Commercial Robots Market Expected to Reach $85.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Commercial Robots Market," The commercial robots market size was valued at $15.2 billion in 2021, and is estimated to reach $85.2 billion by 2031, growing at a CAGR of 20% from 2022 to 2031.

Commercial robots are machines that can help replicate or substitute human actions in a variety of applications such as transporting materials within a factory, delivering retail products, medication, and supplies, collecting and transmitting data, inspecting, recording videos, and monitoring ongoing projects, mapping activities, and more. Industrial robots are self-operating and reprogrammable machines. They can programme multifunctional manipulators on three or more axes.

A rise in the popularity of online purchases is anticipated to drive the expansion in the usage of commercial robots in the e-commerce business, while an anticipated labor shortage will expand their application in the industrial sector. Commercial robots are being used by e-commerce companies to increase the effectiveness of their supply chains by placing them in their warehouses and distribution centres. The use of commercial robots is also expanding due to their ability to complete deliveries more quickly. These robots are useful in fields like defense due to their use in communication and surveillance. Continued investment in R&D and spending towards new product launches to capture emerging opportunities are expected to drive the market growth.

Commercial robot deployment cost and purchase costs might be incredibly high, which may deter some businesses from investing in this technology. Furthermore, some companies might not be aware of the possible benefits associated with using robots or might lack the knowledge to incorporate robots into their operations. These factors are anticipated to hamper the commercial robots market share in the upcoming years.

The need for higher productivity to support GDP growth will also drive the commercial robots industry. Robots, in most cases, augment human potential, by supporting humans in their activities, increasing overall productivity, and driving economic growth. Another factor likely to drive the commercial robot industry is that there are still plenty of jobs that might pose a risk to humans, many of which can already be done by robots. Experts say that robots will take over the dull, the dirty, and dangerous jobs for humans. These factors are anticipated to boost the market growth in the upcoming years.

The global commercial robots market share is segmented based on type, application, and region. By type, it is classified into field robots, medical robots, autonomous guided, robotics, drones, and others. By application, it is classified into medical & healthcare, defense & security, agriculture & forestry, marine, and other. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the commercial robots market report include 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.

The report offers a comprehensive analysis of the global commercial robots market analysis trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of Covid-19 on the Global Commercial Robots Industry

• Sales of commercial robots are directly proportional to the demand from automotive, construction and manufacturing industry. However, various sectors such as manufacturing, construction, automotive were negatively impacted by the COVID-19 pandemic that has affected the production and demand for commercial robots due to disrupted supply chain.
• COVID-19 impacted almost all industries and the commercial producing companies ceased their operations owing to import-export restrictions, lockdown imposed across several countries, and shortage of labor; the fear of contracting the novel coronavirus led to sluggish demand in the market.
• Social distancing norms, closed borders, and production constraints, due to the pandemic, affected the global market.

Key Findings of the Study

• Based on type, the autonomous guided robotics sub-segment emerged as the global leader in 2021 and drone sub-segment is anticipated to be the fastest growing sub-segment during the commercial robots market forecast period.
• Based on application, the medical and healthcare sub-segment emerged as the global leader in 2021 and defense & security sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.