repetitive tasks faster and more accurately than humans, freeing up human workers to focus on more complex tasks. Additionally, advances in robotics technology, such as improved sensors, software, and artificial intelligence (AI) capabilities, are making robots more capable and versatile. This is driving the adoption of robots across a wide range of industries. In industries such as manufacturing and construction, robots can perform dangerous tasks that would otherwise put human workers at risk. This factor creates an excellent opportunity for increased adoption of commercial robots to improve worker safety and health.
Global Commercial Robots Market, Segmentation
The global commercial robots market is segmented based on type, application, and region.
The type segment is further classified into field robots, medical robots, autonomous guided robotics, drones, and others. Among these, the autonomous guided robotics sub-segment accounted a dominant market share in 2021. Autonomous guided robotics are used in a variety of end-use sectors, including logistics, automotive, healthcare, automotive, food & beverages, manufacturing, and others. Improved productivity and lower labor costs are the primary reasons driving the need for industrial equipment. The rising automation in industries is predicted to boost demand for autonomous guided robotics. The growing commercial robots industry has resulted in an ongoing requirement for specialized material handling and transportation solutions for maximum effectiveness.
The application segment is further classified into medical & healthcare, defense & security, agriculture & forestry, marine, and other. Among these, the medical & healthcare sub-segment accounted a dominating market share in 2021. The growing emphasis on the development of innovative medical treatments has expanded the market for commercial robot devices. The scope of robotic surgery and medical robotics has expanded with the inclusion of machine learning and artificial intelligence into the healthcare industry. The market's constant emphasis on research and development has driven it to develop innovative, automated products for the healthcare industry.
The commercial robots market in the Asia-Pacific region accounted a dominating market share in 2021, and it is anticipated to show the fastest growth during the forecast period. The advancement of robotics technology is the primary driver of the market in this region. Additionally, the defense & security industry provide for a considerable share of the region's need for robotics. Asia-Pacific is projected to show major growth owing to the improvement of commercial robots technology and increased automation at numerous industrial manufacturing levels across all the sectors in the region. The major and significant economies of Japan, China, and India are the driving factors of the Asia Pacific market.
Key Players in the Global Commercial Robots Market
Some of the leading commercial robots market players are
- Northrop Grumman Corp
- Kuka AG
- iRobot Corporation
- Yaskawa Electric Corporation
- Omron Adept Technologies Inc
- Honda Motor Company Limited
- 3D Robotics Inc
- Alphabet Inc
- Accuray Inc
- AeroVironment Inc
In July 2022, Ganymed Robotics reported that it received EUR 21 million in investment in the series B funding round to complete development of its next-generation surgical robot and prepare for commercial launch.
Mr. Abhishek Paliwal
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