Pune,India, April 27, 2022 (GLOBE NEWSWIRE) -- The global Service Robotics Market is set to gain traction from the increasing adoption of these robots in a wide range of sectors, such as agriculture, defense, logistics, and healthcare worldwide. This information is given by Fortune Business Insights™ in a new report, titled, “Service Robotics Market Size, Share & Industry Analysis, By Type (Professional, Personal), By Application (Domestic, Industrial/Commercial), and Regional Forecast, 2020-2027.” The report further states that the service robotics market size was USD 12.88 Billion in 2019 and is projected to reach USD 41.49 Billion by 2027, exhibiting a CAGR of 15.9% during the forecast period.
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Regional Analysis-
Rapid Industrialization & Globalization to Favor Growth in Asia Pacific
Geographically, Europe procured USD 4.21 billion in terms of revenue in 2019. This growth is attributable to the increasing demand for personal and professional robots in the region. Also, the urgent need of service robots from retail, medical, defense, and logistics sectors in this region would accelerate growth.
Asia Pacific, on the other hand, is anticipated to showcase the highest CAGR throughout the forthcoming years because of the rising government investments in AI, robotics, and automation. Besides, the increasing standards of living of people in China and India would surge the demand for automation. Rapid industrialization and globalization would also contribute to growth in this region.
Key Industry Developments:
- September 2020: Yatharth Hospital, Noida, deployed Mitra, a customer-service robot to patrol the ward and help COVID-19 patients contact their loved ones. It also counsels patients to keep their anxieties away.
- April 2020: Avidbots unveiled a novel sweeper option for its best-selling autonomous floor-scrubbing robot named Neo. The new product is called Side Sweeper. It will allow Neo to clean up to 33% more floor space. It can also clean hard-to-reach places, such as corners and baseboards.
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Major Players Profiled in the Report:
- Lely International (Headquarters: - South Holland, Netherlands)
- Aethon Inc. (Headquarters: - Pennsylvania, United States)
- Honda Motor Co. Ltd. (Headquarters: - Shizuoka, Japan)
- KUKA AG (Headquarters: - Bavaria, Germany)
- Northrop Grumman Corporation (Headquarters: - Virginia, United States)
- iRobot Corporation (Headquarters: - Massachusetts, United States)
- Kongsberg Maritime AS (Headquarters: - Kongsberg, Norway
- Intuitive Surgical, Inc. (Headquarters: - California, United States)
- Parrot SA (Headquarters: - Paris, Ile-de-France)
- DJI (Headquarters: - Shenzhen, China)
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027CAGR | 15.9 % |
| 2027 Value Projection | USD 41.49 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 12.88 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 120 |
| Segments covered | By Type, By Application, By Region |
| Growth Drivers | Ongoing Advancements in Robotic Technology to Propel Growth |
| Pitfalls & Challenges | Massive Investments at Initial Stage and High Maintenance Cost May Hinder Growth |
COVID-19 Pandemic to Boost Demand for Medical Robots to Prevent Transmission
Many industries are shutting down their manufacturing facilities owing to the outbreak of the COVID-19 pandemic worldwide. But, the demand for service robotics is surging from the healthcare sector rapidly. Several companies are developing medical robots to help prevent transmission of the coronavirus and to check body temperatures. Our elaborate reports would help you find the right strategy to gain business confidence.
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This Report Answers the Following Questions:
- Which segment is expected to dominate the market?
- How will service robotics providers intensify competition?
- Will the COVID-19 pandemic affect the market severely?
- What are the ongoing innovations and developments in the market?
Drivers & Restraints-
Rising Integration of AI & Machine Learning to Bolster Growth
Service robots are experiencing high demand across the globe on account of the rising technological developments. This is further resulting in the integration of machine learning, artificial intelligence (AI), engineering, and automation. It is aiding in the transformation of the task-performing capacity of humans. The International Federation of Robotics (IFR) declared that since the past two decades, the number of robots have surged three-folds. However, service robots require high initial investment for programming, procurement, accessories, and integration processes. This factor may hamper the service robotics market growth in the near future.
Segment-
Defense Sub-segment to Grow Rapidly Backed by Rising Usage of UAVs
Based on application, the market is bifurcated into industrial/commercial and domestic. The defense sub-segment under the industrial/commercial segment held 17.4% in terms of service robotics market share in 2019. This growth is attributable to the increasing deployment of unmanned aerial vehicles (UAVs) in the industry because of their ability to protect soldiers from harm.
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Competitive Landscape-
Key Players Focus on Developing Novel Service Robots to Intensify Competition
Numerous service robotics vendors present in the market are mainly focusing on developing state-of-the-art robots by integrating them with innovative technologies. Currently, the COVID-19 pandemic is compelling healthcare agencies to deploy unique robots to help patients with their medical requirements.
Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Type (Value)
- Professional
- Personal
- By Application (Value)
- Domestic
- Industrial/Commercial
- Transportation & Logistics
- Medical
- Defense
- Construction & Demolition
- Unmanned Vehicles
- Agriculture & Forestry
- Others (Retail, Public Relations etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Type (Value)
TOC Continued...!
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