Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Service Robotics market.
Trusted Business Insights presents an updated and Latest Study on Service Robotics Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Service Robotics market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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The global service robotics market size was USD 11.25 billion in 2018 and is projected to reach USD 46.13 billion by 2026, exhibiting a CAGR of 19.4% during the forecast period.
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Service robots are operated semi or fully autonomously to perform services that help to complete the tasks of humans and equipment, excluding the manufacturing operations. Moreover, the robust growth of the service robots market is driven by automation and robotics industry, which has created a revolutionary impact across all the industrial sectors. The service robotics industry has been influenced by the recent advancements incorporated in mobility that enable robots to localize in a two-dimensional map of the world.
In the current scenario, there are small & mid-sized companies across the United States, Japan, Korea, China etc. that are anticipated to adopt explicit efforts to increase their service robot market share. These efforts include heavy investments in R&D, mergers and acquisitions, advanced marketing strategies, etc. Of great importance to this market is the collaboration and coordination that is being observed within the academia, industry, and the government, which is ultimately enhancing the service robots market demand. For instance, in September 2019, students from India initiated development of robots that can help society during crucial incidents such as house fire.
In contrast with industrial robotics, the service robotics market is evenly divided across the globe. It is being observed that the industrial robots are not acquainted with the control, sensing, and the decision making capabilities that are required in 3D and unstructured environments. Reliability, cost-effective force sensing for assembly is still a tedious job for industrial robots. In such a scenario, service robots have created a foothold impact in the advancements of mobility that can overcome the challenges of the industrial robots.
Maturity in Robotic Technology is Creating a Remarkable Impact on the Market
Robotics industry is rapidly stimulating the service robotics market trends, owing to the fast-paced technological advancements converging in automation, engineering, artificial intelligence, and machine learning. The outcomes of the introduction of robots has resulted in the transformation of humans task-performing capacity. According to the International Federation of Robotics (IFR), it is being estimated that the number of robots have been increased three-folds over the past two decades. Additionally, the trends introduced in robotics projects the global stock of robots to multiply faster in the next twenty years.
Furthermore, the implications of the growth of robotics will propel the productivity and the economic expansion of the developing countries. Apart from this, in the poor and underdeveloped economies where there is a lack of skilled labor, service robots can create tremendous opportunities across the industrial sectors in these countries.
However, this era of automation and robotics have represented significant opportunities across the residential and industrial sectors. The adoption of robotics has matured to a point where these devices can safely be deployed among laborers in such a way that can create a value addition to the overall operation.
By Type Analysis
Professional Robots Anticipated to Grow at a Higher CAGR During the Forecast Period
By type, the service robot market is bifurcated in to professional and personal robots. Among them, professional robots hold a larger share and are expected to grow at an exponential growth rate over the forecast period. This is mainly due to the demand for services robots across industries such as medical, defense, logistics, construction, etc. Apart from this, the adoption of mobility and automation across the industrial sectors is also creating a remarkable impact on the service robotics market share.
Growth of this segment is further enhanced due to the rising labor costs, increasing investments in research and development, lack of skilled labor, and the growing awareness regarding the service robots and industrial automation.
The personal robots segment growth is expected to grow significantly across residential sector. These robots are usually used to assist and educate individuals in home settings. Besides that, personal robots are useful for vacuuming, floor cleaning, lawn-mowing and pool cleaning, and are also used for entertainment. These type of robots have a higher potential across the American, European, and the ASEAN region over the forecast period; but currently, the demand is limited, owing to its operability and battery capacity.
By Application Analysis
Industrial/Commercial Sector is Anticipated to Exhibit the Highest Market Share During the Forecast Period
By application, the market is segmented into domestic and industrial & commercial. Industrial & commercial sector is expected to establish their supremacy over the forecast period and is also projected to grow exponentially over the forecast period. The industrial and commercial application is further divided into transportation & logistics, defense, medical, construction & demolition, unmanned vehicles, agriculture & forestry, and others which include public relations, retail etc. Among these, the logistics sector holds the highest share, owing to the automation introduced in the process of moving and storing goods. Also, the logistics industry is witnessing rising demand of these service robots in order to streamline the supply chain processes across industries.
Medical application of the service robots include robot-assisted surgeries or therapies and rehabilitation systems. Service robots are also expected to have significant growth rate across the defense sector. Service robots are generally used to enhance the soldiers existing capabilities by protecting her from harm. Apart from these, construction & demolition, unmanned vehicles, agriculture &forestry have also been anticipated to grow at a steady growth over the forecast period.
Domestic sector is anticipated to hold a significant share across the residential sector owing to the growth of the personal service robots that are used for the well-being of humans.
The service robotics market growth is influenced by the revenue generated across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Europe predominantly leads the global service robotics market share, mainly owing to the high demand for professional and personal robots across the European countries. According to the International Federation of Robotics, Europe had the largest presence of manufacturers at around 44% due to the increasing demand in logistics, defense, medical, retail etc. Germany, Italy, UK, and France are projected to grow significantly over the forecast period in this market.
Following Europe, Asia Pacific held the second-highest share and also is projected to grow at the highest CAGR till 2026. This is mainly due to research and development across industrial sectors and rising government investments in automation, robotics, artificial intelligence, and other technologies. China, Japan, South Korea, and India are anticipated to be the main reason for this region exhibiting the highest growth rate. Globalization, industrialization, and demand of the automation due to the growing standard of living of the individuals across the developing countries such as China and India will further propel the service robot market in the region.
Europe Service Robotics Market Size, 2018 (USD Billion)
Almost 35% manufacturers of service robots are present in North America, which have ultimately rose the potential growth of the region. The Middle East & Africa and Latin America are expected to slowly grow their footprints towards the service robotics industry, this is mainly due to the moderate technological growth across these regions.
INDUSTRY KEY PLAYERS
Start-ups and Mid-Sized Companies to Enhance Market Potential
It has been observed that startup companies are gaining traction in the service robotics market, according to the service robotics market forecast. Start-ups hold approximately hold 25% of the market share. Moreover, large and prominent companies are strategizing their business by acquiring these start-up companies in order to expand their product offering and reach out to maximum customers.
Apart from this, partnerships, new product launches, and adoption of latest technology are the major strategies adopted by prominent and emerging players across the globe.
List of Key Companies Profiled:
- Lely International
- Aethon Inc.
- Honda Motor Co. Ltd.
- KUKA AG
- Northrop Grumman Corporation
- iRobot Corporation
- Kongsberg Maritime AS
- Intuitive Surgical, Inc.
- Parrot SA
The report presents a comprehensive assessment of the global service robotics market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per market segments, helping our readers to get a comprehensive overview of the market.
Report Scope & Segmentation
- Professional Robots
- Personal Robots
- Industrial/ Commercial
- Transportation & Logistics
- Construction & Demolition
- Unmanned Vehicles
- Agriculture & Forestry
- Others (Retail, Public Relations etc.)
- North America (the U.S. and Canada)
- Europe (U.K., Germany, France, and the Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia, and the Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and the Rest of Middle East & Africa)
- Latin America (Brazil, Mexico, and the Rest of Latin America)
November 2019: The first cargo-carrying robot was launched and marketed. Major companies such as Amazon, FedEx and Ford have already been experimenting with sending delivery robots to doorsteps.
November 2019: Modern railway coach factory is establishing new dimensions in the field of modernity i.e. a humanoid robot Sona-1.5. This humanoid robot is made in India and is used to transport documents from one place to another in the modern railway coach factory.
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