Exploring the Future of Commercial Robots:The Business Research Company’s Global Commercial Robots Market Size, Share And Growth Analysis For 2024-2033
The commercial robots market is on a trajectory of robust growth, with projections indicating a rise from $20.74 billion in 2023 to $24.9 billion in 2024 at a compound annual growth rate (CAGR) of 20%. According to The Business Research Company's comprehensive report, the market is expected to reach $52.01 billion by 2028, maintaining a CAGR of 20.2%. This report provides a detailed analysis of the market's size, share, and growth, highlighting key trends, drivers, and the competitive landscape.
Key Growth Drivers
Industrialization and Automation: The mechanization of production and increased use of energy sources are major factors propelling the commercial robots market. Industrialization supports mass production and economic growth, with commercial robots playing a crucial role in replicating or assisting human tasks.
Technological Advancements: Innovations in cloud computing and software-defined data centers with virtualized infrastructure components have heightened the need for advanced data protection, contributing to the growing demand for commercial robots.
Collaborative Robotics (Cobots): Companies are increasingly developing cobots to enhance efficiency, productivity, and safety. Cobots work alongside humans in shared workspaces, improving operational flexibility across various industries.
Regional Insights
North America led the commercial robots market in 2023, while Asia-Pacific is anticipated to be the fastest-growing region during the forecast period. Factors such as increased industrialization, the rise of the manufacturing sector, and strategic partnerships between regional and U.S. providers drive growth in Asia-Pacific. The adoption of cloud computing and Bring Your Own Device (BYOD) trends in these countries has also fueled market expansion.
Major Players and Market Trends
Key players in the commercial robots market include:
- Honda Motor Co. Ltd.
- Northrop Grumman Corporation
- ABB Ltd.
- Omron Corporation
- Yaskawa Electric Corporation
- Kuka AG
These companies are at the forefront of developing innovative solutions and enhancing the capabilities of commercial robots. A significant trend is the development of collaborative robots (cobots) to improve efficiency, productivity, and safety.
Market Segments
- By Type: Field Robots, Medical Robots, Autonomous Guided Robotics, Drones, Other Types
- By Technology: Automatic, Semi-Automatic, Manual
- By Application: Medical and Healthcare, Defense and Security, Agriculture and Forestry, Marine, Other Applications
The Business Research Company’s Market Insights
The Business Research Company provides over 10,000+ market research reports covering 27 industries across 60+ geographies. Their reports offer a comprehensive understanding of the market, including historic and forecasted market sizing, segmentations, shares, and key trends. As a leading market research firm, they excel in customer, market, product, and competitor information.
Their actionable market insights are derived from secondary research, expert interviews, proprietary data, and in-house knowledge. With 350+ in-house experts in 28 countries, they maintain 1,500,000 datasets across various industries, including services, manufacturing, healthcare, financial services, and technology. Their targeted intelligence services enable strategic decision-making, helping clients choose markets, target customers, and outsmart competitors.
The commercial robots market is poised for substantial growth, driven by technological advancements, industrialization, and increasing demand for automation. With major players continually innovating and expanding their capabilities, the market is set to thrive, offering numerous opportunities for businesses and industries globally.
