Dublin, Aug. 31, 2020 (GLOBE NEWSWIRE) -- The "Service Robotics Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Service Robotics market is valued at USD 14.39 billion in 2019 and is expected to reach USD 63.8 billion by 2025, at a CAGR of 25.34% over the forecast period of 2020-2025.
- Technological innovations, with respect to cognition, interaction, and manipulation, have made service robotics more appealing. Technology and other component providers have been instrumental in moving the robotics ecosystem forward. For instance, Preferred Networks, a Tokyo-based technology startup, provides its AI technology for Toyota Motor's autonomous driving systems, as well as to the robots produced by Fanuc.
- Also, in April 2019, researchers at University of California have developed a robot that uses Artificial Intelligence (AI) to perform intricate human tasks such as helping in folding laundry or making a cup of coffee.
- Service robots that are deployed for personal/household purposes, like vacuum and floor cleaning, elderly assistance, and entertainment. The aging population of the countries of Asia-Pacific, such as Japan and China, are driving growth in the medical technology sector, thus, creating a huge market for service robots.
- LG Electronics is testing robots that can replace workers in the service industry. The company's robots are designed to perform tasks, such as delivery of food and drinks to customers at hotels and airport lounges, to handle check-in and check-out services at hotels, and even carry luggage.
- The outbreak of COVID-19 will only boost the adoption of service robot for performing various task such as contactless delivery operations, disinfections, delivering medications and food and assisting border controls. Thus, the market is expected to witness several instances of deployment, especially in the healthcare sector. Moreover, robots are playing a crucial role in fighting coronavirus SARS-CoV-2. For instance, according to IFR, Chinese hospitals have ordered more than 2,000 disinfection UVD robots by Danish manufacturer Blue Ocean Robotics. These robots moves autonomously around patient rooms covering all critical surfaces with the right amount of UV-C light in order to kill viruses.
Key Market Trends
Professional Use of Robots to Account for a Significant Share in the Market
- Professional robots consist of field robots, defense and security robots, medical assisting robots (MAR), public assistant robots, electrical industry robots, and robots for construction purposes.
- The construction industry has adopted service robots to overcome challenges like heavy labor cost, labor shortage, and labor accidents. It also helps in constructing more reliable buildings since there is less chance of human errors. Technologies like, 3D printing robots and demolition robots further acts as a catalyst in the adoption of robots in the construction sector.
- Exoskeleton robots are used as public relation robots. Most public relation robots are used to assist customers in finding an item or completing a task. These robots are being deployed in the retail sector, to guide customers around a store, as well as in the hospitality industry, in banks, shopping malls, family entertainment centers, and more.
- The medical and healthcare industry uses services robots as diagnostic systems, robot-assisted surgery or therapy, rehabilitation systems, and other medical robots.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Demand for Automated Solutions from Dynamic Industries and Robot Innovations
5.1.2 Increasing Demand for Professional Robots in Healthcare
5.2 Market Restraints
5.2.1 High Cost of Installation
5.3 Impact of Covid-19 on the Industry
6 MARKET SEGMENTATION
6.1 Field of Application
6.2 Geography
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Daifuku Co. Ltd
7.1.2 Dematic Corp.
7.1.3 Swisslog Holding AG (KUKA)
7.1.4 Seegrid Corporation
7.1.5 Omron Corporation
7.1.6 JBT Corporation
7.1.7 SSI Schaefer AG
7.1.8 Grenzebach GmbH & Co. KG
7.1.9 Smith & Nephew PLC
7.1.10 Stryker Corp.
7.1.11 Intuitive Surgical Inc.
7.1.12 Knightscope Inc.
7.1.13 Kollmorgen Corporation
7.1.14 Brokk AB
7.1.15 Husqvarna AB
7.1.16 Construction Robotics LLC
7.1.17 iRobot Corporation
7.1.18 Ecovacs Robotics
7.1.19 Neato Robotics
7.1.20 Transbotics Corporation
7.1.21 Medtronic PLC
7.1.22 Northrop Grumman
7.1.23 BAE Systems
7.1.24 UBTECH Robotics Inc.
7.1.25 SMP Robotics Systems Corp.
7.1.26 Vision Robotics Corporation
7.1.27 Naio Technologies SAS
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
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