Market Size of Commercial Robotics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 33.65 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Commercial Robotics Market Analysis
The commercial robotics market is expected to register a CAGR of 33.65% during the forecast period. Technological advancements and the increasing demand for automation across various industries are driving the demand for commercial robots in the market.
- Commercial robots are widely used in the field as autonomous guided drones and medical applications. Commercial robots' exceptional service over conventional methods will likely boost investment and utilization.
- Drones are becoming popular and are being integrated into diverse applications, including commercial space. Also, various startups and tech giants are rigorously investing in this technology to capture a higher market share at an early stage. Further, the market is witnessing various partnerships and collaborations by public and private organizations. For instance, in August 2022, The Drone Federation of India signed an MoU with the Indian Army Design Bureau to accelerate drone technology development and indigenization in the drone ecosystem.
- Moreover, the medical robotics sector has developed at a rapid rate due to the growing acknowledgment of its benefits in the healthcare sector. The healthcare industry strongly leans toward technological innovation the IoT industry and investments in robotics have been the major contributors to the growth of the market.
- For instance, in September 2022, The Care and Equity Healthcare Logistics UAS Scotland project secured EUR 10.1 million (USD 10.7 million) in funding from the future flight challenge at UK Research and Innovation. Led by AGS Airports in partnership with NHS Scotland, CAELUS brings together 16 partners, including the University of Strathclyde, NATS, and NHS Scotland.
- The market is witnessing the adoption of robots for protecting the border. For instance, recently, an Israeli defense contractor unveiled a remote-controlled armed robot to patrol battle zones, track infiltrations, and open fire. It is operated by an electronic tablet and can be equipped with two machine guns, cameras, and sensors.
