The commercial robots market size was valued at $15.2 billion in 2021, and is estimated to reach $85.2 billion by 2031, growing at a CAGR of 20% from 2022 to 2031.
Commercial robots are machines that can help replicate or substitute human actions in a variety of applications such as transporting materials within a factory, delivering retail products, medication, and supplies, collecting and transmitting data, inspecting, recording videos, and monitoring ongoing projects, mapping activities, and more. Industrial robots are self-operating and reprogrammable machines. They can programme multifunctional manipulators on three or more axes.
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A rise in the popularity of online purchases is anticipated to drive the expansion in the usage of commercial robots in the e-commerce business, while an anticipated labor shortage will expand their application in the industrial sector. Commercial robots are being used by e-commerce companies to increase the effectiveness of their supply chains by placing them in their warehouses and distribution centres. The use of commercial robots is also expanding due to their ability to complete deliveries more quickly. These robots are useful in fields like defense due to their use in communication and surveillance. Continued investment in R&D and spending towards new product launches to capture emerging opportunities are expected to drive the market growth.
Commercial robot deployment cost and purchase costs might be incredibly high, which may deter some businesses from investing in this technology. Furthermore, some companies might not be aware of the possible benefits associated with using robots or might lack the knowledge to incorporate robots into their operations. These factors are anticipated to hamper the commercial robots market share in the upcoming years.
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The need for higher productivity to support GDP growth will also drive the commercial robots industry. Robots, in most cases, augment human potential, by supporting humans in their activities, increasing overall productivity, and driving economic growth. Another factor likely to drive the commercial robot industry is that there are still plenty of jobs that might pose a risk to humans, many of which can already be done by robots. Experts say that robots will take over the dull, the dirty, and dangerous jobs for humans. These factors are anticipated to boost the market growth in the upcoming years.
The key players profiled in the commercial robots market report include Northrop Grumman Corp., Kuka AG, iRobot Corporation, Yaskawa Electric Corporation, Omron Adept Technologies Inc., Honda Motor Company Limited, 3D Robotics Inc., Alphabet Inc., Accuray Inc., AeroVironment Inc.
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