Commercial Robotics Market | Industry Share, Size, Growth 2029
Commercial Robotics Market
Commercial Robotics Market was valued at USD 5.7 billion in 2021 and estimated to touch USD 9.9 billion in 2029, increasing at a CAGR of 7.1% during the forecast period.
The factors driving the growth of Commercial Robotics Market includes increased deployment of disinfection robots at airports, hospitals and hotels, growing popularity of medical robots, Government initiatives promoting automation across industry verticals. According to the report published by Bloomberg, the Global Medical Robots Market was estimated around USD 9.18 billion 2022 and is expected to reach USD 25.44 billion by the end of 2028, growing at a CAGR of 18.5% over the forecast period (2022-2028), which will accelerate the Commercial Robotics Market size in the coming years. Moreover, integration of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) with commercial robots, increasing use of delivery robots to transport goods and services and rise in the launch of innovative products, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes and rapid urbanization, are further contributing towards the market growth.
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However, growth of the Commercial Robotics Market is hindered attributed to high hardware cost of robots.
The leading players operating in the market are iRobot Corporation, Intuitive Surgical, Inc., OMRON Corporation, 3D Robotics, Yaskawa Electric Corporation, Northrop Grumman Corporation, Kuka AG, Alphabet Inc., Percepto and Hyundai Motor Company, among others.
Based on Type, the Medical Robots segment is predicted to expand at a significant CAGR during the forecast period
Increasing use of medical robots in transportation, sanitation, and surgeries, are propelling the segment’s growth.
Based on Application, the Defense and Security segment is projected to capture the largest market share over the forecast period
As per the Commercial Robotics Market Trends, growing demand for Unmanned Ariel Vehicle around the world and rise in Government’s expenditure on the defense sector, are some of the factors responsible for the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
Growing demand for robots in the healthcare and agriculture sector, rising popularity of unmanned ariel vehicles, increase in Government’s expenditure on the defense sector, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Development
In 2020, Percepto, entered into partnership with Boston Dynamics, through this partnership Percepto will launch Autonomous Inspection & Monitoring (AIM) platform by using its Sparrow drone and Boston Dynamics’ Spot quadruped robot for site inspection applications.
In 2020, Hyundai Motor Group completed the acquisition of Boston Dynamics with the aim of advancing robotics and mobility technology, this will further expand company’s product portfolio in the robotics market.
Market Segmentation
Segmentation by Type
Drones
Field Robots
Medical Robots
Autonomous Guided Robotics
Others
Segmentation by Application
Medical and Healthcare
Defence and Security
Agriculture and Forestry
Marine
Others
Segmentation by Region
Asia PacificChina
Japan
India
Rest of APAC
North AmericaUnited States of America
Canada
EuropeUnited Kingdom
Germany
France
Spain
Rest of Europe
RoWBrazil
South Africa
Saudi Arabia
UAE
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