The global market for service robotics can attain a valuation of USD 20 Billion by 2022, says Market Research Future (MRFR). The market is also noted to have the potential to achieve a decent growth rate of 15% from 2016 to 2022, which is the forecast period.
Leading vendors in the worldwide market for service robotics include-
Parrot SA (France), iRobot Corporation (U.S.), LG Electronics Inc. (South Korea), Intuitive Surgical, Inc. (U.S.), Fujitsu Frontech Limited (Japan), GeckoSystems Intl. Corp. (U.S.), Grumman Corporation (U.S.), KUKA AG (Germany), Honda Motor Co. Ltd. (Japan), Kongsberg Maritime AS (Norway), Samsung Electronics Co., Ltd. (South Korea), Adept Technology, Inc. (U.S.), DJI (China), to mention a few.
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Market Drivers and Key Barriers
The surging need to control, manage, and monitor numerous operations in the logistics, healthcare, household and defense sectors coupled with the increasing labor cost can favor the service robotics market in the near future. Issues faced while handling workloads, intensive operations and day-to-day tasks have ramped up the demand for service robotics since they offer elevated operational efficiency. The market development has been rapid in recent years, on account of massive investments in research and development (R&D), the surge in product innovations combined with surging consumer awareness about the benefits of service robotics.
Services robotics are also gaining momentum in human assistance tasks for bringing down the work pressure, elevate efficiency, and perform repetitive tasks with the same vigor. Government initiatives along with numerous organizational innovations help boost the use of automated and robotic systems, which is believed to be working in favor of the market. Professional robots have gained immense popularity, given the mounting need for automated solutions in multiple professional sectors. Service robotics is being integrated with advanced technologies like Artificial Intelligence (AI) in order to improve their capabilities within the defense and logistics sector. The logistics sector makes extensive use of service robotics to handle, transport, sort, package and delivers products.
The market can also bank on the mushrooming awareness about professional segments like field, defense, and security. Manufacturers operating in the service robotics market are coming up with technically advanced products featuring automated and sensor-based capabilities to cater to the demands of a variety of industries. A number of tech companies are striving to develop service robots, with the main objective to obtain a competitive advantage and also fulfill all the consumer needs. Case in point, in October 2018, Alibaba Artificial Intelligence Labs launched a robot that was particularly created for hospitality applications. the robot can be administered and operated by hand gestures, human touch & responses and voice.
Industry Trends and Opportunities
Robotics as a Service (RaaS) has come to light as a significant trend within the robotics industry, helping the SMEs, as well as local businesses, reap benefits without huge investment requirements. Further, the retail and manufacturing industries are deploying service robotics for replacing lower-paying jobs and enabling human workers to concentrate more on competent operations. The surging demand for service robotics in the retail and manufacturing sectors can be viewed as a significant opportunity in the market.
- Technology investors
- Robot component and equipment manufacturers and suppliers
- Robot manufacturers and suppliers
- System designers and machine manufacturers
- Product manufacturers
- Robot system and software programmers
- Analysts and strategic business planners
- Research labs and research institutes
- System Integrators
- Government Organizations
- Research/Consultancy firms
The Service Robotics Market has been examined thoroughly in the MRFR report, with respect to segments like type and end user.
Type-based segments in the market are domestic and professional.
The end-users covered in the report are automotive, transportation, healthcare, construction, defense, media & entertainment, security, supply and logistics, agriculture and others. Amongst all the end-user segments, the healthcare industry has landed the top position in the service robotics market. Defense, construction and automotive industries also exhibit the potential to achieve higher growth trajectory from the present graph in the service robotics market. The defense sector makes use of service robotics in a bid to reduce the human involvement, subsequently bringing down the number of victims.
The region-wise market segmentation for service robotics includes Asia Pacific (APAC), Europe, North America along with the Rest of the World (RoW).
North America is the highest revenue-generating market for service robotics, in view of the fact that the demand in the medical and healthcare sector has increased drastically in recent years. Apart from this, rising use of service robots for education and research purposes, high return on investment (ROI), and short- to medium-term payback period has also led the regional market to a better position on a global scale.
Europe is the second-most lucrative market for service robotics. Some growth-inducing factors include mounting demand for service robotics across various industries, increasing aging population and the surge in the number of research & development activities in the robotics field.
The demand, as well as consumption of services robotics in the APAC region, is the result of the fast-paced development of robotic systems by Chinese and Japanese manufacturers. The companies, as well as institutions in the region, enjoy strong financial & regulatory support from the government that boosts the use of the technology in professional, personal and industrial applications. Further, the enormous pool of product manufacturers has driven the product sales not just in the region but also on an international level. All these factors have amplified the region’s potential to achieve the fastest growth rate in the global service robotics market during the review period.
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Study Objectives of Service Robotics Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Service robotics market.
- To provide insights about factors affecting the market growth.
- To analyze the Service robotics market based porter’s five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
- To provide country level analysis of the market with respect to the current market size and future prospective.
- To provide country level analysis of the market for segment on the basis of type and end user.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Service robotics
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Network Solution
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
3.5 Market Restraints
4 Executive Summary
5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.2 Supply Chain Analysis
List of Tables
Table 1 Service Robotics Types Market, by Type
Table 2 Service Robotics Types Market, by End-user
Table 3 Service Robotics Types Market, by Regions
Table 4 North America Lte Market, by Type
Table 5 North America Service Robotics Types Market, by End-user
Table 6 U.s. Service Robotics Types Market, by Type
Table 7 U.s. Service Robotics Types Market, by End-user
Table 8 Canada Service Robotics Types Market, by Type
Table 9 Canada Service Robotics Types Market, by End-user
Table 10 Europe Service Robotics Types Market, by Type
List of Figures
Figure 1 Research Network Solution
Figure 2 Service Robotics Types Market: by Type (%)
Figure 3 Service Robotics Types Market: by End-user (%)
Figure 4 Service Robotics Types Market: by Region
Figure 5 North America Service Robotics Types Market, by Type (%)
Figure 6 North America Service Robotics Types Market, by End-user (%)
Figure 7 Europe Service Robotics Types Market, by Type (%)
Figure 8 Europe Service Robotics Types Market, by End-user (%)
Figure 9 Asia-pacific Service Robotics Types Market, by Type (%)
Figure 10 Asia-pacific Service Robotics Types Market, by End-user (%)
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