The global commercial robotics market has grown by leaps and bounds in the last few years due to the growing use of robotic solutions in a number of industries. Robotic devices offer significant benefits over conventional techniques in a number of industries, which is likely to enable smooth growth of the global commercial robotics market in the coming years. The global commercial robotics market is thus set to prosper from the rapid growth of the industrial sector in a number of countries, including developing regions.
According to Transparency Market Research, the global commercial robotics market is set to rise to a 2024 valuation of US$17.6 bn at a strong CAGR 24.4% over the 2017-2024 forecast period. The commercial robotics market is set to be valued more than US$5.9 bn by the end of 2017.
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Medical Robots to Dominate Global Commercial Robotics Market
By product type, the global commercial robotics market is segmented into medical robots, drones, autonomous guided robots, field robots, and others. Of these, medical robots are likely to remain the dominant product segment of the global commercial robotics market in the coming years. The medical robots segment of the global commercial robotics market is expected to be valued at US$1,925.2 mn by the end of 2017 and further rise to US$3,916.6 mn by 2024, accounting for 41.3% of the global commercial robotics market. The absolute growth of the medical robotics field represents an annual growth of US$398.3 mn, more than any other product segment of the global commercial robotics market. Autonomous guided robots and drones are also likely to witness significant demand in the commercial robotics market in the coming years.
North America to Remain Leading Regional Contributor
Geographically, the global commercial robotics market is set to be dominated by North America in the near future. The North America commercial robotics market is likely to grow to more than US$2.6 bn by the end of 2017 and further rise to US$7.6 bn at a 24.1% CAGR from 2017 to 2024. North American players have managed to retain a dominant position in the global commercial robotics market due to the pioneering role played by North America in the development of robotics technology.
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The Europe commercial robotics market is also likely to play a major role in the global commercial robotics market. The region is likely to create an absolute opportunity worth close to US$3 bn over the 2017-2024 forecast period, making it a major regional entity for players looking to establish a firm foundation in the global commercial robotics market. Japan is also likely to be a major player in the global commercial robotics market in the coming years, with the regional market set to rise to US$899.8 mn by 2024 at a 21.7% CAGR between 2017 and 2024. Emerging economies in Southeast Asia and the Middle East could also prove vital for the global commercial robotics market, with the MEA market for commercial robotics expected to exhibit a strong CAGR of 22.7% from 2017 to 2024, rising to a valuation of US$471 mn.
Global Commercial Robotics Market: Competitive Dynamics
Leading players in the global commercial robotics market include Northrop Grumman Corporation, KUKA AG, iRobot Corporation, Yaskawa Electric Corporation, Honda Motor Company Ltd., Omron Adept Technologies Inc., 3D Robotics Inc., Accuray Inc., Alphabet Inc., and Amazon Robotics LLC. The dominant players in the commercial robotics market are likely to focus on acquisitions of smaller players as a successful way to grow.
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