Apr 28, 2020 8:00 PM ET
iCrowd Newswire – Apr 28, 2020
According to the new market research report “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″, published by MarketsandMarkets™, the Service Robotics Market is expected to grow from USD 37.0 billion in 2020 to 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 reduction in cost of operation and enables a high ROI, especially in commercial applications. They also enable companies to cut costs and replace manual labor. Utilization of IoT with service robots is enabling predictive maintenance, driving down the overall cost of service robots making it an attractive investment. Also, an increase in funding for service robots by the government as well as market players is driving a fast market development. Insurance companies are now providing coverage for medical exoskeletons and robotic surgeries, as they are being considered as a medical necessity by many industry experts.
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Market for personal and domestic service robots to grow at a higher CAGR during the forecast period
The market for personal and domestic service robots is expected to have a faster growth compared to professional type robots. Service robots used for personal and domestic purpose include vacuuming robots, lawn mowers, pool cleaning robots, window cleaning robots, gutter cleaning robots, exoskeletons, toy robots, hobby systems, educational robots, and robots for assistance and elderly care. Due to economies of scale in manufacturing and popularity of robots such as vacuuming robots, they are becoming cheaper leading to greater adoption by consumers. On the other hand, initiatives such as offering service robots on a rental basis is making them affordabe for many consumers. For instance, Pepper, a humanoid manufactured by SoftBank (Japan), is available on a subscription contract of USD 360 per month over a period of 36 months, distributing the total cost of USD 14,000.
Market for software to grow at significant rate during forecast period
Due to the wide range of robots such as UAVs, AGVs, agricultural robots, surgical robots, inspection robots, construction robots, humanoid robots, telepresence robots, and cleaning robots, the software will widely vary depending on the type of robot and its applications. For instance, a strawberry harvesting robot will be completely different software compared to an apple harvesting robot even they are both agricultural harvesting robot. A milking robot, which is another type of agricultural robot will require a completely different programming because the hardware is completely different. On the other hand agricultural drones need to be autonomous and need to provide actionable insights from images captured through different cameras such as infrared, thermal, multi-spectral, and high resolution cameras, whereas consumer and professional drones will primarily be used for aerial photography while being piloted manually. As software will be more application specific compared to hardware, it is expected to grow at a significant rate during the forecast period.
Browse in-depth TOC on “Service Robotics Market“
107 – Tables
61 – Figures
245 – Pages
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Market in APAC to grow at fastest rate during 2020–2025
The market in APAC is forecasted to grow at the fastest rate compared to other regions. This is because of presence of countries like Japan, China and Korea which according to IFR, in 2017, accounted for the 4th, 5th and 6th largest number of service robotics manufacturers globally. Also, rise in disposable income in fast growing developing countries such as India and Philippines is expected to increase the demand for service robots among consumers. Moreover, APAC has witnessed a significant growth in oil and gas industry in past 2–3 years which is leading to high demand for autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs). There is increasing trend of automation and globalization in India, Australia, and China, further boosting the service robotics market in the region.
Major companies in the service robotics market are iRobot (US), SoftBank Robotics Group (Japan), Intuitive Surgical (US), DeLaval (Sweden), Daifuku (Japan), CYBERDYNE (Japan), DJI (China), Kongsberg Maritime (Norway), Northrop Grumman (US), Neato Robotics (US). Apart from these, ecoRobotix (Switzerland) and Starship Technologies (US) are among a few emerging companies in the service robotics market.
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Mr. Sanjay Gupta
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Keywords: Service Robotics Market