Commercial Robots Market Size, Share, Growth & Forecast 2024-2033 | Trends & Competitive Insights

The Business Research Company recently released a comprehensive report on the Global Commercial Robots Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The commercial robots market size has grown exponentially in recent years. It will grow from $20.74 billion in 2023 to $24.9 billion in 2024 at a compound annual growth rate (CAGR) of 20%. The growth in the historic period can be attributed to increased demand for automation, growing need for efficiency and productivity, growing awareness of safety concerns, increasing investment in research and development, growing interest in robotics as a service (RaaS) models, growing applications of robots in the construction industry, growing acceptance of collaborative robots (cobots).

The commercial robots market size is expected to see exponential growth in the next few years. It will grow to $52.01 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The growth in the forecast period can be attributed to increasing demand for automation, rising awareness about the benefits of robotics in healthcare, increasing emphasis on logistics and warehousing efficiency, growing investments in robotic startups, rising demand for robotic automation solutions, increasing demand for autonomous vehicles. Major trends in the forecast period include increasing integration of artificial intelligence and machine learning, rising adoption of Internet of Things (IoT) technology, growing trend of smart factories, increased adoption of collaborative robots, growing adoption of robotic process automation (RPA), integration of advanced sensors such as LiDAR, adoption of robotics in small and medium sized enterprises (SMEs), rise in adoption of telepresence robots, integration of drones, advancements in robotic hardware technologies.

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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the cell signaling market going forward. Chronic diseases are long-lasting medical conditions that progress slowly and persist for extended periods, often for years or even a lifetime. These conditions are characterized by their prolonged duration and may require ongoing management and treatment to control symptoms, prevent complications, and maintain quality of life. The prevalence of chronic disease is due to an aging population, unhealthy lifestyles, and the accessibility and infrastructure of healthcare. Cell signaling research provides valuable insights and tools for understanding, diagnosing, treating, and preventing chronic diseases, offering hope for improved outcomes and quality of life for affected individuals. For instance, in January 2023, according to the National Library of Medicine, a US-based biomedical library, the number of people 50 years of age and older having at least one chronic illness is predicted to rise from 71.522 million in 2020 to 142.66 million in 2050, a 99.5% increase. Therefore, the increasing prevalence of chronic diseases is driving the growth of the cell signaling market.

Major companies operating in the commercial robots market are developing collaborative robotics (cobots) to enhance efficiency, productivity, and safety in various industries. Collaborative robots work alongside humans in a shared workspace, improving efficiency and flexibility in various industries. For instance, in February 2021, ABB, a Switzerland-based robotics and automation company, launched its new generation of collaborative robots, the YuMi series. These robots can securely engage with people and swiftly and precisely do complex jobs because of their sophisticated sensors and machine learning algorithms. It was specifically designed to meet the flexible and agile production needs of the consumer electronics industry, but has applications in any small parts assembly environment.

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Major Key Players of the Market:
Honda Motor Co. Ltd., Northrop Grumman Corporation, ABB Ltd., Omron Corporation, Yaskawa Electric Corporation, Kuka AG, Teradyne Inc., SICK AG, Techman Robot Inc., iRobot Corporation, SoftBank Robotics Group, UBTECH Robotics Corp Ltd., Pudu Technology Inc., Fourier Intelligence, Boston Dynamics, 3DR Inc., Sarcos Technology and Robotics Corporation, inVia Robotics Inc., PickNik Inc., Wingcopter, Vecow Co. Ltd., Robocath, Agrobot, Keenon Robotics Co. Ltd., Universal Robots A/S

Commercial Robots Market 2024 Key Insights:
• The commercial robots market size is expected to see exponential growth in the next few years. It will grow to $52.01 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%.
• Industrialization Surge Fuels Commercial Robot Market Growth
• Advancements In Collaborative Robotics Enhance Efficiency
• North America was the largest region in the commercial robots market in 2023

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