Key Companies Covered in Service Robotics Market Research Report are Kongsberg Maritime AS, DJI, Northrop Grumman Corporation, Lely International, KUKA AG, Parrot SA, Honda Motor Co. Ltd., Intuitive Surgical, Inc., Aethon Inc.
PUNE, India, Dec. 19, 2019/PRNewswire/ -- The global Service Robotics Market is set to reach USD 46.13 billion by 2026, exhibiting a CAGR of 19.4% during the forecast period. Increasing rate of sophistication in robotic technology is foreseen to be one of the main factors driving the growth of this market. A service robot is essentially a machine that is partially or fully automated to perform daily tasks usually performed by humans. These robots have revolutionized manufacturing and production processes, making them more cost-effective, and at the same time, they have raised human and equipment productivity. As a result, the uptake of these machines is on the rise. The International Federation of Robotics estimates that since 2000, the number of robots have grown three times from previous levels. Moreover, this uptake is fueled by the advent of even more advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML). These advancements will play a central role in boosting the Service Robotics Market demand in the forecast period.
The above information is shared by Fortune Business Insights through its report, titled "Service Robotics Market Size, Share & Industry Analysis, By Type (Personal Robots and Professional Robots), By Application (Domestic and Industrial/ Commercial) and Regional Forecast, 2019-2026". The report contains a thorough research into the overall industry outlook and provides a microscopic analysis of the various factors, trends, prospects, and other dynamics that are likely to influence the share, size, and growth of the market during the forecast period. This information will enable businesses to take important strategic decisions in a holistic manner and mark their place in this market.
Rising Preference for Service Robots over Industrial Robots to Propel the Market
One of the main Service Robotics Market trends is the growing inclination to adopt service robots instead of industrial robots. This is a result of the limitations posed by industrial robotics. For instance, they are unable to perform autonomous functions such as controlling and sensing in unstructured workplace settings. This makes them unreliable and unsuitable for decision-making tasks and thus, their employment in such settings will be counterproductive. As a result, the preference for service robotics has risen as they are seen as the solution to the problems faced by their industrial counterparts. Close collaborations between governments, companies, and academic institutions is infusing new energy into the market, helping it fire on all cylinders.
Europe to Hold Lion's Share in the Market; Asia-Pacific to Follow Closely
With a revenue generation of USD 3.65 billion in 2018, Europe is poised to dominate the global Service Robotics Market share during the forecast period. This will be owing to high demand for personal and professional robots in the region. Additionally, manufacturing processes in Europe are highly automated and there is a presence of well-established players in the continent as well. For example, according to the International Federation of Robotics, around 44% of the world's manufacturers are based in Europe on account of high demand for logistics, retail, and other industries.
Asia-Pacific is anticipated to display the highest CAGR owing to increasing government investments in robotics and artificial intelligence, rising focus on R&D. Besides these, growing demand for robotic-led automation across industries and rapid rate of industrialization in China and India will supplement the growth of the market.
While North America is expected to have stable growth due to the widespread presence of companies in the region, Africa, Latin America, and the Middle East will experience moderate growth as a result of low level of technological progress.
Groundbreaking Innovations to Intensify Competition
The Service Robotics Market forecast by Fortune Business Insights states that the market is slated to get spruced up as companies ramp up their investment in R&D to bring new-age products for consumers. These efforts are aimed at strengthening their position in this market through product diversification and mergers and acquisitions.
Key Industry Developments:
June 2019: iRobot Corporation launched its Root Coding Robot, which is an extremely easy-to-use educational robot that teaches coding in an innovative manner and provides methods to solve modern-day problems to children as young as 4 years old.
June 2019: Honda introduced its novel 3E (Empower, Experience, Empathy) product line to advance its ideas of automation in daily life. For instance, the company launched the 3E-B18 which is a chair-type mobility machine for general outdoor and indoor uses.
List of Prominent Players Operating in the Service Robotics Market Research Report are:
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