Commercial Robotics Market is growing rapidly over 22.14% of CAGR forecast period to 2018-2023 | Global Key Vendors by NORTHROP GRUMMAN, KUKA AG, IROBOT, INTUITIVE SURGICAL, YASKAWA ELECTRIC, HONDA MOTOR COMPANY

Industry Highlights:
The global commercial robotics market was valued at USD 6.4 billion in 2017, and is expected to reach a value of USD 28.1 billion by 2023, at a CAGR of 22.14%, during the forecast period (2018 - 2023). The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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Robotics play a crucial role in commercial applications, with many core operations being managed by robots. The market has been witnessing huge demand since the past decade, owing to the rising convergence of robotics and artificial intelligence including planning and search, probabilistic inference, localization, tracking and control, all with a focus on robotics. Moreover, the medical robotics sector has developed at a rapid rate owing to growing acknowledgment of its benefits in the healthcare sector. The healthcare industry is particularly strongly leaned towards technological innovation the IoT and investments in robotics have been the major contributors to the growth of the market. Over the years, the market has been supported by the demand for robotic surgery. Moreover, research in the field of surgical robotics by prominent universities is also expected to play a key role in the development. However, higher costs of these robots may restrain their growth in the market.

Demand for Commercial Drones to Drive the Market
Driven by use of UAVs in executing high-risks, rising use in military and battlefield, commercial drones are expected to significantly drive the market during the forecast period. The flight of UAVs may operate with various degrees of autonomy either under remote control by a human operator or autonomously by on-board computers. Growing demand for better aerial imaging, increasing demand for remote sensing, and air surveillance coupled with advent of advanced sensors and faster computing capabilities are driving the adoption of UAVs and drones in commercial applications. Moreover, the technology maturity and falling prices of these equipment are expected to provide the market with significant opportunities in the future.

Key Developments in the Market
• January 2018 - Intuitive Surgical Inc. had recently won an approval for an additional 12 procedures in Japan using its da Vinci robot-assisted surgery devices. The approvals can represent an additional 200,000 cases in Japan, up from 30,000. da Vinci is now approved for additional colorectal, gynecological and thoracic surgeries, gastrectomies, bladder cystectomies, esophagectomies, and mitral valvuloplasty
• September 2017 - Northrop Grumman Corporation and Orbital ATK, Inc. had entered into a definitive agreement under which Northrop Grumman acquired Orbital ATK for approximately USD 7.8 billion in cash, plus the assumption of USD 1.4 billion in net debt

The major players include –
NORTHROP GRUMMAN CORP., KUKA AG, IROBOT CORPORATION, INTUITIVE SURGICAL INC. , YASKAWA ELECTRIC CORPORATION, HONDA MOTOR COMPANY, LIMITED, OMRON ADEPT TECHNOLOGIES INC., and 3D ROBOTICS INC., amongst others.

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Security in Military and Defense to Generate a Huge Potential for Commercial Robotics
Military robot automation of the defence process is the next wave of military evolution. As automated systems and networking complement the Internet, communication is facilitated on a global basis. Over the past decade, there have been increasing levels of investment in surveillance and security in the defense sector. From 2017, the US military and its partners started expanding their use of drones, turning them for logistical purposes, like resupply while expanding their abilities to defend against enemy drones. The UAVs and drones are increasingly being adopted in the defence & military sector worldwide owing to their benefits, such as enemy tracking, use in war zones in reconnaissance of unknown areas or buildings, and force protection and to assist in searches for lost or injured soldiers, as well as a real-time view of various missions. Thus, with the increase in the defense spending globally and advancements in technology, this industry accounts for a significant share in the commercial robotics market.

North American Region Dominated The Market
The North American region is set to lead the market for commercial robotics in the forecast period 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 a major driver for the commercial robotics market in the region. U.S being home to some of the largest players in the market and being a pioneer in the adoption of surgical robots is one of the primary factors that has influenced the growth during the past decade. United States accounted for about 1,574 patents filed relating to surgical robots over 2012-2016. Moreover, U.S. healthcare spending grew 4.3% in 2016, reaching USD 3.3 trillion. As a share of the nation's GDP, health spending accounted for 17.9 percent, which is more than 50% of global average. Moreover, the defence & security sector also accounts for a significant portion of the demand for robotics in region, as developed countries in these regions have focused on military modernization in the recent past. The U.S. military expenditure increased from 500 billion in 2005 to around 610 billion in 2016. This military spending includes all regular activities of the Department of Defence, such as war spending, nuclear weapons spending, international military assistance, security surveillance, and other spending. Moreover, the airborne drones have seen a phenomenal increase in their application because of its heavy usage in security and surveillance. In 2016, the Pentagon, the Department of Defence in the U.S. had deployed drones to spy over U.S. territory for non-military missions over the past decade. These factors have increased the demand for security robots in North America.

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