Robotics can be useful in almost any scenario that requires repetition with precision. Ranging from defense to healthcare to agriculture, the application of robotics is widespread and consequently, the market for commercial robotics is flourishing. A recent business and commerce study by Transparency Market Research as reiterated the prosperity of the global commercial robotics market, projecting the demand to expand at an impressive CAGR of 24.4% during the forecast period of 2017 to 2022. From its evaluated worth of US$5.9 bn in 2017, the opportunities in this market is estimated to swell up to US$17.6 bn within next five years.
Which factors will pave a way for stronger future for commercial robotics market?
Increase in demand for warehouse automation across various industries in order to improve efficiency and damages, integration of robotics with various technologies, and readiness of the return of interest are some of the key factors augmenting the demand in the global commercial robotics market. Robotics can significantly improve and yield efficiency over conventional techniques in numerous industries. These factors will continue to smoothly grow the global commercial robotics market in the coming years, both in developed as well as developing regions.
Which market segments are promising consistent profits?
Based on product type, the TMR report segments the global commercial robotics market into autonomous guided robots, medical robots, field robots, and drones. In 2017, the medical robots segment served 41.3% of the total demand in this market, and is proved to serve a revenue of US$398.3 mn throughout the forecast period of 2017 to 2022. By the end of 2022, the medical commercial robotics market is estimated to be worth US$3,916.6 mn, which would be significantly more than any other product segment of the global commercial robotics market. Application-wise, the report has segmented the market into agriculture and forestry, defense, rescue, and security, marine, medical, and environment.
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Which region is exhibiting maximum potential for commercial robotics market?
North America is currently the most lucrative region that vendors of the commercial robotics market should be concentrating on, with healthcare segment providing maximum traction. The regional market, primarily driven by developed country of the U.S., is anticipated to produce a demand worth of US$7.6 bn by 2022, expanding at a CAGR of 24.1% during the forecast period of 2017 to 2022. While North America will manage to remain most profitable region at the end of 2022, Europe is another highly important region that cannot be ignored. Europe commercial robotics market is estimated to fetch a revenue of US3.0 bn by 2022.
What is the nature of competition?
The global commercial robotics market is highly dependent on innovation, as consumers are only now realizing the efficiency that robots can offer, and newer product will be able to garner more adoption. KUKA AG, iRobot Corporation, Northrop Grumman Corporation, Yaskawa Electric Corporation, Omron Adept Technologies Inc., Honda Motor Company Ltd., 3D Robotics Inc., Alphabet Inc., Amazon Robotics LLC., and Accuray Inc. are some of the prominent companies currently operating in the commercial robotics market. However, new entrants can also make a mark in this market via developed of niche technology that may need harnessing for a greater future.