Global Commercial Robots Market to Generate $85,166.1 Million by 2031, Owing to Increase in the Investments and Funding in Commercial Robots

Commercial robots, sometimes referred to as cobots, are anthropomorphic machines built to aid humans in simplifying certain complex tasks and perform certain iterative procedures. Commercial robots find applications in different sectors including healthcare, agriculture, defense, manufacturing, logistics, and others. These robots are designed to collect, store, and process the data from their surroundings and, in turn, use these data points to learn and improve themselves to further ease the procedures for which they are used.

Forecast Analysis of the Commercial Robots Market

In recent years, there has been a steady increase in investments and funding in the development of commercial robots from various market players which is predicted to be the primary growth driver of the global commercial robots market during the forecast period. In addition, the rising expansion of the medical and healthcare sector is anticipated to drive the market forward. Along with this, advancements in new-age technologies such as IoT, AI and machine learning are projected to create numerous growth and investment opportunities for the market players during the forecast timeframe. However, the high cost of commercial robot systems is estimated to hamper the growth of the commercial robots market in the upcoming years.

Regionally, the commercial robots market in the Asia-Pacific region is expected to be the most dominant by 2031. The rising cost of manual labor and increasing foreign direct investments in the robotics sector are expected to be the leading factors driving the growth of the market in this region.

According to the report published by Research Dive, the commercial robots market is expected to generate a revenue of $85,166.1 million by 2031 and grow at 20.0% CAGR during the 2022 to 2031 timeframe. Some of the prominent market players include Northrop Grumman Corp., Omron Adept Technologies Inc., Alphabet Inc., Kuka AG, Honda Motor Company Limited, Accuray Inc., iRobot Corporation, 3D Robotics Inc., AeroVironment Inc., and Yaskawa Electric Corporation.

COVID-19 Impact on the Market

The outbreak of the COVID-19 pandemic had a massive negative effect on almost all industries and businesses across the world. The commercial robots market also witnessed a negative impact owing to the pandemic. The lockdowns and travel restrictions severely affected the supply of raw materials necessary for manufacturing commercial robots which caused a decline in the market growth. Furthermore, closure of manufacturing industries led to a fall in demand for commercial robots which hampered the growth rate of the market.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the commercial robots market to flourish. For instance:

• In May 2021, Ondas Holdings Inc., a leading wireless broadband technology provider, announced the acquisition of American Robotics, a commercial drone manufacturing firm. This acquisition will help Ondas Holdings to integrate their wireless broadband technological solutions with the drone systems and provide advanced robotic infrastructure to various industrial players.
   
• In March 2021, The Toro Company, a landscaping equipment manufacturing company, announced the acquisition of Left Hand Robotics, Inc., a robotic machinery manufacturer. This acquisition is predicted to increase the footprint of the acquiring company in the commercial robots market in the future.
   
• In February 2023, Rapid Robotics, a leading automation company, announced that it had signed a partnership agreement with Universal Robots, a Denmark-based commercial robot manufacturer. This partnership is aimed at developing commercial robots and supplying them to different manufacturing companies in the North America region. The collaboration is anticipated to help both the companies to pool their resources and cater to the demands of the manufacturing sector.