Luton, Bedfordshire, United Kingdom, June 27, 2024 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Industrial and Service Robot Market
The global Industrial and Service Robot market is anticipated to grow from USD 56.57 Billion in 2023 to USD 110.24 Billion by 2030, at a CAGR of 10% during the forecast period
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The market for industrial and service robots encompasses a diverse array of technologies and applications, serving industries ranging from manufacturing and logistics to healthcare and hospitality. Industrial robots are designed for tasks such as assembly, welding, painting, and material handling in factory settings, aimed at enhancing productivity and precision. On the other hand, service robots are utilized in non-manufacturing environments to perform tasks like customer service, healthcare assistance, and cleaning, emphasizing convenience and efficiency in service industries.
Key players in the industrial and service robot market include established manufacturers like Fanuc Corporation, ABB Ltd., Yaskawa Electric Corporation, KUKA AG, Kawasaki Heavy Industries, Ltd., Universal Robots, Denso Corporation, Mitsubishi Electric Corporation, Epson Robots, Nachi-Fujikoshi Corp., Fisnar Inc., Stäubli International AG, Omron Corporation, Rethink Robotics (Acquired by HAHN Group), Hanwha Corporation, Adept Technology, Inc. (Acquired by OMRON Corporation), Comau S.p.A. (Subsidiary of Stellantis), Blue Ocean Robotics, Techman Robot Inc., Balyo SA, known for their robust industrial robot solutions. In the service robot segment, companies such as SoftBank Robotics, and Intuitive Surgical are leading the way with innovative robots designed for specific applications in healthcare, retail, and beyond.
The report also highlights the key driving factors and restraints that are impacting the growth. For a comprehensive understanding, the professionals have reviewed the regulatory scenario, market entry strategies, best industry practices, pricing strategy, technology landscape, and consumption, sales, and demand outlook. Y-o-Y growth estimates have also been included to provide the users with accurate statistics and facts. This report will give the readers a bigger and see-through picture of the overall scenario
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Recent Developments:
January 29, 2024: ABB and Norwegian Cruise Line Holdings (NCLH) have signed a long-term partnership agreement to accelerate the decarbonization and digitalization of the Norwegian Cruise Line (NCL) fleet. Targeting increased safety and efficiency, the agreement covers 14 existing ships and a further four vessels due for delivery from 2025 to 2028.
November 16, 2023: For those living in the Northern Hemisphere, the cooler autumn days have brought some long-awaited relief from the hottest summer on record. Between June and August, extreme heatwaves triggered a domino effect of subsequent climate change-related natural disasters including floods, hurricanes, and wildfires, confirming that urgent steps must be taken now to mitigate further warming and realize net zero.
Report Scope:
| ATTRIBUTE | DETAILS |
| Study period | 2020-2030 |
| Base year | 2022 |
| Estimated year | 2023 |
| Forecasted year | 2023-2030 |
| Historical period | 2019-2021 |
| Unit | Value (USD Billion) Volume (Thousand Units) |
| Segmentation | By Type, End Use Industry and Region |
| By Type | Articulated Robots |
| SCARA Robots | |
| Parallel Robots | |
| Cylindrical Robots | |
| Collaborative Robots (Cobots) | |
| By End Use Industry | Automotive |
| Electrical & Electronics | |
| Metals & Machinery | |
| Plastics, Rubbers, & Chemicals | |
| Others | |
| North America | |
| By Region | Asia Pacific |
| Europe | |
| South America | |
| Middle East Asia & Africa |
Industrial and Service Robot Market Dynamics
Driver
Robots are being used to fill the gap, especially in repetitive or dangerous tasks where human workers may be scarce or at risk.
Robots are excellent at accurately and reliably completing repetitive tasks. Robots can perform repetitive and routine tasks like welding, painting, and assembly on production and assembly lines without growing weary or performing worse. This increases productivity while freeing up human laborers to concentrate on more intricate and imaginative aspects of their work. Robots are used in situations where human safety is at risk. Robotic systems that can function in environments where exposure to extreme temperatures, toxic substances, or physical dangers is a concern are beneficial for industries like mining, construction, and hazardous material handling. Businesses can lower the risk of workplace accidents and injuries by deploying robots.
Restraint
The upfront costs associated with purchasing and implementing industrial and service robots can be substantial.
The initial investment in industrial and service robots may comprise the cost of the robots themselves, along with any additional equipment, sensors, and accessories that may be required. Businesses may find these capital expenditure prohibitive, especially smaller ones with tighter budgets. The costs of integrating these systems into current workflows and infrastructure go beyond the cost of the robots. This could entail installing safety precautions, modifying the facilities, and integrating the system with other hardware or software. Further funding is needed to train the workforce to program, operate, and maintain the robots. Expert technicians or operators must receive training in the particular programming languages and technologies related to the robots. There can be downtime while systems are reconfigured and implemented.
On the basis of geography
The Industrial and Service Robot Market report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
We have also focused on technological lead, profitability, company size, company valuation in relation to the industry and analysis of products and applications in relation to market growth and market share.
We Offer Customization on Report Based on Specific Client Requirement:
- Free Country Level analysis for any +5 countries of your choice.
- Free Competitive analysis of any +5 key market players.
- Free +40 analyst hours to cover any other data point.
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