Business Robots Market - Forecasts from 2024 to 2029

Business Robots Market - Forecasts from 2024 to 2029

The business robots market is estimated to be around US$13.658 billion in 2024 and is anticipated to grow to US$25.706 billion by 2029 at a CAGR of 13.48%.

A business or commercial robot is a type of robot that is typically used in the commercial landscape to replicate, assist, or substitute human actions. These robots are also used to speed up the manufacturing process. They are commonly used in industries, to improve productivity and to obtain higher quality results. They also offer flexibility to businesses and also improve the safety of the establishment. These robots are used across several industries like food and beverage, electrical, chemical, manufacturing, pharmaceuticals, etc. It offers various applications like inspection, assembling, disassembling, processing, and welding.

The increase in the global demand for automotive and consumer electronics is estimated to be one of the major driving aspects of the growth in the demand for business robots in the global market. For the production of these products, the business robots provide efficient operations, along with increased safety, precision, and production volume. These robots are used across various industries, apart from these industries, like food and beverages, healthcare, and others. The business robots can also be used in the warehouse and logistics landscape to operate and efficiently manage the workflow.

The high maintenance and installation costs of business robots can be a major challenge to their growth. Robots in the Asia Pacific region, for example, face major challenges, such as the easy and cheaper availability of human resources. These robots also require a trained and dedicated employee to understand their workings and operate them.

Business Robots Market Drivers:

The growing demand for consumer electronics and automotive products.

One of the major drivers of the global business robots market’s expansion is the increase in the global demand for automotive and consumer electronics products. With the increase in the market demand for such products, the industries push the demand or production forward. In the production of such products, business robots offer an efficient manufacturing process, with enhanced precision, and speed of production. These flexible robots can be updated for various or new tasks, depending on the products.

The global demand for the automotive industry has witnessed a massive boost in recent years. The International Organization of Motor Vehicle Manufacturers (OICA) stated in its annual report that the production of automobiles reached 93.546 million in 2023, which was previously recorded at about 84.830 in 2022 and 80.004 in 2021. The increase in production signifies the increased utilization of robots in the industry. Similarly, the production and trade of consumer electronics also witnessed a significant rise in the global market. The Observatory of Economic Complexity stated that the global trade of smartphones was valued at about US$294 billion in 2022, with the US becoming the biggest importer, accounting for about US$62.8 billion and Hong Kong at US$34.7 billion.

Business Robots Market Restraints:

High development and maintenance costs.

One of the major challenges for the growth of business robots in the global market can be the high development, installation, and maintenance costs. The development of business robots, including design, research, and production, is high, as it requires extensive research and the inclusion of expensive parts and materials. Similarly, the installation and maintenance costs of these robots for businesses and industries are also high. The Robotics Simulation Services stated that the overall cost of such robots can be about US$250,000, with an additional US$10,000 annually for maintenance. The repair and upgradation cost of such robots can also result in higher expenses, which can further result in slow market growth.

Apart from higher implementation costs, these robots also have several limitations in performance. They are only suited for repetitive and continuous work, requiring updates and parts changes for change of work. These robots require network connectivity to monitor and utilize the operations, which increases the security risk, as it may lead to cyber-attacks.

Business Robots Market Geographical Outlook
Asia Pacific is anticipated to hold a significant share of the Business Robots market.

The business robot is estimated to attain a greater market share in Asia Pacific, as the region is among the top producers for various industries like consumer electronics, automotive, etc. Countries like India, China, Taiwan, and Vietnam are global manufacturing centers for products like semiconductors, smartphones, and automobiles. These industries prefer automated production processes, through robots, to produce the products at a mass scale. These robots also help operate the manufacturing and packaging process of various industries efficiently and reduce the operation cost. In countries like India, the government is also focusing on increasing the number of robot customer industries, such as automotive, metals, pharmaceuticals, and food and beverages. These increases in incentives are further expected to push the manufacturing sector in the region, expanding the demand for business robots.

The Business Robots Market Products Offered by Key Companies:

ABB Robotics: ABB Robotics is one of the global leaders in robotics and machine automation providers. The company offers various articulated robots, autonomous mobile robots, SCARA robots, and others, including their software and solutions.
KUKA: KUKA is an international automation group that supplies intelligent and resource-efficient automation solutions. The company offers several types of industrial robots, including KR Delta, KR SCARA, KR 4 Agilus, and KR Cybertech Nano.

The Business Robots Market Key Developments:

In November 2023, Amazon launched its robot, Astro, to offer security monitoring for small and medium businesses. The company claims that this robot will help business owners reduce blind spots and protect inventory. The robot comes with a periscope camera and a flexible camera viewpoint, which is powered by the robot's intelligent motion sensors.
In October 2023, Amazon announced the introduction of two new robots that can assist employees and deliver packages. Sequoia and Digit are the two new robots aimed at improving workplace safety. The company also commenced the trial of Digit, a humanoid warehouse robot designed in partnership with Agility Robotics.

The Business Robots market is segmented and analyzed as follows:

By Type

Articulated Robots
Parallel Robots
SCARA Robots
Polar Robots
Cartesian Robots
Cylindrical Robots
Others

By Component

Sensors
Robotic Arms
End Effectors
Drive Units
Vision Systems
Control Systems
Power Supply
Actuator
Others

By Industry

Automotive
Food and Beverage
Electrical
Chemical
Manufacturing
Commercial
Pharmaceuticals
Optics and Precision Engineering
Others

By Application

Handling
Assembling and Disassembling
Processing
Inspection
Welding
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
U.K.
Germany
France
Others
Middle East and Africa
UAE
South Africa
Israel
Saudi Arabia
Others
Asia-Pacific
China
Japan
India
Australia
Taiwan
South Korea
Others