Market Overview The global service robotics market is valued at USD 11.48 billion in 2018 and is expected to reach USD 50.90 billion by 2024, at a CAGR of 25.34% over the forecast period of 2019-2024.
- Service robots, considered in this segment, include personal service robots for domestic, research, and entertainment applications. Professional service robots are used in defense and security, for medical assistance, and UAV drones.
- Some of the major examples of service robots are - iRobot’s Roomba, a personal robot, Amazon Robotics’s Kiva, a logistics/warehouse robot, and Intuitive Surgical’s DaVinci, a medical robot.
- Factors, like aging population and shortages of healthcare workers, are driving the demand for assistive technology robots. Companies, like KUKA (healthcare subsidiary Swisslog), are specializing in robots for healthcare applications. For instance, Swisslog’s Relay is designed for inpatient and outpatient services, like transporting medicines, and in other hazardous medications, including chemotherapy.
- Fully automated solutions act as a driver for the service robot market which provides a huge opportunity for various applications. For instance, at the warehouse MiR’s warehouse robot, MiR 500, a flexible- easy-to-program robot equipped with a laser-scanning technology. Service robots, across military and defense sectors, are gaining popularity for new applications like bomb disposal.
- The major restraint for the service robotics market would be, it needs very skilled hands to operate. It requires a very deep understanding of programming, which helps in programming the robots.
Scope of the Report Service robots are used to help human beings for the jobs that are performed repetitive, distant, dull or is dangerous. These robots are mostly autonomous and are operated by a built-in control system which also has a manual override system. The market is broadly segmented into professional and personal robots.
Key Market Trends Professional Use of Robots to Account for a Crucial Share in the Market
- Professional robots consist of field robots, defense and security robots, medical assisting robots (MAR), UAV drones, 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 are 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.
Asia-Pacific to Register a Significant Growth Rate Over the Forecast Period
- Asia-Pacific is one of the fastest growing regions across the world. It also holds the largest market over the forecast period, owing to the significant adoption of service robots in China, Japan, and India, among others.
- Regional governments are also a major factor for the development of a regional robotics market. For instance, India plans to invest in military robotics, and the country is preparing for deploying advanced robotic soldier by 2023. Also, a New Delhi-based company is building robots for the Indian Army.
- The Chinese government has ambitious plans for the country’s robotics industry. The government has listed the robotics industry, along with AI and automation, as one of the priority sectors for high-end development, to push forward the transformation and up gradation of the manufacturing industry. This push is expected to raise the global market share of Chinese-made robots.
- Further, financial services companies in Asia are looking to streamline costs to boost dividends to shareholders, maintain profitability, and have a new tool at their disposal that also appeals to customers, e.g. service robots. For instance, HDFC, one of the largest Indian private banks, is looking to unveil a service robot, which will assist customers with everyday tasks, like transferring or withdrawing money or just finding the relevant department to get their task done. The robot is expected to be a part of the bank’s Project AI program.
Competitive Landscape The service robotics market is being dominated by major players, including Honda Motor Co. Ltd, Northrop Grumman Corporation, iRobot Corporation, Daifuku Co. Ltd, SZ DJI Technology Co. Ltd, Intuitive Surgical Inc., and others. This market is consolidated.
- October 2018 - Dematic planned to implement a robotic order fulfillment system for the Drakes Supermarket, an independent grocery retailer based in Australia. The robotic system was used to pick inventory items for retail store replenishment, by using a “goods-to-robot” configuration.
- Jan 2018 - Honda introduced its new 3E (Empower, Experience, Empathy) Robotics Concept at CES 2018, demonstrating a range of experimental technologies engineered to understand people’s needs and make their lives better.
Reasons to Purchase this report: - The market estimate (ME) sheet in Excel format
- Report customization as per the client’s requirements
- 3 months of analyst support
Our reports have been used by over 10K customers, including:
The robot end effector market is expected to grow from USD 1.9 billion in 2021 and is projected to reach USD 4.4 billion by 2026; it is expected to grow at a CAGR of 18.8% during the forecast period. Initiatives by governments and public-private companies to mitigate COVID-19 impact, and growth in the demand of modular end effectors are expected...
The rehabilitation robots market was valued at US$ 798.92 million in 2021 and is projected to reach US$ 3,178.77 million by 2028; it is expected to grow at a CAGR of 21.8% during 2021–2028. The market growth is mainly attributed to the factors such as rise in geriatric population, stroke and robot-assisted training in rehabilitation therapy....
The Global Robotics Market was valued at around US$ 31 Billion in 2020 and the market is expected to register a double digit CAGR over the forecast period of 2021 - 2025. The adoption of robots across a wide range of industries including manufacturing, healthcare, defense and security, logistics, inspection and maintenance, automotive, electronics,...
The robotic welding market (with peripherals) size is projected to reach USD 11.7 billion by 2026 from an estimated USD 7.1 billion in 2021, at a CAGR of 10.5% from 2021 to 2026. The intensifying adoption of Industry 4.0 principles is among the factors driving the growth of the robotic welding market. The spot welding segment...
Executive Summary Collaborative Robots or Cobot have been in existence for the last ten years but account for less than 5% of the industrial robots market. However, the adoption of Cobot is likely to see accelerated growth in the next five years because of the shortage of skilled labour force in different manufacturing...
The actuators market is projected to grow from USD 53.9 billion in 2021 to USD 86.6 billion by 2027, at a CAGR of 8.2% between 2021 and 2027. Increasing demand for actuators in the automotive industry, the rapid growth of industrialization and utilization of robotics, and rising demand for actuators in healthcare are some of the key factors...
The time of flight sensor market is expected to grow at a CAGR of 17.3% during the forecast period 2021-2026. In the coming years, the demand for 3D scanning technology would increase due to the ease of usage. Time-of-flight is an active type of 3D imaging and scanning technology, and with biometric authentication, it is expected to form a...
The construction robot market is expected to grow at a CAGR of approximately 13.56% during the forecast period from 2021 to 2026. The increasing focus of the construction organizations in reducing the resource and material waste of the building materials during construction has driven the adoption of the construction robots’ market. Construction...
185 pages •
By Asia Market Information & Development Company
• Feb 2021
China’s demand for Automation and Robots has grown at a fast pace in the past decade. In the next decade, both production and demand will continue to grow. The Chinese economy maintains a high speed growth which has been stimulated by the consecutive increases of industrial output, import & export, consumer...
The Global Automotive Robotics Market size is expected to reach $12.9 billion by 2026, rising at a market growth of 12.3% CAGR during the forecast period. Robotics refers to a multidisciplinary branch of science and engineering that include computer, mechanical, electrical science and other engineering streams. Robotics helps in the design,...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.