Commercial Robotics Market is Expected to Expand at a CAGR of 24.4% from 2017 - 2022
The global commercial robotics market has witnessed steady growth in the last few years due to rapid growth of vital end users such as the healthcare industry. Commercial robotics has become a crucial requirement in several parts of the healthcare sector, which is likely to enable a steady growth in demand from the global commercial robotics market in the coming years. Other sectors such as the defense and marine industries are also likely to exhibit growing demand from the global commercial robotics market in the coming years, brightening the market’s prospects. The commercial robotics market is thus likely to exhibit a smooth growth trajectory in the coming years, according to Transparency Market Research.
The firm puts the commercial robotics market’s 2017 valuation at US$5.9 bn, estimating the market to rise to a valuation of US$17.6 bn by 2022 at a strong 24.4% CAGR.
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Here are some leading factors to consider in the global commercial robotics market in the coming years:
Steady growth of the healthcare industry has been vital for the global commercial robotics market in the last few years. The medical robotics sector has developed at a rapid rate in the recent past due to growing acknowledgment of its benefits in the healthcare sector, which has led to growing investment from leading medical industry players. The healthcare industry is particularly strongly leaned towards technological innovation in developed regions such as North America and Western Europe. However, the global medical robotics market could shift its center from the West to emerging regions such as Southeast Asia and the Middle East in the coming years due to growing government support to the healthcare sector in countries such as China and India.
The North America market is set to dominate the global commercial robotics market in the coming years due to the widespread acceptance of the infrastructure required for adoption of commercial robotic systems. The steady technological advancement of the healthcare sector in North America is thus a major driver for the global commercial robotics market. Europe is also a major contributor to the global commercial robotics market due to the strong presence of the industrial sector as well as a burgeoning healthcare industry. The commercial robotics market in North America is expected to be valued at US$7.6 bn in 2022, representing more than 43% of the global commercial robotics market. The defense and security sector could also account for a significant portion of the demand from North America and Europe, as numerous developed countries in these regions have focused on military modernization in the recent past.
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The increasing government interest in the healthcare sector in countries such as China, India, Thailand, Indonesia, Singapore, and Malaysia is likely to drive the commercial robotics market in Asia Pacific except Japan in the coming years, with the regional market set to account for 18.4% of the global commercial robotics market by 2022. The region is expected to make a 271 BPS rise over the 2017-2022 forecast period.
The Middle East and Japan are also likely to contribute significantly to the global commercial robotics market in the coming years, with the MEA market for commercial robotics expected to rise to US$471 mn by 2022 at a strong CAGR of 22.7%. The strong presence of Japanese companies in the robotics sector is likely to enable smooth growth of the commercial robotics market in Japan in the coming years, with the Japan commercial robotics market set to rise to a valuation of US$899.8 mn by 2022.
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. Consistent product development is likely to be the key in the global commercial robotics market, while larger players could also consider acquisitions of smaller specialist player to enhance their offering.
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