Service Robotics Industry Outlook and Forecast 2020-2025 by Environment, Type, Component, Application and Geography
DUBLIN, March 13, 2020 /PRNewswire/ -- The "Service Robotics Market by Environment, Type (Professional and Personal & Domestic), Component, Application (Logistics, Inspection & Maintenance, Public Relations, Marine, Entertainment, Education, & Personal), and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global service robotics market is expected to grow from USD 37 billion in 2020 and is projected to reach USD 102.5 billion by 2025; it is expected to grow at a CAGR of 22.6% during the forecast period.
Service robots are increasingly being adopted for new applications due to various advantages such as increased productivity, streamlined processes, and greater workplace safety. Service robots provide a reduction in cost of operation and enables a high ROI. Utilization of IoT with service robots is enabling predictive maintenance, driving down the overall cost. Also, an increase in funding for service robots by the government as well as market players is driving the market.
Professional service robots to hold larger share of market during forecast period
Due to the high cost of personal and domestic service robots there is less penetration for domestic applications. For instance, the cost of vacuum cleaners manufactured by iRobot (US) ranges from USD 249 to USD 1,439. Telepresence robots are available in the range of USD 185 to USD 32,000. PARO, a therapeutic robot, costs USD 3,800. Professional service robots, on the other hand, provide a better ROI as they replace humans. Hence, they have a much higher adoption compared to personal and domestic robots.
Ground based service robots to hold largest share of market in 2020
Ground robots are used for various applications such surgeries; cleaning; elderly care and communication through telepresence; and assistance. With increase in nuclear families and world population, the households have increased, generating more demand for vacuuming robots. For commercial applications, AGVs are being used in warehouses as well as in agriculture. Ground robots are also used in other industries such as healthcare, hospitality, space research, and law enforcement. Hence, ground based service robots are expected the hold larger share of the market throughout the forecast period.
North America to dominate service robotics market throughout forecast period
According International Federation of Robotics (IFR), 240 out of 700 registered manufacturers of service robots were located in North America in 2017. Furthermore, North America also accounts for a significant number of startups working in the service robotics marketspace. According to IFR, around 200 start-up companies were working on new service robots in the US alone during 2017. The US also housed some key players such as Intuitive Surgical (US) and iRobot (US), and is a large market for both commercial and domestic robots. Large companies like Amazon (US) are also entering into the service robotics market with ground based robots such as AGVs. Hence, North America is expected to maintain the largest share during the forecast period.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Service Robotics Market
4.2 Service Robotics Market, By Environment
4.3 Service Robotics Market, By Type
4.4 Service Robotics Market in North America, By Environment vs By Country
4.5 Service Robotics Market, By Application
4.6 Service Robotics Market, By Country
5 Market Overview
5.1 Market Evolution
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Adoption of Robots for New Applications Providing High Returns on Investment
5.2.1.2 Rising Use of IoT in Robots for Cost-Effective Predictive Maintenance
5.2.1.3 Increasing Funding for Research on Robots
5.2.1.4 Rising Insurance Coverage for Medical Exoskeletons and Robotic Surgeries
5.2.2 Restraints
5.2.2.1 Concerns Over Data Privacy and Regulations
5.2.3 Opportunities
5.2.3.1 Increase in Application of Robots for Companionship, Handicap Assistance, and Assistance for Geriatric Population
5.2.3.2 Focus on Improving Endurance and Range of Operation Capability of Robots
5.2.3.3 Adoption of Swarm Intelligence Technology Enabling Robots to Perform Various Complex Tasks With Ease
5.2.4 Challenges
5.2.4.1 Inaccurate Results Impeding Use in Critical Operations
6 Industry Trends
6.1 Service Robotics Value Chain Analysis
6.1.1 Major Market Players in Service Robotics Market
6.1.1.1 Robot OEMs
6.1.1.2 Suppliers
6.1.1.3 IT/Big Data Companies
6.1.1.4 Software Solution Providers
6.1.1.5 Start-Ups
6.1.1.6 Research Centers
6.1.2 Technology Trends
6.1.2.1 Growth of Telepresence and Humanoid Robots
6.1.2.2 Integration of AI With Robots
6.1.2.3 Research on Standard OS for Robots
6.1.2.4 Growth in Robot as a Service Business Model
7 Service Robotics Market, By Environment
7.1 Introduction
7.2 Aerial
7.3 Ground
7.4 Marine
8 Service Robotics Market, By Type
8.1 Introduction
8.2 Professional
8.3 Personal and Domestic
9 Service Robotics Market, By Component
9.1 Introduction
9.2 Hardware
9.3 Software
10 Service Robotics Market, By Application
10.1 Introduction
10.2 Domestic
10.3 Medical
10.4 Field
10.5 Defense, Rescue, and Security
10.6 Entertainment, Education, and Personal
10.7 Public Relations
10.8 Inspection and Maintenance
10.9 Logistics
10.10 Construction and Demolition
10.11 Marine
10.12 Research and Space Exploration
11 Geographic Analysis
11.1 Introduction
11.2 North America
11.3 Europe
11.4 APAC
11.5 RoW
12 Competitive Landscape
12.1 Overview
12.2 Market Ranking Analysis
12.3 Competitive Leadership Mapping
12.3.1 Visionary Leaders
12.3.2 Innovators
12.3.3 Dynamic Differentiators
12.3.4 Emerging Companies
12.4 Strength of Product Portfolio (25 Players)
12.5 Business Strategy Excellence (25 Players)
12.6 Competitive Situations and Trends
12.6.1 Product Launches
12.6.2 Partnerships and Collaborations
12.6.3 Expansions
12.6.4 Acquisitions
13 Company Profiles
13.1 Key Players
(Business Overview, Products Offered, Recent Developments, SWOT Analysis)
13.1.1 iRobot
13.1.2 Softbank Robotics Group
13.1.3 Intuitive Surgical
13.1.4 Delaval
13.1.5 Daifuku
13.1.6 Cyberdyne
13.1.7 DJI
13.1.8 Kongsberg Maritime
13.1.9 Northrop Grumman
13.1.10 Neato Robotics
13.2 Other Key Players
13.2.1 Kuka
13.2.2 Lely
13.2.3 ECA Group
13.2.4 3DR
13.2.5 Stryker
13.2.6 Harvest Croo
13.2.7 Starship Technologies
13.2.8 Parrot Drones Sas
13.2.9 General Electric
13.2.10 Amazon Robotics
13.3 Right-To-Win
13.3.1 Intuitive Surgical
13.3.2 Daifuku
13.3.3 DJI
13.3.4 iRobot
13.3.5 Delaval
For more information about this report visit https://www.researchandmarkets.com/r/f8d6zv
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article