Global Commercial Robotics Market Size is Unveiling the Projected CAGR of 11.52% to Reach USD 40.59 Billion by 2030.
NEW YORK, May 25, 2023 /PRNewswire/ -- As per Zion Market Research study, The global commercial robotics market size was USD 17.17 Billion in 2022 and is likely to reach USD 40.59 Billion by the end of 2030. The market is anticipated to grow with a CAGR of 11.52% during the forecast period.
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Commercial Robotics Market: Overview
Commercial robots are electronic devices used by myriad businesses for a wide number of applications like assisting, replicating, and substituting human activities. These are majorly utilized for performing activities that are of repetitive nature or dangerous for humans. For instance, robots are widely used on mine sites to check air quality and environmental stability. Also, it helps to gather additional real-time data required for ensuring the site worker's safety. However, there are different types of commercial robots in the market that are broken into two broad categories – professional service robots and group industrial robots. Commercial robots are different from personal ones used in homes. The growing potential of commercial robots in different facets is widening its scope.
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Key Industry Insights & Findings of the Commercial Robotics Market Reports:
- As per the analysis shared by our research analyst, the commercial robotics market size is estimated to grow annually at a CAGR of around 11.52% over the forecast period (2023-2030).
- In terms of revenue, the global commercial robotics market size was valued at around USD 17.17 Billion in 2022 and is projected to reach USD 40.59 Billion by 2030.
- Increasing automation is likely to boost the commercial robotics market size growth.
- Based on the types of robots, the medical robots segment accounts for the largest share of the global market.
- Based on the applications, the defense and security segment holds the largest share of the global market.
- Based on region, North America is expected to dominate the market during the forecast period.
Zion Market Research published the latest report titled "Commercial Robotics Market By Types Of Robots (Autonomous Guided Robots, Medical Robots, Field Robots, Drones, And Others), By Applications (Marine, Agriculture & Forestry, Defense & Security, Medical & Health, And Others), And By Region: - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts, 2023-2030" into their research database.
Industry Dynamics:
Commercial Robotics Market: Growth Drivers
· Growing automation across all sectors is propelling the growth of the global market.
The growing automation across myriad industries, like marine, agriculture, defense, healthcare, etc., is raising the demand for commercial robots. It's due to the diverse benefits offered by these robots, like planning & search, reduced human errors, increased efficiency, improved safety, and several others. However, such a landscape is significantly expanding the global commercial robotics market. Additionally, organizations like the Society of Robotic Surgery (SRS), the Indian Underwater Robotic Society (IURS) International Federation Of Robotics (IFR) are constantly striving hard for the development of robotic technology, which is further expected to encourage the growth of the global market. Major tech advancements like Artificial Intelligence, 3D vision technology, nanotechnology, and cloud computing technology will further accentuate the growth of the market in the forthcoming years. Also, the surge in the production of robots is widening the scope of the global market. Increasing labor charges resulting in a shortage of workers is also igniting the deployment of automation processes, thereby accentuating the adoption of robots.
Commercial Robotics Market: Restraints
- High initial investment cost is likely to hamper the growth of the global market.
High initial expenditure is restricting the growth of the global commercial robotics industry during the forecast period. A high cost is involved in integration, programming, procurement, and other accessories, thereby limiting its growth. For instance, the maintenance cost for a robot is around USD 2,500,000 each year. It causes hindrances for large and small companies to invest in commercial robots.
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Commercial Robotics Market: Opportunities
- Emergence of intuitive technologies will offer lucrative growth opportunities in the market.
The inception of intuitive technologies in the global commercial robotics market is offering immense growth opportunities in the global market. Tech advancements have significantly reduced their ability to execute various tasks in less time. The adoption of these robots across various sectors has drastically changed the workflow process and made them more integrated and seamless.
Commercial Robotics Market: Challenges
- Lack of a skilled workforce is a big challenge in the global market.
