The commercial robot market is poised to nearly triple in value during the next five years, with medical robots accounting for more than 40% of the product segment, according to a report.
Commercial robotics, which doesn’t include industrial robots, refers to medical robots, drones, autonomous guided robots and field robots. This year, the market for such technology is projected to reach $5.9 billion compared with a projected $17.6 billion in 2022. And North America is positioned to dominate the commercial robotics industry in coming years, a Transparency Market Research report indicates.
The report predicts that medical robots will continue to be the dominant commercial robotics product in coming years. The segment is expected to be valued at $1.9 billion by the end of the year and surge to $3.9 billion by 2022.
In North America, the commercial robotics market is projected to grow to more than $2.6 billion by the end of 2017 and rise to $7.6 billion by 2022. In Europe, the value of the commercial robotics market is expected to surge $3 billion over the next five years.
The robot manufacturing space is dominated by Northrop Grumman, Kuka, iRobot, Yaskawa Electric, Honda Motor Co., Omron Adept Technologies, 3D Robotics and Amazon Robotics.
Industrial robot sales reached about $13.1 billion in 2016 fueled largely by demand from auto makers. The total market value — including software and other related business — increases the estimate to $40 billion, Germany-based International Federation of Robotics reports.