Commercial Robotics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Commercial Robotics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The commercial robotics market was valued at USD 10.91 billion in 2020, and it is expected to reach a value of USD 58.56 billion by 2026, at a CAGR of 33.21%, during the forecast period (2021 - 2026). The companies in the industry are collaborating to introduce commercial robotics for various applications. For instance, in November 2018, SoftBank Robotics and Brain Corp collaboratively announced a commercial robot vacuum in Japan, specially designed to be utilized in office environments and retail spaces.

Key Highlights

• Commercial robots are widely used in the field, as autonomous guided, drones, and in medical applications. The exceptional service offered by commercial robots over conventional ways is likely to boost investment and utilization.
• Drones are becoming popular and are being integrated into diverse applications, including commercial space. Also, various startups and tech giants are rigorously investing in this technology to capture a higher market share at an early stage. For instance, in December 2018, the Ministry of Civil Aviation, India announced an online platform for the registration of drones, Digital Sky for commercial and personal drone flights.
• Moreover, the medical robotics sector has developed at a rapid rate, due to the growing acknowledgement of its benefits in the healthcare sector. The healthcare industry strongly leans toward technological innovation the IoT industry and investments in robotics have been the major contributors to the growth of the market.

Key Market TrendsDrones in Military and Defense to Present Significant Opportunities for the Commercial Robotics Market

• Military robot automation of the defense process is the next wave of military evolution. As automated systems and networking complement the Internet, communication is facilitated on a global basis. Over the past decade, there have been increasing levels of investment in surveillance and security in the defense sector.
• From 2017, the US military and its partners started expanding their use of drones, using them for logistical purposes, like resupply, while expanding their abilities to defend against enemy drones.
• The UAVs and drones are increasingly being adopted in the defense and military sector worldwide, due to their benefits, such as enemy tracking, use in war zones in reconnaissance of unknown areas or buildings, force protection, and to assist in search for lost or injured soldiers, as well as a real-time view of various missions.
• Thus, with the increase in defense spending globally and advancements in technology, military and defense account for a significant share in the commercial robotics market.

North America to Dominate the Market

• The North American region is set to lead the market for commercial robotics due to the widespread acceptance of the infrastructure required for the adoption of commercial robotic systems.
• The steady technological advancements in the healthcare sector, in North America, is a major driver for the commercial robotics market in the region. The United States is home to some of the largest players in the market. It is a pioneer in the adoption of surgical robots, which is a primary factor influencing the growth of the market studied during the past decade.
• The defense and security sector also accounts for a significant portion of the demand, for robotics, in the region, as developed countries in these regions have focused on military modernization in the recent past. However, the airborne drones have seen a phenomenal increase in their application because of their heavy usage in security and surveillance.
• In 2016, the Pentagon, the Department of Defense deployed drones to spy over the US territory for non-military missions. These factors have increased the demand for security robots in North America.

Competitive Landscape

The commercial robotics market is highly fragmented, as expenditure on commercial robots is rapidly increasing due to their superior benefits. The increasing investments, especially in the medical robotics segment, coupled with technological innovations and product launches by the industry players, are expected to drive the commercial robotics market. Some of the key players in the market are Northrop Grumman Corp., Yaskawa Electric Corporation, Kuka AG, iRobot Corporation, Honda Motor Company Limited, Omron Adept Technologies Inc., and 3D Robotics Inc., among others.

• April 2019: The Japanese technology group, Yaskawa, officially opened its new robot production facility with the European robotics development centre at Kočevje/Slovenia. The robots are to be manufactured in Kočevje for the current Motoman GP series, with a payload of 7 to 225 kg.
• March 2018: Midea Group had set up three joint ventures with the Kuka Group, to expand business in the industrial robot, healthcare, and warehouse automation segments. Midea and KUKA, will each share a stake of 50% in the joint venture companies.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Northrop Grumman Corp.
Kuka AG
iRobot Corporation
Yaskawa Electric Corporation
Honda Motor Company Limited
Omron Adept Technologies Inc.
3D Robotics Inc.
Alphabet Inc.

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.