New York, USA, May 25, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global commercial robots market is predicted to grow at a CAGR of 20.0%, thereby generating a revenue of $85,166.1 million during the 2022 to 2031 timeframe. This entire report provides a main overview of the nature of the commercial robots market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances during the 2022 to 2031 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
Dynamics of the Market
Drivers: Growing expansion of global healthcare and medical sectors is expected to be the primary growth driver of the commercial robots market during the forecast period. In addition, increasing development of commercial robots in the e-commerce industry is expected to help the market grow during the forecast period.
Opportunities: Rising investments and fundings in commercial robots are anticipated to offer numerous growth opportunities to the market players during the forecast period. Moreover, increasing utilization of commercial robots all around the world is estimated to augment the growth rate of the market during the forecast years.
Restraints: High cost of commercial robot systems, however, is expected to restrict the growth of the commercial robots market.
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Impact of COVID-19 on the Market
The COVID-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The commercial robots market, too, faced a negative impact of the pandemic. The disruptions in global supply chains led to a breakdown in the regular supply of raw materials required for the production of commercial robots. Furthermore, since several industries were shut down during the pandemic, the demand for commercial robots also declined. Both these factors caused a decline in the growth rate of the commercial robots market during the pandemic.
Segments of the Market
The report has divided the market into certain segments based on type, application, and region.
Type: Autonomous Guided Robotics Services Sub-Segment to be the Most Dominant
The autonomous guided robotics sub-segment is expected to be the most dominant by 2031. The various advantages offered by autonomous guided robotics including lower labor costs, less product damage, higher productivity, and the ability to support automated operations is anticipated to help the market register a significant growth during the forecast period.
Application: Medical & Healthcare Sub-segment to Have the Maximum Share
The medical & healthcare sub-segment of the commercial robots market is expected to hold the maximum market share during the forecast timeframe. The rapidly rising awareness regarding the advantages of medical robots in the global healthcare industry is predicted to augment the growth rate of this sub-segment.
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Market in the Asia-Pacific Region to be the Most Lucrative
The commercial robots market in the Asia-Pacific region is projected to be the most lucrative during the forecast timeframe. The rising labor expenses involved in manufacturing processes has forced several manufacturing companies to opt for commercial robots which is expected to be the main factor responsible for the growth of the market in this region.
Prominent Market Players
Some prominent market players of the commercial robots market are
- Northrop Grumman Corp.
- Omron Adept Technologies Inc.
- Alphabet Inc.
- Kuka AG
- Honda Motor Company Limited
- Accuray Inc.
- iRobot Corporation
- 3D Robotics Inc.
- AeroVironment Inc.
- Yaskawa Electric Corporation
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in June 2021, Hyundai Motor Group, a leading automobile company, announced the acquisition of Boston Dynamics, a global robotics company. This acquisition is predicted to offer huge growth opportunities to Hyundai Motor Group and help the company to gain a considerable profit in the commercial robots company.
Finally, this report published by Research Dive also offers many vital facets of the commercial robots market including the latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Commercial Robots Market:
- How Commercial Robots are Helping the Materialization of Industrial Revolution 4.0?
- Global Commercial Robots Market to Generate $85,166.1 Million by 2031, Owing to Increase in the Investments and Funding in Commercial Robots
