Some of the leading players in the global commercial robotics market include names such as Honda Motor Company, Northrop Grumman Corporation, iRobot Corporation, KUKA AG, Omron Adept Technologies Inc., Amazon Robotics LLC, and 3D Robotics Inc., among many others. These companies are increasingly focusing bringing robotics more near and accessible to common people and provide more and more innovative products. The big corporates in the market are trying to take over the smaller companies in order to enhance their market presence and generate more revenue. iRobot Corporation, a leading company in commercial and consumer robotics have recently acquired its biggest distributor in Europe – Robopilis. This acquisition was announced back in July and has been completed in October 2nd. This comes one the backdrop of iRobot taking over its distributor in Japan, Sales on Demand Corporation, just six months prior to this takeover. The purchase of these two distributors in Japan and Europe iRobot Corporation have significantly expanded its reach at a global level. With the acquisition of Sales on Demand, the company made a right move by paying the cost of its own inventory and acquired the elemental business for free. Whereas, the deal to takeover Robopolis was driven by the tremendous opportunities of growth in the Europe market.
The global commercial robotics market stood at an overall valuation of US$5.9 bn in the year 2017. This valuation is expected to reach to a staggering figure of US$17.6 bn over the course of the given forecast period of 2017 to 2022. This growth in market valuation is expected to be achieved with the help of an impressive CAGR of 24.4% over the same period of forecast.
What Factors are Responsible for Driving Growth of Global Commercial Robotics Market?
The growth of the global market for commercial robots have been largely driven due to the accelerated growth of the crucial end users such as the healthcare segment. Commercial robotics have become an important requirement in numerous parts of the healthcare industry, which is also expected to additionally drive the growth of the global market over the next few years. Other end use sectors such as marine and defense are also expected to exhibit increasing demand for commercial robotics and thus will drive the overall development of the global market.
How will Regional Segmentation play Part in Developing Global Market?
As mentioned before, the global commercial robotics market is largely driven due to increasing requirements from the healthcare industry. The healthcare segment is particularly well developed in regions such as Europe and North America due to their technological advancements. North America market is expected to continue its dominance in the global market with its regional market valuation estimated to reach up to US$7.6 bn by the end of the forecast period in 2022.
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However, the global market could shift its center from the West to developing regions such as the Middle East and Southeast Asia over the coming years because of the increasing support from the local governments in nations such as India and China to support the healthcare infrastructure development.
The Middle East and Japan market are also expected to significantly contribute in the development of the global commercial robotics market with both regions expected to show a strong CAGR of 22.7% and 21.7% respectively.