Manufacturing and integration of robots require intensive knowledge and skill. The unavailability of such talent in the market has created barriers. New-generation robots require complex programming to incorporate human memory, intelligence, learning ability, etc. Therefore, such a landscape is likely to limit the growth of the global commercial robotics industry.
Global Commercial Robotics Market: Segmentation
- The global commercial robotics market can be segmented into types of robots, applications, and regions.
On the basis of types of robots, the market can be segmented into autonomous guided robots, medical robots, field robots, drones, and others. The medical robots segment accounts for the largest share of the global market due to the growing popularity of its benefits across the healthcare sector.
The healthcare sector has largely become dependent on these robots for multipurpose applications. Also, the increasing integration of robots with IoT is making these robots more useful, thereby widening the scope of medical robots in the market. Moreover, the growing investment in this category, owing to its widening scope, is further expected to boost the growth of the segment. Furthermore, the drone segment is likely to witness huge growth prospects in the coming years due to its enhanced operational efficiency.
On the basis of applications, the market can be segmented into marine, agriculture & forestry, defense & security, medical & health, and others. The defense and security segment holds the largest share of the global commercial robotics market, owing to the fact that automation is the next wave in the defense evolution.
Automated systems and internet connectivity are allowing communication across the globe. Therefore, commercial robots are highly in demand in the defense and security field. Additionally, the increasing investments in security and surveillance in the military sector are likely to offer huge growth prospects to the segment. Furthermore, the surging stress and tension between the nations are posing a huge demand for automation. These drones help in various applications like enemy tracking, force protection, search for lost soldiers, etc. A significant factor boosting the growth of the segment is the growing partnerships between the countries to develop unmanned aerial vehicles for the defense industry.
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List of Key Players in Commercial Robotics Market:
- 3D Robotics Inc.
- Omron Adept Technologies Inc.
- Honda Motor Company Limited
- iRobot Corporation
- Kuka AG
- Yaskawa Electric Corporation
- Northrop Grumman Corp.
- And Others.
Key questions answered in this report:
- What are the growth rate forecast and market size for Commercial Robotics Market?
- What are the key driving factors propelling the Commercial Robotics Market forward?
- What are the most important companies in the Commercial Robotics Market Industry?
- What segments does the Commercial Robotics Market cover?
- How can I receive a free copy of the Commercial Robotics Market sample report and company profiles?
Report Scope:
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Recent Developments
- Leidos, in July 2022, introduced a medium-sized unmanned underwater vehicle (UUV) for counter-mine warfare and marine environmental sensing under a deal of USD 12 Billion with U.S. Naval Sea Systems Command.
- Brain Corporation, in November 2022, introduced a next-generation commercial robotics autonomy platform. This platform displays the evolution of Brain Corp's BrainOS autonomous robotic operating system.
Regional Dominance:
- North America dominates the global market.
North America is expected to lead the global commercial robotics market because of the presence of a well-established structure needed for the large-scale deployment of commercial robot systems. The technical advancements are paving a positive trajectory for the development of commercial robots in the region. The advancements, particularly in the healthcare sector, are expected to be a significant driver for the widening of the scope of these robots in the forthcoming years. For instance, the United States is the prominent region leading the regional market with the highest number of surgical robots.
Asia Pacific is also expected to witness huge growth prospects in the coming years due to increasing industrialization and infrastructural developments. Also, the growing standards of the people, along with their increasing per capita income are further likely to boost the growth of the regional market during the anticipated period.
Europe is predicted to grow significantly during the forecasted period owing to the presence of prominent market players in the region. Additionally, the constant effort of governments and companies to increase their share in the global market is likely to accentuate the regional market volume.
Global Commercial Robotics Market is segmented as follows:
Commercial Robotics Market: By Types Of Robots Outlook (2022-2030)
- Autonomous Guided Robots
- Medical Robots
- Field Robots
- Drones
- Others
Commercial Robotics Market: By Applications Outlook (2022-2030)
- Marine
- Agriculture & Forestry
- Defense & Security
- Medical & Health
- Others
Commercial Robotics Market: By Region Outlook (2022-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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