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Portland, OR, April 13, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global commercial robots market garnered $15.2 billion in 2021, and is estimated to generate $85.2 billion by 2031, manifesting a CAGR of 20.0% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research provides valuable insights that can help leaders, investors, shareholders, and startups develop effective strategies for achieving sustainable growth and gaining a competitive advantage in the market.
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Report coverage & details:
| Report coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $15.2 billion |
| Market Size in 2031 | $85.2 billion |
| CAGR | 20.0% |
| No. of Pages in Report | 280 |
| Segments Covered | Application, Type, and Region |
| Drivers | Growth of small companies |
| Rising investment in automation | |
| Strict government laws on management of hazardous chemicals and products | |
| Introduction of smart factories | |
| Continuing shift from manual to automated process | |
| Opportunities | Continued investment in R&D |
| Spending on new product launches | |
| Restraints | High manufacturing costs |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global commercial robots market. Due to disruptions in the supply chain, several sectors such as manufacturing, construction, automotive were negatively impacted that affected the production and demand for commercial robots during the pandemic
- Economic slowdown affected the setup of new commercial robots projects across the world as majority of government fundings were diverted towards construction and manufacturing sector owing to rapid spread of the COVID-19 virus, thereby impacting the market to the great extent.
- However, the introduction of vaccines for the coronavirus disease and the re-initiation of production…
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