Service Robotics Market
Service robots are robots capable of assisting humans in daily tasks and industrial automation. They are being continuously programmed to understand and respond to human behavior. The global service robotics market report by Market Research Future (MRFR) consists of market variables such as drivers, restraints, opportunities, and threats to be faced by industry leaders for the period of 2016 to 2022 (forecast period). MRFR is a premier research and consultancy firm with the ability of developing market reports replete with accurate data and insights for backing their estimations.
Market Scope
The global service robotics market size is poised to expand to USD 20 billion by 2022, according to Market Research Future (MRFR). It can register 15% CAGR over the forecast period. Rising cases of assisted living and high demand for fighting labor charges in developing countries can drive market demand. Service robots can be used in elderly care by improving their quality of life and helping them maintain independence. Increasing population of the elderly is likely to spur market demand significantly.
The COVID-19 pandemic has created social distancing guidelines that make it difficult for sustaining production and ensuring growth. Service robots are being relied in the healthcare sector for disinfecting surgery suites and patient rooms. New hygiene demands and registration of new types of disinfection robots in 2020 can drive the trend. A new type of service robots have been used in screening people and prevent infected people from entering the premises. Automation of new processes post-pandemic in industrial and other service-based sectors can drive the overall market demand.
Lack of awareness of robots and low investments in the industry can hamper market growth.
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Segmentation
By type, the market is bifurcated into domestic and professional. The professional robots segment is anticipated to garner huge revenue for the market in the coming years. This is attributed to its use in unmanned aerial vehicles. On the other hand, the domestic robots segment can attain huge market demand owing to being used for household chores and surveying the perimeter of houses as an added layer of defense.
By end user, it is segmented into supply logistics, media entertainment, security, defense, construction, healthcare, automotive, transportation, agriculture, and others.
Regional Analysis
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are regions segmented in the global service robotics market report.
North America is anticipated to lead the global market owing to increased inclination towards automation and need for service robots in healthcare, construction, and defense sectors. The high growth in the region is attributed to rising development of production and industrial automation. The expansion of the automotive industry and use of automated processes in assembling of vehicles can drive market demand.
APAC would be exhibiting the fastest growth in the service robotics market owing to being used for overcoming labor shortage in various industries. Delivery robots have solved logistical deliveries within cities and being used in delivering blood and urine samples for rapid testing. The ability of these robots for minimizing human interaction and focusing on service can bode well for the global market demand.
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Competitive Scope
Grumman Corporation, Adept Technology, Inc., Parrot SA, Samsung Electronics Co., Ltd., Fujitsu Frontech Limited, GeckoSystems Intl. Corp., Kongsberg Maritime AS, iRobot Corporation, Honda Motor Co. Ltd., DJI, LG Electronics Inc., KUKA AG, Intuitive Surgical, Inc., and others are prominent developers operational in the global service robotics market.
Development of new robots for handling heavy work in process-centric industries can drive innovation in the industry. Investments in new technologies such as machine learning and artificial intelligence can favor the sales of domestic and professional robots.
Industry News
OrionStar has developed 3 service robots embedded with Qualcomm’s chips. The chips can assist robots in continuously evolving owing to being compatible 5G and offer high stability, responsiveness, and coordination. It has been targeted at the retail sector for conducting repetitive tasks and freeing workers from excessive labor.
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