BANGALORE, India, April 16, 2020 /PRNewswire/ -- The global service robotics market size is projected at USD 12.790 Billion in 2020, which is expected to hit USD 43.780 Billion by the end of 2026, rising at a CAGR of 19.0 % between 2021 and 2026.
Service robots are robots that are built to assist humans and perform useful tasks. They are either semi or completely automatic and are designed to perform repetitive & dangerous tasks and provide improved productivity.
TRENDS INFLUENCING THE GLOBAL SERVICE ROBOTICS MARKET SIZE
- The introduction of service robots provides industrial customers with a high ROI, primarily due to the reduction in labor costs. This is one of the key reasons for the increase in service robotics market size.
- The increase in the funding for research on robots by both the government as well as key market players is expected to increase the demand for service robots. Investments in the form of R&D are expected to impact the growth of the service robotics market size.
- While these robots were highly-priced when first introduced to the market, they are now becoming more affordable due to increased adoption and manufacturing economies of scale. This reduction in cost and affordable pricing will increase the service robotics market size.
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SERVICE ROBOTICS MARKET SHARE ANALYSIS
- Personal and domestic robots share (including vacuum robots, lawnmowers, pool cleaning robots, window cleaning robots, duct cleaning robots, exoskeletons, toy robots, educational robots, assistive robots, and elderly care robots) are expected to grow at a fast pace in the service robots market.
- Because of their growing adoption in the healthcare, security and field industries, professional service robots have a higher market share compared to personal service robots.
- Demand from the healthcare sector for rehabilitation, growing hospital adoption of surgical robots in the area, a favourable funding scenario for assistive technology research and the availability of technologically advanced service robots are some of the main factors driving growth in the North American service robotics market
- Asia Pacific has the second-highest share and is expected to rise at the fastest CAGR until 2026. It is largely due to industrial-sector research and development and increased government investments in automation, robotics, artificial intelligence, and other developments. China, Japan, South Korea, and India are anticipated to be the main reason for this region's growth rate
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SERVICE ROBOTICS MARKET SEGMENTATIONS
Service Robotics Market Segment by Type
- Personal Service Robotics
- Professional Service Robotics.
Service Robotics Market Segment by Application
- Household Robots
- Education/Entertainment Robots
- Nursing/Rehabilitation Robots
- Medical Robots
- Agriculture, Forestry, Livestock Farming, and Fisheries Robots
- Logistic Robots
Service Robotics Market by Key Players
- Intuitive Surgical
- iRobot Corporation
- Neato Robotics
SIMILAR REPORTS :
- Aerospace Service Robotics Market Report
The global Aerospace Service Robotics size is projected at USD 2.37 Billion in 2020 to hit USD 5.773 Billion by the end of 2026, rising at a CAGR of 13.4 percent in 2021-2026.
The global aerospace services robotics market is driven by various factors such as increased demand for unmanned aerial vehicles; and increased use of robotics in many processes, such as managing backlog orders for aircraft, effective production processes for aircraft and others.
- Surgical Robots Market Report
The Surgical Robots market size was estimated at USD 1.745 Billion in 2019 and is expected to hit USD 6.336 Billion by 2026 at a CAGR of 20.0 percent.
North America is the largest consumer with a market share of nearly 56 percent in 2016. Europe is the second-largest customer after North America with a consumption market share of 20 percent. The Surgical Robots Industry Research Report presents the key manufacturers, capacity, production, revenue, market share, and recent development.
- Rehabilitation Robotics Market Report
The Rehabilitation Robotics market size was estimated at USD 100 million in 2018 and is expected to hit USD 280 million by 2025, at a CAGR of 16.5 percent over the forecast period.
Global sales of Rehabilitation Robotics in 2017 were around 1.6 K units and are projected to rise from 2017 to 2025 at a CAGR of 20.6 percent. In 2017, the global demand for rehabilitation robotics was estimated at USD 78.4 million and was projected to hit USD 278.8 million by 2025.
This study includes an estimation of the value (million USD) and volume (Units) of the market size. All top-down and bottom-up methods were used to estimate and verify the overall size of the demand for Rehabilitation Robotics. Key market players were established through secondary research, and their market shares were calculated by primary and secondary research.
- Cleaning Robots Market Report
The cleaning robots market size was estimated at USD 1.920 Billion in 2018 and is expected to hit USD 3.300 Billion by 2025, at a CAGR of 7.0 percent during the forecast period.
This report presents the Cleaning Robots market size (value, output, and consumption), splits the breakdown by producers, area, form, and application (data status 2014-2019 and forecast to 2025). This research also analyses the market status, market size, growth rate, potential trends, market dynamics, opportunities and challenges, risks and barriers to entry, distribution channels, distributors, and Porter's Five Forces Analysis.
- Medical Robots Market Report
The global Medical Robots market size is estimated at USD 2.620 Billion in 2018 and will reach USD 3.280 Billion by the end of 2025, rising at a CAGR of 2.8 percent in 2019-2025.
North America is Medical Robots' largest buyer, with a market share of 53 percent in consumption and a market share of 66 percent in production in 2015. The second position is Europe with a market share of 21 percent in consumption and a market share of 13 percent in production
This study aims to define, segment, and project the size of the Medical Robots market based on business, product type, end-user, and key regions. This report further studies the global scale of Medical Robots in key regions such as North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa, focusing on Medical Robots use in these regions.
- Professional Service Robotics Market Report
Professional service robots are a type of robot usually considered for use within a professional setting outside of a manufacturing facility. While industrial robots automate manufacturing tasks, professional service robots, which differ greatly in shape and function, automate menial, risky, time-consuming, or repetitive tasks, essentially freeing more cognitive functions from human employees.
According to the International Robotics Federation (IFR), sales of professional service robots grew dramatically in 2016 – about 24 percent over 2015. In 2016, the market volume rose by 2 percent to USD 4.7 billion, largely due to the steadily dropping prices of professional service robots used in defense.
- Personal Domestic Service Robotics Market Report
This report presents the global Personal Domestic Service Robotics market size (value, output, and consumption), splits the breakdown by producers, country, form, and application (data status 2013-2018 and forecast up to 2025).
This research also analyzes the market status, market size, growth rate, potential trends, market dynamics, opportunities and challenges, risks and barriers to entry, distribution channels, distributors, and Porter's Five Forces Analysis.
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